NYLI MacKay Shields Municipal Intermediate ETF (NYSEARCA:MMIT) Hits New 1-Year High – Should You Buy?

Shares of NYLI MacKay Shields Municipal Intermediate ETF (NYSEARCA:MMIT) hit a new 52-week high during trading on Wednesday . The stock traded as high as $24.51 and last traded at $24.4950, with a volume of 234500 shares trading hands. The stock had previously closed at $24.47.

NYLI MacKay Shields Municipal Intermediate ETF Stock Performance

The firm has a 50 day simple moving average of $24.37 and a 200-day simple moving average of $24.16.

Hedge Funds Weigh In On NYLI MacKay Shields Municipal Intermediate ETF

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Spire Wealth Management bought a new position in shares of NYLI MacKay Shields Municipal Intermediate ETF in the fourth quarter worth about $1,471,000. Pallas Capital Advisors LLC boosted its holdings in NYLI MacKay Shields Municipal Intermediate ETF by 8.3% during the fourth quarter. Pallas Capital Advisors LLC now owns 626,745 shares of the company’s stock worth $15,249,000 after buying an additional 47,778 shares during the last quarter. Dakota Wealth Management bought a new stake in shares of NYLI MacKay Shields Municipal Intermediate ETF in the 4th quarter valued at about $865,000. DAVENPORT & Co LLC raised its position in shares of NYLI MacKay Shields Municipal Intermediate ETF by 32.9% in the 4th quarter. DAVENPORT & Co LLC now owns 38,164 shares of the company’s stock valued at $929,000 after acquiring an additional 9,450 shares during the period. Finally, Wealth Enhancement Advisory Services LLC boosted its stake in NYLI MacKay Shields Municipal Intermediate ETF by 104.4% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 217,309 shares of the company’s stock worth $5,300,000 after acquiring an additional 110,987 shares during the last quarter.

About NYLI 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.