MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE:MMD) Stock Breaks Below 50-Day Moving Average – Time to Sell?

MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE:MMD)’s stock price crossed below its fifty day moving average during trading on Tuesday. The stock has a fifty day moving average of $14.06 and traded as low as $13.99. MainStay MacKay DefinedTerm Municipal Opportunities Fund shares last traded at $14.05, with a volume of 142,374 shares trading hands.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Stock Down 1.0%

The firm’s fifty day simple moving average is $14.03 and its 200-day simple moving average is $14.91.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Monday, January 4th. Stockholders of record on Tuesday, December 15th will be issued a dividend of $0.0675 per share. The ex-dividend date is Tuesday, December 15th. This represents a $0.81 dividend on an annualized basis and a dividend yield of 5.8%.

Insider Buying and Selling at MainStay MacKay DefinedTerm Municipal Opportunities Fund

In related news, Portfolio Manager David Dowden sold 3,300 shares of the firm’s stock in a transaction that occurred on Wednesday, November 11th. The shares were sold at an average price of $14.02, for a total transaction of $46,266.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

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. Advisors Asset Management Inc. bought a new stake in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund in the 3rd quarter worth $1,904,000. ProVise Management Group LLC lifted its holdings in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund by 3.9% during the third quarter. ProVise Management Group LLC now owns 107,035 shares of the closed-end fund’s stock valued at $1,457,000 after purchasing an additional 4,002 shares in the last quarter. Kestra Advisory Services LLC lifted its holdings in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund by 5.2% during the third quarter. Kestra Advisory Services LLC now owns 118,017 shares of the closed-end fund’s stock valued at $1,606,000 after purchasing an additional 5,838 shares in the last quarter. City of London Investment Management Co. Ltd. boosted its position in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund by 122.6% during the third quarter. City of London Investment Management Co. Ltd. now owns 194,245 shares of the closed-end fund’s stock valued at $2,644,000 after buying an additional 106,978 shares during the last quarter. Finally, Ackerman Capital Advisors LLC boosted its position in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund by 3.4% during the third quarter. Ackerman Capital Advisors LLC now owns 47,931 shares of the closed-end fund’s stock valued at $652,000 after buying an additional 1,567 shares during the last quarter.

About MainStay MacKay DefinedTerm Municipal Opportunities Fund

MainStay MacKay DefinedTerm Municipal Opportunities Fund is a closed-end investment fund listed on the New York Stock Exchange under the symbol MMD. The fund is designed to provide current income that is generally exempt from federal income tax by investing primarily in municipal securities issued by states, cities, counties and other governmental entities. The fund’s portfolio may include investment-grade and below-investment-grade municipal bonds, as well as other tax-exempt securities. Its investments can support a range of public projects and services, including education, transportation, health care, utilities and housing.