MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE:MMD) Short Interest Up 118.0% in August

MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE:MMD) was the recipient of a significant growth in short interest in August. As of August 31st, there was short interest totaling 9,231 shares, a growth of 118.0% from the August 15th total of 4,234 shares. Based on an average trading volume of 47,463 shares, the short-interest ratio is currently 0.2 days.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Stock Down 1.9%

Shares of NYSE MMD traded down $0.28 during trading hours on Tuesday, reaching $14.13. The stock had a trading volume of 85,642 shares, compared to its average volume of 57,183. MainStay MacKay DefinedTerm Municipal Opportunities Fund has a 52-week low of $14.11 and a 52-week high of $15.82. The business’s fifty day moving average price is $15.00 and its two-hundred day moving average price is $15.13.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be issued a $0.0675 dividend. This represents a c) annualized dividend and a dividend yield of 5.7%. The ex-dividend date is Tuesday, September 15th.

Hedge Funds Weigh In On MainStay MacKay DefinedTerm Municipal Opportunities Fund

Several institutional investors have recently made changes to their positions in the company. Robinson Capital Management LLC lifted its position in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund by 6.1% in the 2nd quarter. Robinson Capital Management LLC now owns 458,692 shares of the closed-end fund’s stock worth $7,110,000 after purchasing an additional 26,190 shares during the period. Noble Wealth Management PBC increased its holdings in MainStay MacKay DefinedTerm Municipal Opportunities Fund by 3.9% during the second quarter. Noble Wealth Management PBC now owns 124,708 shares of the closed-end fund’s stock valued at $1,933,000 after buying an additional 4,708 shares during the period. NewEdge Advisors LLC raised its stake in MainStay MacKay DefinedTerm Municipal Opportunities Fund by 6.6% in the second quarter. NewEdge Advisors LLC now owns 103,674 shares of the closed-end fund’s stock worth $1,607,000 after buying an additional 6,454 shares in the last quarter. ProVise Management Group LLC raised its stake in MainStay MacKay DefinedTerm Municipal Opportunities Fund by 7.7% in the second quarter. ProVise Management Group LLC now owns 103,033 shares of the closed-end fund’s stock worth $1,597,000 after buying an additional 7,357 shares in the last quarter. Finally, Rivernorth Capital Management LLC lifted its holdings in MainStay MacKay DefinedTerm Municipal Opportunities Fund by 44.9% during the second quarter. Rivernorth Capital Management LLC now owns 99,375 shares of the closed-end fund’s stock worth $1,540,000 after buying an additional 30,815 shares during the period.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Company Profile

The MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE: MMD) is a closed-end, diversified management investment company that seeks to provide a high level of tax-exempt income. The fund primarily invests in investment-grade municipal securities, including general obligation bonds, revenue bonds and other state and local government obligations. By focusing on tax-exempt instruments, MMD aims to enhance after-tax yields for its shareholders, making it an option for investors in higher tax brackets who seek municipal bond exposure through a publicly traded vehicle.

As a defined-term fund, MMD was structured with a predetermined termination date at which point the portfolio is expected to be liquidated and proceeds returned to investors.