NYLI MacKay Shields Municipal Intermediate ETF (NYSEARCA:MMIT) Reaches New 52-Week Low – Should You Sell?

NYLI MacKay Shields Municipal Intermediate ETF (NYSEARCA:MMIT) reached a new 52-week low during trading on Tuesday . The company traded as low as $23.65 and last traded at $23.65, with a volume of 220745 shares. The stock had previously closed at $23.66.

NYLI MacKay Shields Municipal Intermediate ETF Trading Down 0.1%

The stock has a 50-day simple moving average of $24.06 and a two-hundred day simple moving average of $24.24.

Hedge Funds Weigh In On NYLI MacKay Shields Municipal Intermediate ETF

A number of hedge funds and other institutional investors have recently modified their holdings of MMIT. Royal Bank of Canada boosted its position in NYLI MacKay Shields Municipal Intermediate ETF by 12.5% during the 1st quarter. Royal Bank of Canada now owns 97,836 shares of the company’s stock valued at $2,345,000 after acquiring an additional 10,902 shares in the last quarter. Jane Street Group LLC raised its stake in shares of NYLI MacKay Shields Municipal Intermediate ETF by 128.9% during the 1st quarter. Jane Street Group LLC now owns 437,354 shares of the company’s stock worth $10,483,000 after acquiring an additional 246,326 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of NYLI MacKay Shields Municipal Intermediate ETF by 36.1% during the 2nd quarter. JPMorgan Chase & Co. now owns 196,002 shares of the company’s stock worth $4,675,000 after acquiring an additional 52,003 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in NYLI MacKay Shields Municipal Intermediate ETF by 16.8% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 4,056 shares of the company’s stock valued at $97,000 after acquiring an additional 584 shares during the last quarter. Finally, NewEdge Advisors LLC boosted its stake in NYLI MacKay Shields Municipal Intermediate ETF by 108.2% in the second quarter. NewEdge Advisors LLC now owns 18,920 shares of the company’s stock valued at $451,000 after acquiring an additional 9,833 shares in the last quarter.

NYLI MacKay Shields Municipal Intermediate ETF Company Profile

The IQ MacKay Municipal Intermediate ETF (MMIT) is an exchange-traded fund that mostly invests in investment grade fixed income. The fund is actively managed to provide enhanced total-return potential by investing mainly in investment-grade, AMT-free US municipal bonds with duration between 3-10 years. MMIT was launched on Oct 18, 2017 and is managed by IndexIQ.