Short Interest in MFS Multimarket Income Trust (NYSE:MMT) Drops By 55.9%

Key Points

• MFS Multimarket Income Trust (NYSE:MMT) experienced a significant drop in short interest, falling by 55.9% to 11,200 shares by July 31st.
• The trust announced an increase in its monthly dividend to $0.0335 per share, representing an annualized yield of 8.5%.
• Recent activity from institutional investors included a 66.4% increase in stake by 1607 Capital Partners LLC during the first quarter, reflecting growing interest in the fund.

MFS Multimarket Income Trust (NYSE:MMT - Get Free Report) was the recipient of a large drop in short interest during the month of July. As of July 31st, there was short interest totaling 11,200 shares, adropof55.9% from the July 15th total of 25,400 shares. Approximately0.0% of the shares of the company are sold short. Based on an average daily trading volume, of 87,100 shares, the days-to-cover ratio is presently 0.1 days. Based on an average daily trading volume, of 87,100 shares, the days-to-cover ratio is presently 0.1 days. Approximately0.0% of the shares of the company are sold short.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Geneos Wealth Management Inc. grew its stake in MFS Multimarket Income Trust by 780.0% during the 1st quarter. Geneos Wealth Management Inc. now owns 10,155 shares of the closed-end fund's stock worth $47,000 after buying an additional 9,001 shares during the last quarter. Wealth Enhancement Advisory Services LLC purchased a new position in shares of MFS Multimarket Income Trust in the 4th quarter valued at approximately $49,000. Citadel Advisors LLC purchased a new position in shares of MFS Multimarket Income Trust in the 4th quarter valued at approximately $68,000. Founders Financial Alliance LLC purchased a new position in shares of MFS Multimarket Income Trust in the 1st quarter valued at approximately $70,000. Finally, Wolverine Asset Management LLC purchased a new position in shares of MFS Multimarket Income Trust in the 1st quarter valued at approximately $74,000. Hedge funds and other institutional investors own 18.97% of the company's stock.

MFS Multimarket Income Trust Trading Up 0.6%

NYSE:MMT traded up $0.03 during mid-day trading on Friday, reaching $4.71. 47,737 shares of the stock were exchanged, compared to its average volume of 91,015. The company has a 50 day simple moving average of $4.66 and a 200-day simple moving average of $4.63. MFS Multimarket Income Trust has a 1 year low of $4.31 and a 1 year high of $4.90.

MFS Multimarket Income Trust Increases Dividend

The company also recently declared a monthly dividend, which will be paid on Friday, August 29th. Investors of record on Tuesday, August 19th will be paid a dividend of $0.0335 per share. The ex-dividend date is Tuesday, August 19th. This represents a c) dividend on an annualized basis and a yield of 8.5%. This is a boost from MFS Multimarket Income Trust's previous monthly dividend of $0.03.

MFS Multimarket Income Trust Company Profile

MFS Multimarket Income Trust is a closed ended fixed income mutual fund launched and managed by MFS Investment Management, Inc The fund invests in the fixed income markets across the globe with greater emphasis on United States. It seeks to invest in fixed income securities issued by U.S. Government, foreign government, mortgage backed, and other asset-backed securities of U.S.