UBS Financial Services, Inc. recently announced the acquisition of new stake in Rivernorth Managed Duration Municipal Income Fund Inc. (NYSE:RMM). The institutional investor has increased its shareholding in the Financial company by 2.35% to 0.37 million shares with purchase of 8607.0 shares. This fresh investment now brings its stake to 1.90% valued currently at $5.39 million. In addition, Morgan Stanley Smith Barney LLC raised its holdings by 11085.0 to 0.31 million shares. And RBC Capital Markets LLC has lifted its position by 30.22% or 50901.0 shares – to 0.22 million shares.
With over 0.13 million Rivernorth Managed Duration Municipal Income Fund Inc. (RMM) shares trading Tuesday and a closing price of $15.66 on the day, the dollar volume was approximately $2.04 million. The shares have shown a negative half year performance of -4.40% and its price on 01/24/23 lost nearly -0.38%. Currently, there are 19.74M common shares owned by the public and among those 19.74M shares have been available to trade.
However, the script later moved the day high at 15.98, down -0.38%. The company’s stock has a 5-day price change of 1.10% and 13.81% over the past three months. RMM shares are trading 8.75% year to date (YTD), with the 12-month market performance down to -12.90% lower. It has a 12-month low price of $13.43 and touched a high of $18.73 over the same period. RMM has an average intraday trading volume of 88.78K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 3.39%, 4.36%, and 1.01% respectively.
Institutional ownership of Rivernorth Managed Duration Municipal Income Fund Inc. (NYSE: RMM) shares accounts for 10.57% of the company’s 19.74M shares outstanding. Mutual fund holders own –, while other institutional holders and individual stakeholders account for 0.22% and — respectively.
It has a market capitalization of $309.12M. The stock’s trailing 12-month PE ratio is 8.85, while the earnings-per-share (ttm) stands at $1.77. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.08% over the week and 2.41% over the month.