MFS Multimarket Income Trust (NYSE:MMT) Stock Jumps 300.3% – What’s Next?

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

MFS Multimarket Income Trust Stock Up 1.6%

The stock has a 50 day simple moving average of $4.29 and a two-hundred day simple moving average of $4.47.

MFS Multimarket Income Trust Increases Dividend

The firm also recently announced a monthly dividend, which was paid on Friday, October 30th. Stockholders of record on Friday, October 23rd were issued a $0.16 dividend. This represents a $1.92 dividend on an annualized basis and a dividend yield of 11.0%. The ex-dividend date of this dividend was Friday, October 23rd. This is a positive change from MFS Multimarket Income Trust’s previous monthly dividend of $0.04.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of MMT. Allspring Global Investments Holdings LLC raised its holdings in shares of 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 during the last quarter. Rivernorth Capital Management LLC purchased a new position in shares of MFS Multimarket Income Trust during the first quarter worth about $1,558,000. NewEdge Advisors LLC increased its position in MFS Multimarket Income Trust by 260.5% in 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. Cetera Investment Advisers increased its position in 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 acquiring an additional 76,756 shares during the period. Finally, Fortitude Advisory Group L.L.C. increased its position 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 acquiring an additional 74,568 shares during the period. 18.97% of the stock is owned by hedge funds and other institutional investors.

About MFS Multimarket Income Trust

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.