MFS High Yield Municipal Trust (NYSE:CMU) Trading Down 0.2% - Here's What Happened

MFS High Yield Municipal Trust (NYSE:CMU - Get Free Report)'s share price traded down 0.2% during mid-day trading on Thursday . The stock traded as low as $3.32 and last traded at $3.34. 28,556 shares traded hands during trading, a decline of 47% from the average session volume of 53,786 shares. The stock had previously closed at $3.35.

MFS High Yield Municipal Trust Stock Performance

The firm has a 50-day simple moving average of $3.35 and a two-hundred day simple moving average of $3.48.

MFS High Yield Municipal Trust Cuts Dividend

The company also recently disclosed a -- dividend, which will be paid on Monday, June 30th. Investors of record on Tuesday, June 17th will be paid a dividend of $0.0165 per share. This represents a dividend yield of 5.6%. The ex-dividend date is Tuesday, June 17th.

Hedge Funds Weigh In On MFS High Yield Municipal Trust

Several institutional investors have recently added to or reduced their stakes in CMU. Almitas Capital LLC boosted its position in shares of MFS High Yield Municipal Trust by 21.1% in the first quarter. Almitas Capital LLC now owns 416,545 shares of the company's stock worth $1,454,000 after acquiring an additional 72,440 shares during the last quarter. Thomas J. Herzfeld Advisors Inc. raised its position in shares of MFS High Yield Municipal Trust 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 buying an additional 68,945 shares during the period. Sit Investment Associates Inc. boosted its holdings in MFS High Yield Municipal Trust by 8.8% in the first quarter. Sit Investment Associates Inc. now owns 2,179,247 shares of the company's stock valued at $7,606,000 after acquiring an additional 176,608 shares during the last quarter. Bank of New York Mellon Corp grew its position in MFS High Yield Municipal Trust by 32.2% during the first quarter. Bank of New York Mellon Corp now owns 287,416 shares of the company's stock valued at $1,003,000 after acquiring an additional 70,000 shares during the period. Finally, CX Institutional purchased a new position in shares of MFS High Yield Municipal Trust in the 1st quarter worth about $49,000. 32.39% of the stock is currently owned by institutional investors and hedge funds.

About MFS High Yield Municipal Trust

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.