Oppenheimer & Co. Inc. Grows Holdings in Rivernorth Managed Duration Municipal Income Fund Inc. (NYSEARCA:RMM)

Oppenheimer & Co. Inc. boosted its position in Rivernorth Managed Duration Municipal Income Fund Inc. (NYSEARCA:RMM) by 38.5% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 34,900 shares of the company’s stock after purchasing an additional 9,700 shares during the period. Oppenheimer & Co. Inc.’s holdings in Rivernorth Managed Duration Municipal Income Fund were worth $500,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Logan Stone Capital LLC purchased a new stake in Rivernorth Managed Duration Municipal Income Fund during the fourth quarter worth about $1,193,000. Raymond James Financial Inc. bought a new position in Rivernorth Managed Duration Municipal Income Fund during the fourth quarter valued at $900,000. Independent Advisor Alliance purchased a new stake in Rivernorth Managed Duration Municipal Income Fund in the fourth quarter worth $427,000. Nomura Holdings Inc. bought a new position in shares of Rivernorth Managed Duration Municipal Income Fund during the 4th quarter worth $280,000. Finally, Landscape Capital Management L.L.C. purchased a new stake in Rivernorth Managed Duration Municipal Income Fund in the 4th quarter worth about $152,000.

Insider Activity

In other Rivernorth Managed Duration Municipal Income Fund news, President Patrick W. Galley purchased 4,000 shares of the company’s stock in a transaction that occurred on Wednesday, April 9th. The shares were bought at an average cost of $13.14 per share, for a total transaction of $52,560.00. Following the purchase, the president owned 15,000 shares of the company’s stock, valued at $197,100. This represents a 36.36% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Rivernorth Managed Duration Municipal Income Fund Stock Performance

Shares of Rivernorth Managed Duration Municipal Income Fund stock opened at $13.48 on Wednesday. Rivernorth Managed Duration Municipal Income Fund Inc. has a 52-week low of $12.55 and a 52-week high of $16.37. The stock’s 50-day simple moving average is $13.64 and its 200 day simple moving average is $14.22.

Rivernorth Managed Duration Municipal Income Fund Dividend Announcement

The firm also recently announced a dividend, which was paid on Friday, May 30th. Stockholders of record on Friday, May 16th were paid a $0.0905 dividend. The ex-dividend date of this dividend was Thursday, May 15th. This represents a dividend yield of 7.74%.

Rivernorth Managed Duration Municipal Income Fund 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.