MIY Stock Summary and Trading Ideas (Blackrock Muni Yield Michigan Quality | NYSE:MIY)

BlackRock MuniYield Michigan Quality Fund, Inc.’s (MIY) (the “Fund”) investment objective is to provide shareholders with as high a level of current income exempt from federal and Michigan income taxes as is consistent with its investment policies and prudent investment management. The Fund seeks to achieve its investment objective by investing at least 80% of its assets in municipal obligations exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax) and Michigan income taxes. Under normal market conditions, the Fund invests primarily in long-term municipal obligations that are investment grade quality at the time of investment. The Fund may invest directly in such securities or synthetically through the use of derivatives.

Blackrock Muni Yield Michigan Quality trades on the NYSE stock market under the symbol MIY.

As of April 17, 2024, MIY stock price climbed to $11.13 with 64,212 million shares trading.

MIY has a beta of 0.59, meaning it tends to be less sensitive to market movements. MIY has a correlation of 0.32 to the broad based SPY ETF.

MIY has a market cap of $322.38 million. This is considered a Small Cap stock.

In the last 3 years, MIY stock traded as high as $16.00 and as low as $9.45.

MIY has underperformed the market in the last year with a return of +3.7%, while the SPY ETF gained +23.0%. In the last 3 month period, MIY fell short of the market, returning -0.1%, while SPY returned +5.7%. However, in the most recent 2 weeks MIY has outperformed the stock market by returning -3.0%, while SPY returned -3.5%.

MIY support price is $11.06 and resistance is $11.18 (based on 1 day standard deviation move). This means that using the most recent 20 day stock volatility and applying a one standard deviation move around the stock's closing price, stastically there is a 67% probability that MIY stock will trade within this expected range on the day.