MFS Investment Grade Municipal Trust (NYSE:CXH) Sees Significant Increase in Short Interest

MFS Investment Grade Municipal Trust (NYSE:CXHGet Rating) was the recipient of a significant growth in short interest in April. As of April 30th, there was short interest totalling 5,000 shares, a growth of 85.2% from the April 15th total of 2,700 shares. Based on an average daily volume of 24,100 shares, the days-to-cover ratio is currently 0.2 days.

Several large investors have recently added to or reduced their stakes in CXH. Van ECK Associates Corp purchased a new stake in shares of MFS Investment Grade Municipal Trust during the fourth quarter worth about $45,000. Worth Asset Management LLC bought a new position in MFS Investment Grade Municipal Trust during the first quarter valued at approximately $64,000. NewEdge Advisors LLC bought a new position in MFS Investment Grade Municipal Trust during the first quarter valued at approximately $87,000. Moors & Cabot Inc. bought a new position in MFS Investment Grade Municipal Trust during the first quarter valued at approximately $248,000. Finally, Janney Montgomery Scott LLC boosted its stake in MFS Investment Grade Municipal Trust by 11.7% during the fourth quarter. Janney Montgomery Scott LLC now owns 32,954 shares of the company’s stock valued at $340,000 after buying an additional 3,452 shares during the last quarter. Hedge funds and other institutional investors own 18.45% of the company’s stock.

NYSE:CXH opened at $7.60 on Friday. MFS Investment Grade Municipal Trust has a 12-month low of $7.57 and a 12-month high of $10.74. The stock has a 50-day moving average price of $8.20 and a 200 day moving average price of $9.12.

The firm also recently announced a monthly dividend, which will be paid on Tuesday, May 31st. Investors of record on Wednesday, May 18th will be given a dividend of $0.029 per share. This represents a $0.35 annualized dividend and a dividend yield of 4.58%. The ex-dividend date is Tuesday, May 17th.

MFS Investment Grade Municipal Trust Company Profile (Get Rating)

MFS Investment Grade Municipal 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.

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