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

MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE:MMD) saw a large decrease in short interest during the month of February. As of February 15th, there was short interest totalling 6,400 shares, a decrease of 82.4% from the January 31st total of 36,300 shares. Based on an average daily trading volume, of 139,900 shares, the days-to-cover ratio is currently 0.0 days.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Price Performance

Shares of NYSE:MMD opened at $15.51 on Friday. The company’s fifty day moving average is $15.18 and its two-hundred day moving average is $16.04. MainStay MacKay DefinedTerm Municipal Opportunities Fund has a 1-year low of $14.53 and a 1-year high of $17.00.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, February 14th will be paid a dividend of $0.06 per share. The ex-dividend date is Friday, February 14th. This represents a $0.72 annualized dividend and a yield of 4.64%.

Insider Activity

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

Hedge Funds Weigh In On MainStay MacKay DefinedTerm Municipal Opportunities Fund

A number of hedge funds and other institutional investors have recently bought and sold shares of MMD. Jane Street Group LLC raised its position in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund by 64.0% during the 3rd quarter. Jane Street Group LLC now owns 692,000 shares of the closed-end fund’s stock worth $11,667,000 after purchasing an additional 270,153 shares during the period. Raymond James Financial Inc. acquired a new stake in MainStay MacKay DefinedTerm Municipal Opportunities Fund in the fourth quarter worth $3,310,000. Hennion & Walsh Asset Management Inc. bought a new stake in MainStay MacKay DefinedTerm Municipal Opportunities Fund in the fourth quarter valued at $1,790,000. Envestnet Asset Management Inc. acquired a new position in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund during the fourth quarter valued at $1,383,000. Finally, Intellus Advisors LLC bought a new position in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund during the fourth quarter worth about $1,335,000.

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.