Mfs Hi Yld (NYSE:CMU) Stock Price Up 0.5% - Should You Buy?

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)'s stock price shot up 0.5% during trading on Thursday . The stock traded as high as $3.28 and last traded at $3.28. 116,732 shares traded hands during mid-day trading, a decline of 15% from the average session volume of 137,251 shares. The stock had previously closed at $3.26.

Mfs Hi Yld Price Performance

The business's 50-day simple moving average is $3.31 and its 200-day simple moving average is $3.41.

Mfs Hi Yld Increases Dividend

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Bulldog Investors LLP lifted its holdings in Mfs Hi Yld by 73.0% during the 4th 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. Sit Investment Associates Inc. lifted its holdings in Mfs Hi Yld by 8.8% during the 1st quarter. Sit Investment Associates Inc. now owns 2,179,247 shares of the company's stock valued at $7,606,000 after purchasing an additional 176,608 shares during the last quarter. Almitas Capital LLC lifted its holdings in Mfs Hi Yld by 21.1% during the 1st quarter. Almitas Capital LLC now owns 416,545 shares of the company's stock valued at $1,454,000 after purchasing an additional 72,440 shares during the last quarter. Thomas J. Herzfeld Advisors Inc. lifted its holdings in Mfs Hi Yld by 24.2% during the 1st quarter. Thomas J. Herzfeld Advisors Inc. now owns 353,305 shares of the company's stock valued at $1,233,000 after purchasing an additional 68,945 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in Mfs Hi Yld by 32.2% during the 1st quarter. Bank of New York Mellon Corp now owns 287,416 shares of the company's stock valued at $1,003,000 after purchasing an additional 70,000 shares during the last quarter. 32.39% of the stock is currently owned by institutional investors and hedge funds.

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.