MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE:MMD) Sees Large Increase in Short Interest

MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE:MMD) was the target of a large growth in short interest in March. As of March 15th, there was short interest totalling 9,800 shares, a growth of 276.9% from the February 28th total of 2,600 shares. Based on an average daily volume of 117,700 shares, the days-to-cover ratio is currently 0.1 days.

Insider Buying and Selling

In other news, Portfolio Manager John J. Lawlor acquired 2,000 shares of the firm’s stock in a transaction on Tuesday, January 14th. The shares were purchased at an average cost of $14.74 per share, with a total value of $29,480.00. Following the completion of the purchase, the portfolio manager now owns 4,500 shares of the company’s stock, valued at $66,330. This represents a 80.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Portfolio Manager David Dowden bought 3,300 shares of the business’s stock in a transaction dated Friday, January 17th. The stock was purchased at an average price of $14.92 per share, with a total value of $49,236.00. Following the purchase, the portfolio manager now directly owns 3,300 shares of the company’s stock, valued at $49,236. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here.

Institutional Investors Weigh In On MainStay MacKay DefinedTerm Municipal Opportunities Fund

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MMD. Elequin Capital LP acquired a new position in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund during the fourth quarter worth approximately $70,000. XTX Topco Ltd bought a new position in MainStay MacKay DefinedTerm Municipal Opportunities Fund in the 4th quarter worth approximately $189,000. Commonwealth Equity Services LLC lifted its holdings in MainStay MacKay DefinedTerm Municipal Opportunities Fund by 8.7% during the 4th quarter. Commonwealth Equity Services LLC now owns 12,750 shares of the closed-end fund’s stock worth $190,000 after buying an additional 1,018 shares in the last quarter. Integrated Capital Management Inc. bought a new position in MainStay MacKay DefinedTerm Municipal Opportunities Fund in the 4th quarter valued at $204,000. Finally, Arlington Capital Management Inc. acquired a new stake in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund in the 4th quarter valued at $214,000.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Price Performance

Shares of MMD stock traded down $0.08 during trading hours on Friday, hitting $15.04. 36,576 shares of the company’s stock were exchanged, compared to its average volume of 89,172. MainStay MacKay DefinedTerm Municipal Opportunities Fund has a 52 week low of $14.53 and a 52 week high of $17.00. The stock’s 50-day moving average is $15.33 and its 200-day moving average is $15.84.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be issued a dividend of $0.06 per share. This represents a $0.72 dividend on an annualized basis and a yield of 4.79%. The ex-dividend date of this dividend is Friday, March 14th.

About MainStay MacKay DefinedTerm Municipal Opportunities Fund

MainStay DefinedTerm Municipal Opportunities Fund is a closed-ended fixed income mutual fund launched and managed by New York Life Investment Management LLC. The fund is co-managed by MacKay Shields LLC. It invests in the fixed income markets of the United States. The fund primarily invests in investment grade municipal bonds which are exempt from regular U.S.