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

MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE:MMD) was the recipient of a significant growth in short interest in the month of 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 trading volume, of 117,700 shares, the short-interest ratio is currently 0.1 days.

Insider Activity at MainStay MacKay DefinedTerm Municipal Opportunities Fund

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

Hedge Funds 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 4th quarter worth about $70,000. XTX Topco Ltd acquired a new position in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund during the fourth quarter worth approximately $189,000. Commonwealth Equity Services LLC lifted its holdings in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund by 8.7% during the fourth 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 during the last quarter. Integrated Capital Management Inc. bought a new stake in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund in the fourth quarter valued at approximately $204,000. Finally, Arlington Capital Management Inc. acquired a new stake in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund in the fourth quarter worth $214,000.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Trading Down 0.5 %

MainStay MacKay DefinedTerm Municipal Opportunities Fund stock traded down $0.08 during mid-day trading 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 1-year low of $14.53 and a 1-year high of $17.00. The stock has a 50 day moving average of $15.33 and a two-hundred day moving average of $15.84.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Dividend Announcement

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

MainStay MacKay DefinedTerm Municipal Opportunities Fund Company Profile

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.