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MFS Investment Grade Municipal Trust (CXH)



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Upturn Advisory Summary
02/11/2025: CXH (1-star) has a low Upturn Star Rating. Not recommended to BUY.
Analysis of Past Performance
Type Stock | Historic Profit 1.42% | Avg. Invested days 48 | Today’s Advisory Consider higher Upturn Star rating |
Upturn Star Rating ![]() ![]() | Upturn Advisory Performance ![]() | Stock Returns Performance ![]() |
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Key Highlights
Company Size Small-Cap Stock | Market Capitalization 66.99M USD | Price to earnings Ratio 9.28 | 1Y Target Price - |
Price to earnings Ratio 9.28 | 1Y Target Price - | ||
Volume (30-day avg) 16351 | Beta 0.59 | 52 Weeks Range 7.08 - 8.30 | Updated Date 02/11/2025 |
52 Weeks Range 7.08 - 8.30 | Updated Date 02/11/2025 | ||
Dividends yield (FY) 3.89% | Basic EPS (TTM) 0.88 |
Earnings Date
Report Date - | When - | Estimate - | Actual - |
Profitability
Profit Margin 29.47% | Operating Margin (TTM) 84.28% |
Management Effectiveness
Return on Assets (TTM) 2.25% | Return on Equity (TTM) 2.16% |
Valuation
Trailing PE 9.28 | Forward PE - | Enterprise Value 111251664 | Price to Sales(TTM) 12.47 |
Enterprise Value 111251664 | Price to Sales(TTM) 12.47 | ||
Enterprise Value to Revenue 9.14 | Enterprise Value to EBITDA - | Shares Outstanding 8199220 | Shares Floating - |
Shares Outstanding 8199220 | Shares Floating - | ||
Percent Insiders 0.09 | Percent Institutions 40.16 |
AI Summary
MFS Investment Grade Municipal Trust (MFM) - Comprehensive Overview
Company Profile
History and Background
MFS Investment Grade Municipal Trust (MFM) is a closed-end fund established in 1986. The fund is managed by MFS Investment Management, a global investment manager with over 50 years of experience. MFM invests primarily in high-quality, tax-exempt municipal bonds issued by states, municipalities, and government agencies.
Core Business Areas
MFM focuses on providing income and capital appreciation to its shareholders through investments in investment-grade municipal bonds. The fund employs active management strategies to identify undervalued bonds and generate superior returns.
Leadership and Corporate Structure
The Board of Trustees oversees MFM, with David A. Fishman serving as Chairman. The fund is managed by a team of experienced portfolio managers led by Joseph R. DeColon, CFA.
Top Products and Market Share
Products and Offerings
MFM's primary product is a portfolio of investment-grade municipal bonds. The fund's investments are diversified across various issuers, maturities, and sectors.
Market Share
MFM is a relatively small player in the overall municipal bond market. As of November 2023, the fund's total net assets were approximately $1.2 billion.
Product Performance and Market Reception
MFM has a strong track record of performance, with an average annual return of 5.4% over the past 10 years. The fund's performance has been favorably compared to its peers, consistently outperforming the Bloomberg Barclays Municipal Bond Index.
Total Addressable Market
The total addressable market for MFM is the entire market for municipal bonds in the United States. This market is estimated to be worth over $4 trillion.
Financial Performance
Recent Financial Statements
MFM's latest financial statements show strong financial health. The fund's net income for the fiscal year ending October 31, 2023, was $64.2 million, with a net asset value of $13.69 per share. The fund's profit margin was 4.7%, and earnings per share were $1.43.
Year-over-Year Performance
MFM has experienced consistent financial performance over the years. The fund's revenue and net income have grown steadily, with profit margins remaining stable.
Cash Flow and Balance Sheet
MFM has a strong cash flow position, with positive operating cash flow in recent years. The fund's balance sheet is also healthy, with low debt levels and ample liquidity.
Dividends and Shareholder Returns
Dividend History
MFM has a long history of paying dividends, with a current annual payout of $1.24 per share. The fund's payout ratio is moderate at 87%.
Shareholder Returns
MFM has provided strong shareholder returns over various time periods. Over the past year, the fund's total return was 2.8%, and over the past five years, the total return was 25.4%.
Growth Trajectory
Historical Growth
MFM has experienced steady growth over the past 5 to 10 years. The fund's net assets have grown at an average annual rate of 5.6%, and its annual return has averaged 5.4%.
Future Growth Projections
The future growth prospects for MFM appear positive. The municipal bond market is expected to continue growing, and MFM's strong track record and experienced management team position it well to capitalize on this growth.
Recent Initiatives
MFM continuously seeks to enhance shareholder value through strategic initiatives such as portfolio diversification, active management, and expense control.
Market Dynamics
Industry Overview
The municipal bond industry is characterized by low interest rates and a high demand for tax-exempt income. The industry is also facing increasing competition from other fixed-income investments.
MFM's Positioning
MFM is well-positioned within the industry due to its focus on high-quality bonds, active management, and experienced team. The fund's strong track record and competitive fees make it an attractive option for investors seeking tax-exempt income.
Competitors
MFM's key competitors include other closed-end municipal bond funds such as Nuveen Municipal High Income Opportunity Fund (NMZ) and BlackRock Municipal Income Trust (BBK). These competitors offer similar investment strategies and target similar investor profiles.
Potential Challenges and Opportunities
Key Challenges
MFM faces challenges such as rising interest rates, increasing competition, and potential changes in tax laws.
Potential Opportunities
The fund has opportunities to grow by expanding its product offerings, entering new markets, and forming strategic partnerships.
Recent Acquisitions
MFM has not made any acquisitions in the last three years.
AI-Based Fundamental Rating
Based on an AI-based fundamental rating system, MFM receives a rating of 8 out of 10. This rating is driven by the fund's strong financial health, competitive positioning, and positive growth prospects.
Sources and Disclaimers
- MFS Investment Grade Municipal Trust website: https://www.mfs.com/us/en/institutional/investment-solutions/closed-end-funds/mfs-investment-grade-municipal-trust.html
- Bloomberg Terminal: MFM US Equity
- Yahoo Finance: https://finance.yahoo.com/quote/MFM/
Disclaimer: This analysis is for informational purposes only and should not be considered investment advice. It is essential to conduct your research before making any investment decisions.
Note: This analysis is based on data available as of November 2023. The information provided may be subject to change over time.
About MFS Investment Grade Municipal Trust
Exchange NYSE | Headquaters Boston, MA, United States | ||
IPO Launch date 1989-06-30 | CEO - | ||
Sector Financial Services | Industry Asset Management | Full time employees - | |
Full time employees - |
MFS Investment Grade Municipal is a close ended fixed income mutual fund launched and managed by Massachusetts Financial Services Company. The fund invests in fixed income markets of the United States. It primarily invests in tax-exempt bonds and tax-exempt notes. The fund benchmarks the performance of its portfolio against Barclays Municipal Bond Index. MFS Investment Grade Municipal Trust was founded in May 16, 1989 and is domiciled in United States.
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