Sit Investment Associates Inc. Raises Stake in Mfs Govt Mkts (NYSE:MGF)

Key Points

• Sit Investment Associates Inc. increased its stake in Mfs Govt Mkts by 1.5% to 8,401,498 shares, now worth approximately $26.6 million, following the purchase of an additional 124,002 shares.
• The company recently announced a monthly dividend of $0.0191 per share, representing a 7.4% yield, with the payment scheduled for August 29th.
• Mfs Govt Mkts shares opened at $3.09, maintaining a twelve-month low of $2.95 and a high of $3.39, with most institutional investors holding 54.77% of the stock.

Sit Investment Associates Inc. grew its position in shares of Mfs Govt Mkts (NYSE:MGF - Free Report) by 1.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,401,498 shares of the company's stock after acquiring an additional 124,002 shares during the quarter. Sit Investment Associates Inc. owned about 25.78% of Mfs Govt Mkts worth $26,633,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Csenge Advisory Group grew its holdings in Mfs Govt Mkts by 19.0% during the first quarter. Csenge Advisory Group now owns 30,346 shares of the company's stock worth $93,000 after buying an additional 4,838 shares in the last quarter. Dynamic Advisor Solutions LLC grew its holdings in Mfs Govt Mkts by 35.6% during the first quarter. Dynamic Advisor Solutions LLC now owns 64,056 shares of the company's stock worth $203,000 after buying an additional 16,815 shares in the last quarter. Raymond James Financial Inc. bought a new stake in Mfs Govt Mkts during the fourth quarter worth $825,000. Consolidated Portfolio Review Corp grew its holdings in Mfs Govt Mkts by 8.5% during the first quarter. Consolidated Portfolio Review Corp now owns 376,053 shares of the company's stock worth $1,192,000 after buying an additional 29,505 shares in the last quarter. Finally, Private Advisor Group LLC grew its holdings in Mfs Govt Mkts by 33.6% during the first quarter. Private Advisor Group LLC now owns 839,285 shares of the company's stock worth $2,661,000 after buying an additional 211,293 shares in the last quarter. Institutional investors own 54.77% of the company's stock.

Mfs Govt Mkts Stock Performance

Mfs Govt Mkts stock remained flat at $3.11 during trading on Friday. The company had a trading volume of 28,371 shares, compared to its average volume of 53,582. The firm has a 50 day simple moving average of $3.09 and a 200 day simple moving average of $3.09. Mfs Govt Mkts has a 1-year low of $2.95 and a 1-year high of $3.39.

Mfs Govt Mkts Cuts Dividend

The firm also recently announced a monthly dividend, which will be paid on Friday, August 29th. Stockholders of record on Tuesday, August 19th will be given a dividend of $0.0191 per share. The ex-dividend date of this dividend is Tuesday, August 19th. This represents a c) annualized dividend and a dividend yield of 7.4%.

Mfs Govt Mkts Profile

MFS Government Markets Income Trust is a close ended fixed income mutual fund launched and managed by Massachusetts Financial Services Company. The fund invests in the fixed income markets of United States. It primarily invests in investment grade debt instruments. The fund also invests in mortgage backed, U.S.