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 large increase in short interest in August. As of August 31st, there was short interest totaling 9,231 shares, an increase 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 Price Performance

Shares of NYSE MMD traded down $0.08 during mid-day trading on Monday, reaching $14.44. The company had a trading volume of 19,384 shares, compared to its average volume of 57,005. The stock has a fifty day moving average of $15.02 and a two-hundred day moving average of $15.14. MainStay MacKay DefinedTerm Municipal Opportunities Fund has a 12-month low of $14.38 and a 12-month high of $15.82.

MainStay MacKay DefinedTerm Municipal Opportunities Fund Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be given a $0.0675 dividend. The ex-dividend date is Tuesday, September 15th. This represents a c) dividend on an annualized basis and a yield of 5.6%.

Hedge Funds Weigh In On MainStay MacKay DefinedTerm Municipal Opportunities Fund

Several institutional investors and hedge funds have recently modified their holdings of MMD. Robinson Capital Management LLC increased its stake in shares of MainStay MacKay DefinedTerm Municipal Opportunities Fund by 6.1% in the second quarter. Robinson Capital Management LLC now owns 458,692 shares of the closed-end fund’s stock worth $7,110,000 after acquiring an additional 26,190 shares during the last quarter. Arlington Capital Management Inc. boosted its position in MainStay MacKay DefinedTerm Municipal Opportunities Fund by 7.2% during the second quarter. Arlington Capital Management Inc. now owns 18,694 shares of the closed-end fund’s stock valued at $290,000 after purchasing an additional 1,253 shares during the last quarter. NewEdge Advisors LLC boosted its position in MainStay MacKay DefinedTerm Municipal Opportunities Fund by 6.6% during the second quarter. NewEdge Advisors LLC now owns 103,674 shares of the closed-end fund’s stock valued at $1,607,000 after purchasing an additional 6,454 shares during the last quarter. 1607 Capital Partners LLC grew its stake in MainStay MacKay DefinedTerm Municipal Opportunities Fund by 30.2% in the second quarter. 1607 Capital Partners LLC now owns 50,886 shares of the closed-end fund’s stock valued at $789,000 after purchasing an additional 11,798 shares in the last quarter. Finally, Hopwood Nicholas Hunter purchased a new position in MainStay MacKay DefinedTerm Municipal Opportunities Fund in the second quarter valued at about $940,000.

About MainStay MacKay DefinedTerm Municipal Opportunities Fund

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.