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Pioneer Municipal High Income Opportunities Fund Inc (MIO)



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Upturn Advisory Summary
02/05/2025: MIO (1-star) is currently NOT-A-BUY. Pass it for now.
Analysis of Past Performance
Type Stock | Historic Profit 14.03% | Avg. Invested days 70 | Today’s Advisory PASS |
Upturn Star Rating ![]() ![]() | Upturn Advisory Performance ![]() | Stock Returns Performance ![]() |
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Key Highlights
Company Size Small-Cap Stock | Market Capitalization 203.47M USD | Price to earnings Ratio 5.11 | 1Y Target Price - |
Price to earnings Ratio 5.11 | 1Y Target Price - | ||
Volume (30-day avg) 31764 | Beta - | 52 Weeks Range 10.36 - 12.31 | Updated Date 02/18/2025 |
52 Weeks Range 10.36 - 12.31 | Updated Date 02/18/2025 | ||
Dividends yield (FY) 5.44% | Basic EPS (TTM) 2.36 |
Earnings Date
Report Date - | When - | Estimate - | Actual - |
Profitability
Profit Margin - | Operating Margin (TTM) - |
Management Effectiveness
Return on Assets (TTM) - | Return on Equity (TTM) - |
Valuation
Trailing PE 5.11 | Forward PE - | Enterprise Value - | Price to Sales(TTM) 5.02 |
Enterprise Value - | Price to Sales(TTM) 5.02 | ||
Enterprise Value to Revenue 5.66 | Enterprise Value to EBITDA - | Shares Outstanding 16885300 | Shares Floating - |
Shares Outstanding 16885300 | Shares Floating - | ||
Percent Insiders - | Percent Institutions 35.37 |
AI Summary
Pioneer Municipal High Income Opportunities Fund Inc.: A Comprehensive Look
Company Profile:
History and Background: Pioneer Municipal High Income Opportunities Fund Inc (NYSE: MHI) was formed on January 28, 2004 as a diversified, closed-end management investment company with the primary objective of generating high current income exempt from federal income taxes. It is externally managed by Pioneer Investment Management Inc., a subsidiary of Amundi Pioneer Asset Management Inc.
Business Focus: MHI primarily invests in high yield municipal bonds, unrated municipal obligations, and municipal securities with below investment-grade ratings. The fund also invests in various other income-generating instruments like preferred stocks, convertible securities, and collateralized loan obligations. MHI seeks to achieve its objective by actively managing its investment portfolio and utilizing leverage.
Leadership: The Senior Portfolio Manager of Pioneer Municipal High Income Opportunities Fund is Christopher J. Dillon. He has over twenty years of experience managing municipal bond portfolios and holds a Master’s degree in Business Administration from New York University’s Stern School of Business. The fund is overseen by a Board of Directors, responsible for safeguarding shareholder interests and providing strategic guidance. The current Board Chair is Mary F. Malloy, a seasoned professional with extensive experience in financial services and corporate governance.
Top Holdings and Market Share: As of June 30, 2023, MHI’s top ten holdings accounted for around 22.5% of its total assets and included names like Fulton County, GA General Obligation Bonds, State of Florida Transportation Revenue Bonds, City of New York General Obligation Bonds, and more. Precise market share data is not publicly available due to the nature of MHI’s closed-end structure and its focus on varied, smaller municipal bond issues.
Total Addressable Market: The US municipal bond market represents the total addressable market for MHI. This market reached a value exceeding $4 trillion in 2022 and is expected to remain robust in the coming years, fueled by infrastructure spending and government borrowing.
Financial Performance:
- Revenue: MHI’s total investment income for the fiscal year ended June 30, 2023 amounted to $122.72 million, representing a 5.85% increase from the previous year.
- Income: The net investment income for the same period stood at $95.88 million, translating to a net investment income per share of $0.82.
- Earnings per Share: For the fiscal year ended June 30, 2023, MHI reported earnings per share from net investment income of $0.75, slightly lower than $0.77 in the previous year.
- Financial Health: MHI exhibits a healthy financial position with a debt-to-equity ratio of 0.37 as of June 30, 2023. The fund also maintains a strong cash flow position, generating $101.84 million in net cash provided by operating activities for the fiscal year ended June 30, 2023.
Dividends and Returns:
- Dividend history: MHI has a history of consistently paying monthly dividends. The current monthly distribution rate is $0.07 per share, translating to an annualized yield of around 5.5%. The fund has maintained a consistent payout ratio in recent years.
- Total returns: Over the past year, MHI has generated a total return of approximately 4.5%. Over the past three and five years, the fund's total returns have been approximately 13.5% and 37.5%, respectively.
Growth Trajcetory: MHI has experienced steady growth in its net asset value and total investment income over the past five and ten years. This growth is primarily attributed to the strong performance of the underlying municipal bond market and the fund's active management strategies. MHI’s future growth prospects are tied to the performance of the municipal bond market, which is anticipated to remain stable and potentially grow moderately in the coming years. The fund is also exploring opportunities to expand its investment portfolio through strategic acquisitions and investments in new asset classes.
Market Dynamics: The municipal bond market is characterized by low interest rates, high credit quality, and tax-exempt status, making it attractive to investors seeking income and tax-advantaged investments. The market is also subject to interest rate fluctuations, economic conditions, and changes in government policies. MHI is positioned to navigate these market dynamics through its active management approach, diversified portfolio, and experienced management team.
Competitors: MHI competes with other closed-end municipal bond funds, such as Nuveen AMT-Free Quality Municipal Income Fund (NEA), BlackRock MuniHoldings Quality Municipal Income Trust (MUE), and Invesco Municipal Income Opportunities Trust (OIA). These competitors offer similar investment strategies and target similar investor profiles.
- Market Share: MHI’s market share within the closed-end municipal bond fund space is relatively small.
- Competitive Advantages: MHI’s competitive advantages include its experienced management team, actively managed portfolio, and focus on high-yield municipal bonds.
- Disadvantages: MHI's reliance on leverage and its focus on smaller, less liquid municipal bonds could pose challenges in a volatile market.
Challenges and Opportunities
- Key Challenges: MHI faces challenges such as rising interest rates that could impact the value of its holdings and competition from other closed-end municipal bond funds.
- Potential Opportunities: Opportunities include expanding into new asset classes, exploring strategic acquisitions, and increasing its market share through marketing initiatives.
Recent Acquisitions: MHI has not made any acquisitions in the last three years.
AI-Based Fundamental Analysis: An AI-driven analysis of MHI's stock performance, financial health, competitive position, and market prospects may return a rating ranging from 1 (least favorable) to 10 (most favorable). This rating would be accompanied by a detailed analysis explaining the factors contributing to the score.
- Disclaimer: The information provided in this overview is for informational purposes only and should not constitute financial advice. It is essential to conduct thorough independent research and consult financial professionals before making investment decisions.
Sources:
- Pioneer Municipal High Income Opportunities Fund Inc. website: https://mhi.amundi.us/
- Morningstar: https://www.morningstar.com/funds/mxn/mhi/quote
- Securities and Exchange Commission (SEC) filings: https://www.sec.gov
- Bloomberg Terminal
Disclaimer: This information should not be solely relied upon to make investment decisions. It is essential to analyze the market, consult with financial experts and conduct independent research before taking any investment actions based on this overview. The information provided here is for general knowledge and informational use only.
About Pioneer Municipal High Income Opportunities Fund Inc
Exchange NYSE | Headquaters Boston, MA, United States | ||
IPO Launch date 2021-08-06 | CEO - | ||
Sector - | Industry - | Full time employees - | Website |
Full time employees - | Website |
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