MFS Intermediate Income Trust (NYSE:MIN) Stock Passes Below Fifty Day Moving Average – Here’s What Happened

MFS Intermediate Income Trust (NYSE:MIN)’s stock price passed below its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of $2.63 and traded as low as $2.62. MFS Intermediate Income Trust shares last traded at $2.6350, with a volume of 229,653 shares trading hands.

MFS Intermediate Income Trust Price Performance

The stock has a fifty day moving average price of $2.63 and a two-hundred day moving average price of $2.66.

MFS Intermediate Income Trust Cuts Dividend

The company also recently announced a monthly dividend, which will be paid on Friday, January 30th. Shareholders of record on Tuesday, January 20th will be issued a $0.0193 dividend. This represents a c) dividend on an annualized basis and a yield of 8.8%. The ex-dividend date is Tuesday, January 20th.

Hedge Funds Weigh In On MFS Intermediate Income Trust

Institutional investors have recently modified their holdings of the company. Wealth Quarterback LLC acquired a new stake in MFS Intermediate Income Trust during the second quarter worth approximately $28,000. Integrated Wealth Concepts LLC purchased a new position in shares of MFS Intermediate Income Trust during the 3rd quarter worth $39,000. Benjamin Edwards Inc. acquired a new stake in shares of MFS Intermediate Income Trust during the third quarter worth $54,000. Shaker Financial Services LLC grew its position in shares of MFS Intermediate Income Trust by 23.0% in the second quarter. Shaker Financial Services LLC now owns 25,050 shares of the financial services provider’s stock valued at $68,000 after purchasing an additional 4,680 shares during the period. Finally, Thrivent Financial for Lutherans purchased a new stake in shares of MFS Intermediate Income Trust in the third quarter valued at $108,000. Institutional investors and hedge funds own 50.90% of the company’s stock.

About MFS Intermediate Income Trust

MFS Intermediate Income Trust (NYSE: MIN) is a closed-end management investment company that seeks to provide a high level of current income consistent with the preservation of capital. The Trust pursues its objective by investing primarily in a diversified portfolio of intermediate-duration fixed-income securities. Its holdings typically include investment-grade corporate bonds, mortgage- and asset-backed securities, and select non-investment-grade debt instruments. The Trust may employ leverage to enhance income potential and intends to distribute gains and interest earnings on a monthly basis.

The portfolio is managed by the fixed-income team at MFS Investment Management, a global asset manager founded in 1924 and headquartered in Boston, Massachusetts.