MFS Multimarket Income Trust (NYSE:MMT) Shares Up 300.3% – Time to Buy?

MFS Multimarket Income Trust (NYSE:MMT) shares rose 300.3% during mid-day trading on Monday. The company traded as high as $17.00 and last traded at $17.1340. 6,162 shares changed hands during trading, a decline of 97% from the average session volume of 202,649 shares. The stock had previously closed at $4.28.

MFS Multimarket Income Trust Stock Performance

The stock’s 50 day moving average price is $17.16 and its 200-day moving average price is $17.88.

MFS Multimarket Income Trust Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Monday, November 30th. Investors of record on Friday, November 20th will be paid a dividend of $0.16 per share. This represents a $1.92 annualized dividend and a yield of 11.1%. The ex-dividend date is Friday, November 20th.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. 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. Rivernorth Capital Management LLC purchased a new stake in MFS Multimarket Income Trust in the 1st quarter valued at $1,558,000. NewEdge Advisors LLC increased its holdings 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 worth $825,000 after buying an additional 135,487 shares during the last quarter. Cetera Investment Advisers grew its holdings in shares of MFS Multimarket Income Trust by 75.7% during the 1st quarter. Cetera Investment Advisers now owns 178,117 shares of the closed-end fund’s stock worth $823,000 after purchasing an additional 76,756 shares during the period. Finally, Fortitude Advisory Group L.L.C. raised its holdings in MFS Multimarket Income Trust by 83.9% in the 2nd quarter. Fortitude Advisory Group L.L.C. now owns 163,481 shares of the closed-end fund’s stock valued at $719,000 after buying an additional 74,568 shares during the period. Institutional investors and hedge funds 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.