Rivernorth Managed Duration Municipal Income Fund Inc. (NYSE:RMM) Shares Shorted: Short Interest Down 89.8% in September

Rivernorth Managed Duration Municipal Income Fund Inc. (NYSE:RMM) was the recipient of a significant drop in short interest in the month of September. As of September 30th, there was short interest totaling 6,735 shares, a drop of 89.8% from the September 15th total of 65,899 shares. Based on an average daily trading volume, of 117,098 shares, the days-to-cover ratio is presently 0.1 days.

Hedge Funds Weigh In On Rivernorth Managed Duration Municipal Income Fund

Several large investors have recently added to or reduced their stakes in RMM. NewEdge Advisors LLC increased its holdings in Rivernorth Managed Duration Municipal Income Fund by 10.5% in the 1st quarter. NewEdge Advisors LLC now owns 17,850 shares of the company’s stock valued at $243,000 after acquiring an additional 1,700 shares during the last quarter. Arkadios Wealth Advisors bought a new position in shares of Rivernorth Managed Duration Municipal Income Fund during the 1st quarter valued at about $1,472,000. Rivernorth Capital Management LLC bought a new position in shares of Rivernorth Managed Duration Municipal Income Fund during the 1st quarter valued at about $182,000. Gateway Wealth Partners LLC boosted its holdings in shares of Rivernorth Managed Duration Municipal Income Fund by 174.5% during the 1st quarter. Gateway Wealth Partners LLC now owns 115,380 shares of the company’s stock valued at $1,573,000 after purchasing an additional 73,345 shares during the last quarter. Finally, Fifth Third Bancorp purchased a new position in shares of Rivernorth Managed Duration Municipal Income Fund during the first quarter valued at about $82,000.

Rivernorth Managed Duration Municipal Income Fund Stock Up 2.2%

Shares of RMM stock traded up $0.28 during trading hours on Friday, reaching $12.87. 75,309 shares of the company traded hands, compared to its average volume of 54,292. Rivernorth Managed Duration Municipal Income Fund has a 12-month low of $12.15 and a 12-month high of $15.00. The firm has a 50-day moving average price of $13.75 and a 200 day moving average price of $14.16.

Rivernorth Managed Duration Municipal Income Fund Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Tuesday, December 15th will be paid a dividend of $0.0847 per share. The ex-dividend date is Tuesday, December 15th. This represents a $1.02 dividend on an annualized basis and a yield of 7.9%.

Rivernorth Managed Duration Municipal Income Fund Company Profile

Rivernorth Managed Duration Municipal Income Fund Inc is a closed ended fixed income mutual fund launched and managed by RiverNorth Capital Management, LLC. The fund is co-managed by MacKay Shields LLC. It invests in the fixed income markets of the United States. The fund primarily invests in investment grade municipal debt securities. It seeks to invest in securities of any maturity. The fund employs a combination of fundamental and quantitative analysis. It benchmarks the performance of its portfolio against the Bloomberg Barclays Municipal Bond Index.