BlackRock MuniYield Michigan Quality Fund, Inc. (NYSE:MIY) Sees Large Decrease in Short Interest

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BlackRock MuniYield Michigan Quality Fund, Inc. (NYSE:MIYGet Rating) saw a large drop in short interest in May. As of May 31st, there was short interest totalling 95,200 shares, a drop of 25.7% from the May 15th total of 128,100 shares. Based on an average daily trading volume, of 65,000 shares, the short-interest ratio is currently 1.5 days.

Hedge funds have recently added to or reduced their stakes in the company. West Michigan Advisors LLC purchased a new position in shares of BlackRock MuniYield Michigan Quality Fund in the 1st quarter worth $161,000. Liberty Capital Management Inc. purchased a new position in shares of BlackRock MuniYield Michigan Quality Fund in the 1st quarter worth $164,000. Millennium Management LLC purchased a new position in shares of BlackRock MuniYield Michigan Quality Fund in the 4th quarter worth $170,000. Bank of Montreal Can purchased a new position in shares of BlackRock MuniYield Michigan Quality Fund in the 1st quarter worth $180,000. Finally, Virtu Financial LLC purchased a new position in shares of BlackRock MuniYield Michigan Quality Fund in the 1st quarter worth $185,000. Hedge funds and other institutional investors own 15.47% of the company’s stock.

Shares of BlackRock MuniYield Michigan Quality Fund stock traded up $0.05 on Friday, reaching $12.85. The company’s stock had a trading volume of 811 shares, compared to its average volume of 39,635. The firm’s fifty day simple moving average is $12.97 and its two-hundred day simple moving average is $13.73. BlackRock MuniYield Michigan Quality Fund has a 52 week low of $12.30 and a 52 week high of $16.00.

The firm also recently announced a monthly dividend, which will be paid on Friday, July 1st. Shareholders of record on Wednesday, June 15th will be issued a $0.056 dividend. This represents a $0.67 dividend on an annualized basis and a dividend yield of 5.23%. The ex-dividend date is Tuesday, June 14th.

About BlackRock MuniYield Michigan Quality Fund (Get Rating)

BlackRock MuniYield Michigan Quality Fund, Inc is a closed-ended fixed income mutual fund launched by BlackRock, Inc It is managed by BlackRock Advisors, LLC. The fund invests in the fixed income markets of the United States. It primarily invests in investment grade, long-term municipal obligations exempt from federal income taxes and Michigan income taxes.

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