Mfs Hi Yld (NYSE:CMU) Trading 0.5% Higher - What's Next?

Key Points

• Mfs Hi Yld's share price rose by 0.5% to $3.28, though the trading volume saw a 15% decline from its average daily volume.
• The firm announced an increase in its monthly dividend to $0.0165 per share, representing an annualized yield of 6.0%.
• Several institutional investors, including CX Institutional and Bank of New York Mellon Corp, have recently increased their positions in Mfs Hi Yld, reflecting positive investor sentiment.

Mfs Hi Yld (NYSE:CMU - Get Free Report) shares rose 0.5% on Thursday . The company traded as high as $3.28 and last traded at $3.28. Approximately 116,732 shares changed hands during trading, a decline of 15% from the average daily volume of 137,251 shares. The stock had previously closed at $3.26.

Mfs Hi Yld Stock Performance

The firm's 50 day moving average is $3.31 and its 200 day moving average is $3.41.

Mfs Hi Yld Increases Dividend

The business also recently disclosed a monthly dividend, which was paid on Thursday, July 31st. Stockholders of record on Tuesday, July 15th were issued a dividend of $0.0165 per share. The ex-dividend date of this dividend was Tuesday, July 15th. This is a positive change from Mfs Hi Yld's previous monthly dividend of $0.02. This represents a c) annualized dividend and a dividend yield of 6.0%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Sit Investment Associates Inc. increased its holdings in Mfs Hi Yld by 106.8% during the fourth quarter. Sit Investment Associates Inc. now owns 2,002,639 shares of the company's stock valued at $7,049,000 after buying an additional 1,034,353 shares during the last quarter. Bulldog Investors LLP lifted its position in Mfs Hi Yld by 73.0% during the fourth quarter. Bulldog Investors LLP now owns 2,345,443 shares of the company's stock valued at $8,280,000 after purchasing an additional 989,618 shares during the last quarter. Almitas Capital LLC lifted its position in Mfs Hi Yld by 143.6% during the fourth quarter. Almitas Capital LLC now owns 344,105 shares of the company's stock valued at $1,211,000 after purchasing an additional 202,845 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Mfs Hi Yld by 32.2% in the 1st quarter. Bank of New York Mellon Corp now owns 287,416 shares of the company's stock worth $1,003,000 after acquiring an additional 70,000 shares during the last quarter. Finally, Thomas J. Herzfeld Advisors Inc. lifted its holdings in shares of Mfs Hi Yld by 24.2% in the 1st quarter. Thomas J. Herzfeld Advisors Inc. now owns 353,305 shares of the company's stock worth $1,233,000 after acquiring an additional 68,945 shares during the last quarter. 32.39% of the stock is owned by hedge funds and other institutional investors.

About Mfs Hi Yld

MFS High Yield Municipal Trust is a close ended fixed income mutual fund launched and managed by Massachusetts Financial Services Company. The fund invests in fixed income markets of the United States. It primarily invests in tax-exempt bonds and tax-exempt notes. The fund benchmarks the performance of its portfolio against Barclays Municipal Bond Index.