Rivernorth Managed Duration Municipal Income Fund Inc. (NYSE:RMM) Stock Short Interest Declines 89.8%

Rivernorth Managed Duration Municipal Income Fund Inc. (NYSE:RMM) was the target 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 short-interest ratio is presently 0.1 days.

Rivernorth Managed Duration Municipal Income Fund Stock Up 2.2%

NYSE:RMM traded up $0.28 during trading hours on Friday, hitting $12.87. 75,309 shares of the company’s stock traded hands, compared to its average volume of 54,292. The stock’s fifty day moving average price is $13.75 and its two-hundred day moving average price is $14.15. Rivernorth Managed Duration Municipal Income Fund has a twelve month low of $12.15 and a twelve month high of $15.00.

Rivernorth Managed Duration Municipal Income Fund Dividend Announcement

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

Institutional Trading of Rivernorth Managed Duration Municipal Income Fund

Hedge funds and other institutional investors have recently modified their holdings of the company. Arkadios Wealth Advisors acquired a new stake in shares of Rivernorth Managed Duration Municipal Income Fund in the 1st quarter valued at $1,472,000. Gateway Wealth Partners LLC increased its position in Rivernorth Managed Duration Municipal Income Fund by 174.5% during the first quarter. Gateway Wealth Partners LLC now owns 115,380 shares of the company’s stock worth $1,573,000 after buying an additional 73,345 shares during the last quarter. Rockefeller Capital Management L.P. raised its holdings in Rivernorth Managed Duration Municipal Income Fund by 98.2% during the fourth quarter. Rockefeller Capital Management L.P. now owns 95,605 shares of the company’s stock valued at $1,301,000 after buying an additional 47,358 shares in the last quarter. Rivernorth Capital Management LLC acquired a new stake in shares of Rivernorth Managed Duration Municipal Income Fund in the first quarter worth about $182,000. Finally, XML Financial LLC boosted its stake in shares of Rivernorth Managed Duration Municipal Income Fund by 26.0% during the 1st quarter. XML Financial LLC now owns 41,200 shares of the company’s stock worth $562,000 after acquiring an additional 8,500 shares in the last quarter.

About Rivernorth Managed Duration Municipal Income Fund

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.