Rivernorth Managed Duration Municipal Income Fund Inc. (NYSE:RMM) Stock Short Interest Declines 89.8%

Rivernorth Managed Duration Municipal Income Fund Inc. (NYSE:RMM) was the target of a significant decline in short interest during the month of September. As of September 30th, there was short interest totaling 6,735 shares, a decline of 89.8% from the September 15th total of 65,899 shares. Based on an average daily trading volume, of 117,098 shares, the days-to-cover ratio is currently 0.1 days.

Rivernorth Managed Duration Municipal Income Fund Stock Performance

NYSE:RMM traded up $0.28 during midday trading on Friday, reaching $12.87. The stock had a trading volume of 75,309 shares, compared to its average volume of 54,292. Rivernorth Managed Duration Municipal Income Fund has a 1-year low of $12.15 and a 1-year high of $15.00. The firm’s fifty day simple moving average is $13.75 and its 200-day simple moving average is $14.15.

Rivernorth Managed Duration Municipal Income Fund Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Thursday, December 31st. Stockholders of record on Tuesday, December 15th will be paid a $0.0847 dividend. The ex-dividend date is Tuesday, December 15th. This represents a $1.02 dividend on an annualized basis and a dividend yield of 7.9%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. NewEdge Advisors LLC boosted its holdings in Rivernorth Managed Duration Municipal Income Fund by 10.5% in the 1st quarter. NewEdge Advisors LLC now owns 17,850 shares of the company’s stock valued at $243,000 after purchasing an additional 1,700 shares during the period. Arkadios Wealth Advisors bought a new position in shares of Rivernorth Managed Duration Municipal Income Fund during the 1st quarter worth about $1,472,000. Rivernorth Capital Management LLC acquired a new position in shares of Rivernorth Managed Duration Municipal Income Fund during the first quarter valued at about $182,000. Gateway Wealth Partners LLC raised its position in shares of Rivernorth Managed Duration Municipal Income Fund by 174.5% during the first quarter. Gateway Wealth Partners LLC now owns 115,380 shares of the company’s stock valued at $1,573,000 after buying an additional 73,345 shares during the last quarter. Finally, Fifth Third Bancorp bought a new stake in shares of Rivernorth Managed Duration Municipal Income Fund in the first quarter valued at about $82,000.

About Rivernorth Managed Duration Municipal Income Fund

Rivernorth Managed Duration Municipal Income Fund Inc is a closed ended fixed income mutual fund launched and managed by RiverNorth Capital 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 debt securities. It seeks to invest in securities of any maturity. The fund employs a combination of fundamental and quantitative analysis. It benchmarks the performance of its portfolio against the Bloomberg Barclays Municipal Bond Index.