MFS Multimarket Income Trust (NYSE:MMT) Stock Short Interest Drops 38.0%

Key Points

• Short interest fell 38.0% to 327,719 shares as of October 15, representing about 0.6% of outstanding shares and a short-interest ratio of 1.0 days.
• MMT shares rose 1.8% to $4.25, while the fund announced a 1-for-4 reverse stock split effective November 9.
• The closed-end fund paid a monthly $0.04 dividend, equivalent to $0.48 annually and an 11.3% yield; institutional investors own 18.97% of the shares.

MFS Multimarket Income Trust (NYSE:MMT - Get Free Report) saw a large decline in short interest in the month of October. As of October 15th, there was short interest totaling 327,719 shares, a decline of 38.0% from the September 30th total of 528,406 shares. Approximately 0.6% of the shares of the company are short sold. Based on an average daily trading volume, of 316,106 shares, the short-interest ratio is currently 1.0 days.

MFS Multimarket Income Trust Stock Up 1.8%

Shares of MMT traded up $0.07 during mid-day trading on Monday, hitting $4.25. The company's stock had a trading volume of 269,213 shares, compared to its average volume of 201,630. The stock's 50-day moving average is $4.31 and its two-hundred day moving average is $4.48. MFS Multimarket Income Trust has a one year low of $4.12 and a one year high of $4.79.

Shares of MFS Multimarket Income Trust are set to reverse split on Monday, November 9th. The 1-4 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the closing bell on Sunday, November 8th.

MFS Multimarket Income Trust Dividend Announcement

The business also recently declared a monthly dividend, which was paid on Friday, October 30th. Shareholders of record on Friday, October 23rd were given a $0.04 dividend. This represents a $0.48 annualized dividend and a yield of 11.3%. The ex-dividend date was Friday, October 23rd.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Rivernorth Capital Management LLC bought a new stake in shares of MFS Multimarket Income Trust in the first quarter valued at about $1,558,000. NewEdge Advisors LLC increased its stake in MFS Multimarket Income Trust by 260.5% during the second quarter. NewEdge Advisors LLC now owns 187,488 shares of the closed-end fund's stock valued at $825,000 after acquiring an additional 135,487 shares during the period. Allspring Global Investments Holdings LLC raised its holdings in MFS Multimarket Income Trust by 3.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 3,450,887 shares of the closed-end fund's stock valued at $15,943,000 after acquiring an additional 106,882 shares in the last quarter. Readystate Asset Management LP acquired a new position in MFS Multimarket Income Trust in the 2nd quarter valued at approximately $365,000. Finally, Cetera Investment Advisers lifted its position in shares of MFS Multimarket Income Trust by 75.7% in the 1st quarter. Cetera Investment Advisers now owns 178,117 shares of the closed-end fund's stock worth $823,000 after acquiring an additional 76,756 shares during the period. Institutional investors own 18.97% of the company's stock.

MFS Multimarket Income Trust Company Profile

MFS Multimarket Income Trust is a closed-end management investment company listed on the New York Stock Exchange under the symbol MMT. The fund seeks to provide high current income, with capital appreciation as a secondary objective, by investing in a diversified portfolio of fixed-income securities.

The trust invests across multiple sectors and geographies, including government and corporate debt, mortgage-backed and asset-backed securities, and securities issued by companies and governments in developed and emerging markets.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.