Fidelity Michigan Municipal Income Fund (FMHTX) Stock Analysis
For informational purposes only. Not financial advice. Analysis by Sedat ANAK, Founder & Editor-in-Chief | AI-powered analysis. Data sourced from SEC filings and institutional-grade financial providers. Editorially reviewed. Not financial advice.
Fidelity Michigan Municipal Income Fund (FMHTX) trades at $11.48 with AI Score 49/100 (Grade C). Fidelity Michigan Municipal Income Fund invests primarily in investment-grade municipal securities exempt from federal and Michigan personal income taxes. Market cap: $511M, Sector: Financial services.
Price as of Aug 21, 2026 · Last analyzed: Mar 17, 2026Analyst Coverage for FMHTX: FMHTX does not currently have published analyst price targets in our coverage universe. This is common for smaller-cap names with limited Wall Street coverage. In the absence of analyst consensus, our AI model evaluates FMHTX against Financial Services peers across nine fundamental dimensions and assigns an underweight signal based on the underlying data.
FMHTX: the 3 scored disciplines are evenly split. Dominant signal: Izzy Englander bullish.
How is this calculated? →Why this analysis is different
- A 9-signal quantitative MoonshotScore built from filings, insider activity, and market data — computed from the numbers, not from opinion.
- An AI Council read across up to eight perspectives — value, macro, quantitative, and momentum lenses — that shows where they disagree instead of averaging the tension away.
- Figures come straight from FMP and Yahoo Finance filings data. The AI writes the narrative around the numbers — it never edits the numbers.
Fidelity Michigan Municipal Income Fund (FMHTX) Financial Services Profile
Fidelity Michigan Municipal Income Fund specializes in Michigan municipal bonds, offering tax-exempt income to state residents. The fund strategically allocates assets across different sectors and maturities within the Michigan municipal market, focusing on investment-grade securities and aiming to provide stable, tax-advantaged returns.
What Is the Investment Thesis for FMHTX?
Fidelity Michigan Municipal Income Fund presents a focused investment opportunity for Michigan residents seeking tax-exempt income. As of 2026, the fund's $511M market cap reflects its established presence in the state's municipal bond market. Key value drivers include the fund's ability to generate consistent tax-advantaged income and its active management approach to navigating the Michigan municipal bond landscape. The fund's beta of 0.96 indicates a moderate level of volatility relative to the broader market. A potential catalyst is the ongoing infrastructure development in Michigan, which could lead to the issuance of new municipal bonds and increased investment opportunities for the fund. However, potential risks include economic downturns in Michigan, which could negatively impact the creditworthiness of municipal issuers and the fund's overall performance.
Based on FMP financials and quantitative analysis
FMHTX Key Highlights
The fund invests at least 80% of its assets in investment-grade municipal securities, ensuring a focus on credit quality.
- The fund's objective is to provide income exempt from federal and Michigan personal income taxes, appealing to state residents.
- The fund allocates assets across different market sectors and maturities within the Michigan municipal bond market, actively managing risk and return.
- The fund invests more than 25% of its total assets in municipal securities that finance similar types of projects, indicating a concentrated investment approach.
- The fund's market capitalization is $0.50 billion, reflecting its established presence in the Michigan municipal bond market.
Who Are FMHTX's Competitors?
FMHTX is benchmarked below against 8 industry peers on price, market cap, and our AI MoonshotScore.
| Company | Price | Change | Market Cap | AI Score |
|---|---|---|---|---|
| BUFBX Buffalo Flexible Income Fund | $24.21 | -0.62% | $479M | 47 |
| FIMIX Fidelity Minnesota Municipal Income Fund | $11.02 | -0.18% | $597M | 49 |
| FNJHX Fidelity New Jersey Municipal Income Fund | $11.55 | -0.17% | $741M | 49 |
| FOHFX Fidelity Ohio Municipal Income Fund | $11.39 | -0.18% | $521M | 50 |
| FPXTX Fidelity Pennsylvania Municipal Income Fund | $10.40 | -0.19% | $451M | 50 |
| SLIYX Multi Asset Income Fund Class Y | $10.45 | -0.19% | $507M | 57 |
| BLE BlackRock Municipal Income Trust II | $10.54 | -0.19% | $503M | 55 |
| BLW BlackRock Limited Duration Income Trust | $12.69 | -0.55% | $496M | 52 |
AI Score by Stock Expert AI · Price data: FMP / Yahoo Finance
What Are FMHTX's Key Strengths?
Tax-exempt income for Michigan residents.
- Focus on investment-grade municipal securities.
- Experienced management team within Fidelity Investments.
- Established presence in the Michigan market.
What Are FMHTX's Weaknesses?
Concentrated investment in Michigan municipal bonds.
- Non-diversified fund, increasing risk.
- Sensitivity to Michigan's economic conditions.
- Lack of dividend payments.
What Could Drive FMHTX Stock Higher?
Infrastructure development projects in Michigan leading to new bond issuances.
- Potential changes in federal and state tax policies increasing demand for tax-exempt investments.
- Potential upgrades to credit ratings of Michigan municipalities.
What Are the Key Risks for FMHTX?
Economic recession in Michigan impacting municipal creditworthiness.
- Rising interest rates decreasing the value of existing bond holdings.
- Changes in tax laws reducing the benefit of tax-exempt income.
- Concentration risk due to focus on Michigan municipal bonds.
What Are the Growth Opportunities for FMHTX?
- Increased Infrastructure Spending: Michigan's ongoing infrastructure development projects represent a significant growth opportunity for FMHTX. As the state invests in roads, bridges, and other public works, it is likely to issue new municipal bonds to finance these projects. FMHTX can capitalize on this trend by investing in these new bonds, potentially increasing its assets under management and generating higher returns for its investors. The timeline for this growth opportunity is ongoing, as infrastructure development is a continuous process. The market size is substantial, with billions of dollars allocated to infrastructure projects across the state.
- Rising Interest Rates: While rising interest rates can pose a challenge for existing bond holdings, they also create opportunities for FMHTX to invest in new bonds with higher yields. As interest rates increase, newly issued municipal bonds will offer more attractive returns, allowing the fund to enhance its income generation potential. This growth opportunity is particularly relevant in the current economic environment, where interest rates are expected to rise gradually over the next few years. The market size is significant, as the entire municipal bond market is affected by interest rate movements.
- Growing Michigan Economy: A strengthening Michigan economy can lead to increased tax revenues for the state and its municipalities, improving their creditworthiness and ability to repay their debts. This, in turn, can benefit FMHTX by reducing the risk of defaults and enhancing the value of its existing bond holdings. The timeline for this growth opportunity is dependent on the overall economic performance of Michigan, but positive trends are already emerging. The market size is substantial, as the entire Michigan municipal bond market is influenced by the state's economic health.
- Increased Demand for Tax-Exempt Income: As tax rates potentially increase, the demand for tax-exempt income is likely to rise, making FMHTX a more noteworthy option for Michigan residents. The fund's ability to provide income that is exempt from both federal and state income taxes can be a significant selling point, particularly for high-income earners. This growth opportunity is ongoing, as tax policies and individual financial situations are constantly evolving. The market size is substantial, as a significant portion of Michigan residents could benefit from tax-exempt income.
- Strategic Sector Allocation: FMHTX can enhance its returns by strategically allocating its assets across different sectors within the Michigan municipal bond market. By identifying sectors with strong growth potential and attractive yields, the fund can optimize its portfolio performance. For example, the fund could increase its exposure to sectors such as education or healthcare, which are expected to experience strong growth in the coming years. The timeline for this growth opportunity is ongoing, as the fund's investment managers continuously monitor market trends and adjust the portfolio accordingly. The market size is substantial, as the Michigan municipal bond market encompasses a wide range of sectors and issuers.
What Threats Does FMHTX Face?
- Economic downturn in Michigan.
- Changes in tax laws reducing the attractiveness of municipal bonds.
- Increased competition from other municipal bond funds.
- Credit rating downgrades of Michigan municipalities.
What Are FMHTX's Competitive Advantages?
- Tax-exempt status for Michigan residents.
- Expertise in the Michigan municipal bond market.
- Established presence and reputation within Fidelity Investments.
What Does FMHTX Do?
Fidelity Michigan Municipal Income Fund is designed to provide investors with income that is exempt from both federal and Michigan state income taxes. The fund achieves this by investing primarily in investment-grade municipal securities issued by the state of Michigan and its various municipalities. Established as part of Fidelity Investments' suite of municipal bond funds, FMHTX caters specifically to Michigan residents seeking tax-efficient investment options. The fund typically invests at least 80% of its assets in municipal securities that qualify for this tax exemption. A significant portion, exceeding 25% of total assets, is allocated to municipal securities financing similar types of projects, allowing for focused exposure to specific sectors within the Michigan economy. The fund's investment strategy involves actively managing its portfolio by allocating assets across different market sectors and maturities, seeking to optimize returns while managing risk. Unlike some funds, Fidelity Michigan Municipal Income Fund is classified as non-diversified, meaning it can invest a larger percentage of its assets in a smaller number of issuers. This approach can potentially lead to higher returns but also carries increased risk compared to diversified funds. The fund's performance is closely tied to the economic health of Michigan and the creditworthiness of its municipalities.
What Products and Services Does FMHTX Offer?
- Invests primarily in investment-grade municipal securities.
- Focuses on securities exempt from federal and Michigan personal income taxes.
- Allocates assets across different market sectors within Michigan.
- Manages portfolio maturities to optimize returns.
- Concentrates investments in similar types of municipal projects.
- Provides tax-advantaged income to Michigan residents.
How Does FMHTX Make Money?
- Generates income from interest payments on municipal bonds.
- Manages a portfolio of Michigan municipal securities.
- Provides a tax-efficient investment vehicle for Michigan residents.
What Industry Does FMHTX Operate In?
Fidelity Michigan Municipal Income Fund operates within the asset management industry, specifically focusing on the municipal bond market. This market is influenced by factors such as interest rates, credit ratings, and the overall economic health of the issuing municipalities. The municipal bond market is generally considered less volatile than other fixed-income markets, but it is still subject to risks such as credit risk and interest rate risk. Competitors like BUFBX, FIMIX, FNJHX, FOHFX, and FPXTX also offer municipal bond funds, but FMHTX distinguishes itself by focusing exclusively on Michigan municipal securities, providing a tax-advantaged investment option for Michigan residents.
Who Are FMHTX's Key Customers?
- Michigan residents seeking tax-exempt income.
- Investors looking for stable, fixed-income investments.
- Individuals and families saving for retirement or other long-term goals.
Fidelity Michigan Municipal Income Fund (FMHTX) Valuation Context
Valued at $511M, FMHTX is classified as a small-cap stock. Relative to its peer group, FMHTX's quantitative score of 49/100 is roughly in line with the peer average of 49/100.
Key Financial Metrics
Return on equity for Fidelity Michigan Municipal Income Fund stands at 0.0%, a gauge of how efficiently it converts shareholder capital into profit. Return on assets is 0.0%, showing how much profit it generates from its asset base. FMHTX trades at a trailing price-to-earnings ratio of 0.00, below the Financial Services sector average of ~18x. Its free cash flow yield is 0.0%, a gauge of the cash the business throws off relative to its market value. A current ratio of 0.00 means current liabilities exceed short-term assets, a liquidity point worth watching. Its earnings yield is 0.0%, the inverse of the P/E and a quick read on earnings relative to price.
FMHTX Financials
Bull Case vs Bear Case
Bull Case
- Tax-exempt income for Michigan residents.
- Focus on investment-grade municipal securities.
- Experienced management team within Fidelity Investments.
- Established presence in the Michigan market.
Bear Case
- Concentrated investment in Michigan municipal bonds.
- Non-diversified fund, increasing risk.
- Sensitivity to Michigan's economic conditions.
- Lack of dividend payments.
AI-generated arguments based on insider flow, news sentiment and technicals — not financial advice · August 2026
FMHTX Latest News
No recent news available for FMHTX.
FMHTX Analyst Consensus
Consensus Rating
Aggregated Buy/Hold/Sell recommendations from Benzinga, Yahoo Finance, and Finnhub for FMHTX.
Price Targets
Wall Street price target analysis for FMHTX.
FMHTX MoonshotScore
What does this score mean?
The MoonshotScore rates FMHTX 0-100 on quantitative fundamentals — growth, financial health, valuation, momentum, and risk.
What Investors Ask About Fidelity Michigan Municipal Income Fund (FMHTX) — Financial Services
What does the AI Score mean for FMHTX?
FMHTX holds an AI Score of 49/100 (Grade: C). This is an educational research signal, not a buy or sell recommendation. Fidelity Michigan Municipal Income Fund invests primarily in investment-grade municipal securities exempt from federal and Michigan personal income taxes. The fund focuses on allocating assets …
What does Fidelity Michigan Municipal Income Fund do?
Fidelity Michigan Municipal Income Fund (FMHTX) is a mutual fund that invests primarily in investment-grade municipal securities issued by the state of Michigan and its political subdivisions. The fund's primary objective is to provide investors with income that is exempt from both federal and Michigan state income taxes.
What are the main risks for FMHTX?
The main risks for Fidelity Michigan Municipal Income Fund include credit risk, interest rate risk, and concentration risk. Credit risk refers to the possibility that a municipal issuer may default on its debt obligations, leading to losses for the fund.
What are the key factors to evaluate for FMHTX?
Fidelity Michigan Municipal Income Fund (FMHTX) holds an AI score of 49/100 (low). Fidelity Michigan Municipal Income Fund presents a focused investment opportunity for Michigan residents seeking tax-exempt income. Not financial advice.
How frequently does FMHTX data refresh on this page?
FMHTX's price was last updated on Aug 21, 2026 and refreshes on page view during U.S. market hours — it is not a real-time exchange feed. Fundamentals update after quarterly filings; the MoonshotScore recalculates nightly; news aggregates continuously.
What has driven FMHTX's recent stock price performance?
Fidelity Michigan Municipal Income Fund (FMHTX) moves on earnings results, analyst revisions, sector rotation, and market sentiment. Notable catalyst: Tax-exempt income for Michigan residents. See the News tab for the latest drivers. Past performance does not predict future results.
Should investors consider FMHTX overvalued or undervalued right now?
Fidelity Michigan Municipal Income Fund (FMHTX) has no trailing P/E available here, so lean on price-to-sales and cash flow in the Financials tab. Compare P/E, P/S, and EV/EBITDA against sector peers for a full view.
How do I research FMHTX before investing?
Before investing in Fidelity Michigan Municipal Income Fund (FMHTX), research these four areas: (1) the company's revenue model and competitive position (see Company Overview), (2) financial health through revenue growth, margins, and cash flow (see MoonshotScore), (3) analyst consensus ratings and price targets (see Analyst tab), and (4) specific risk factors that could impact the stock (see Risk Factors section).
Why might investors consider adding FMHTX to a portfolio?
Key strength of Fidelity Michigan Municipal Income Fund (FMHTX): Tax-exempt income for Michigan residents. Weigh rewards against risks and diversify. Not financial advice.
Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.
Official Resources
Data provided for informational purposes only.
- AI analysis is pending, limiting the depth of insights.
- The information provided is based on available data and may not be exhaustive.