MFS Multimarket Income Trust (NYSE:MMT) Stock Price Breaks Below 200-Day Moving Average - Time to Sell?

Key Points

• MFS Multimarket Income Trust shares fell below their 200-day moving average of $4.47, reaching a low of $4.28 before last trading at $4.3150.
• The closed-end fund paid a monthly dividend of $0.04 per share, equivalent to $0.48 annually and an 11.1% dividend yield.
• Institutional investors and hedge funds own 18.97% of the fund, with several firms recently increasing their positions, including Sit Investment Associates and NewEdge Advisors.

MFS Multimarket Income Trust (NYSE:MMT - Get Free Report)'s stock price crossed below its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $4.47 and traded as low as $4.28. MFS Multimarket Income Trust shares last traded at $4.3150, with a volume of 1,243,657 shares changing hands.

MFS Multimarket Income Trust Price Performance

The company has a 50-day simple moving average of $4.39 and a 200 day simple moving average of $4.47.

MFS Multimarket Income Trust Announces Dividend

The company also recently announced a monthly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 22nd were paid a $0.04 dividend. This represents a $0.48 annualized dividend and a dividend yield of 11.1%. The ex-dividend date was Tuesday, September 22nd.

Institutional Trading of MFS Multimarket Income Trust

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC increased its holdings in MFS Multimarket Income Trust by 3.2% in the first 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 buying an additional 106,882 shares in the last quarter. Sit Investment Associates Inc. boosted its stake in shares of MFS Multimarket Income Trust by 127.2% during the 4th quarter. Sit Investment Associates Inc. now owns 642,159 shares of the closed-end fund's stock worth $2,986,000 after acquiring an additional 359,502 shares in the last quarter. Rivernorth Capital Management LLC acquired a new stake in shares of MFS Multimarket Income Trust during the 1st quarter valued at about $1,558,000. NewEdge Advisors LLC grew its position in shares of MFS Multimarket Income Trust by 260.5% during the 2nd 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. Finally, Cetera Investment Advisers increased its stake 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 valued at $823,000 after purchasing an additional 76,756 shares in the last quarter. Institutional investors and hedge funds own 18.97% of the company's stock.

About MFS Multimarket Income Trust

MFS Multimarket Income Trust NYSE: MMT is a closed-end investment company managed by MFS Investment Management. The trust seeks to provide high current income and, secondarily, capital appreciation by investing in a diversified portfolio of fixed-income securities and other income-producing investments.

Its portfolio may include government and corporate bonds, mortgage- and asset-backed securities, municipal obligations, floating-rate loans and other debt instruments issued in the United States and international markets.

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