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

MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE:MMD) saw a large increase in short interest in the month of November. As of November 15th, there was short interest totalling 59,900 shares, an increase of 22.0% from the October 31st total of 49,100 shares. Based on an average daily volume of 106,500 shares, the days-to-cover ratio is currently 0.6 days.

Insiders Place Their Bets

In related news, Portfolio Manager John J. Lawlor purchased 2,500 shares of the business’s stock in a transaction on Wednesday, November 20th. The shares were bought at an average price of $15.79 per share, for a total transaction of $39,475.00. Following the acquisition, the portfolio manager now directly owns 2,500 shares in the company, valued at $39,475. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in MMD. Almitas Capital LLC boosted its position in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund by 122.8% during the 2nd quarter. Almitas Capital LLC now owns 500,407 shares of the closed-end fund’s stock worth $8,297,000 after acquiring an additional 275,786 shares in the last quarter. Jane Street Group LLC boosted its position in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund by 64.0% in the 3rd quarter. Jane Street Group LLC now owns 692,000 shares of the closed-end fund’s stock valued at $11,667,000 after purchasing an additional 270,153 shares during the period. City of London Investment Management Co. Ltd. boosted its position in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund by 30.3% in the 2nd quarter. City of London Investment Management Co. Ltd. now owns 260,985 shares of the closed-end fund’s stock valued at $4,327,000 after purchasing an additional 60,734 shares during the period. Granite Bay Wealth Management LLC acquired a new stake in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund in the 2nd quarter valued at about $953,000. Finally, NewEdge Advisors LLC boosted its position in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund by 153.2% in the 2nd quarter. NewEdge Advisors LLC now owns 88,864 shares of the closed-end fund’s stock valued at $1,473,000 after purchasing an additional 53,767 shares during the period.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Trading Down 0.1 %

Shares of NYSE:MMD traded down $0.02 on Monday, hitting $16.08. 69,534 shares of the company’s stock were exchanged, compared to its average volume of 72,139. The firm’s 50-day moving average is $16.56 and its 200 day moving average is $16.58. MainStay MacKay DefinedTerm Municipal Opportunities Fund has a 1-year low of $15.70 and a 1-year high of $17.00.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Announces Dividend

The firm also recently disclosed a monthly dividend, which was paid on Friday, November 29th. Stockholders of record on Thursday, November 21st were given a dividend of $0.06 per share. The ex-dividend date of this dividend was Thursday, November 21st. This represents a $0.72 annualized dividend and a dividend yield of 4.48%.

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.