NYLIM MacKay Shields Municipal Intermediate ETF (NYSEARCA:MMIT) Hits New 12-Month Low – Time to Sell?

NYLIM MacKay Shields Municipal Intermediate ETF (NYSEARCA:MMIT) shares hit a new 52-week low during trading on Wednesday. The company traded as low as $22.77 and last traded at $22.84, with a volume of 157066 shares traded. The stock had previously closed at $22.99.

NYLIM MacKay Shields Municipal Intermediate ETF Stock Down 0.4%

The business has a fifty day moving average price of $23.65 and a two-hundred day moving average price of $24.05.

Hedge Funds Weigh In On NYLIM MacKay Shields Municipal Intermediate ETF

Institutional investors have recently bought and sold shares of the business. Meeder Advisory Services Inc. grew its position in shares of NYLIM MacKay Shields Municipal Intermediate ETF by 30.3% in the first quarter. Meeder Advisory Services Inc. now owns 2,944,732 shares of the company’s stock valued at $70,983,000 after purchasing an additional 683,938 shares during the period. Waverly Advisors LLC purchased a new position in NYLIM MacKay Shields Municipal Intermediate ETF in the 2nd quarter valued at about $13,967,000. Bank of America Corp DE boosted its holdings in NYLIM MacKay Shields Municipal Intermediate ETF by 8.2% in the 1st quarter. Bank of America Corp DE now owns 6,215,015 shares of the company’s stock worth $149,813,000 after buying an additional 471,765 shares during the last quarter. Concurrent Investment Advisors LLC purchased a new stake in NYLIM MacKay Shields Municipal Intermediate ETF during the 2nd quarter worth approximately $8,719,000. Finally, Darwin Wealth Management LLC purchased a new stake in NYLIM MacKay Shields Municipal Intermediate ETF during the 1st quarter worth approximately $6,516,000.

About NYLIM MacKay Shields Municipal Intermediate ETF

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.