MainStay CBRE Global Infrastructure Megatrends Term Fund (NYSE:MEGI) Shares Up 0.9% After Insider Buying Activity

MainStay CBRE Global Infrastructure Megatrends Term Fund (NYSE:MEGI)’s stock price shot up 0.9% on Tuesday following insider buying activity. The company traded as high as $12.88 and last traded at $12.86. 70,365 shares were traded during trading, a decline of 56% from the average session volume of 158,836 shares. The stock had previously closed at $12.75.

Specifically, major shareholder Saba Capital Management, L.P. bought 25,362 shares of the company’s stock in a transaction on Tuesday, April 23rd. The shares were bought at an average cost of $11.88 per share, with a total value of $301,300.56. Following the completion of the acquisition, the insider now owns 5,532,415 shares of the company’s stock, valued at $65,725,090.20. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have bought 103,221 shares of company stock worth $1,249,319 over the last ninety days.

MainStay CBRE Global Infrastructure Megatrends Term Fund Trading Up 0.8 %

The company has a fifty day moving average price of $12.30 and a 200 day moving average price of $12.48.

MainStay CBRE Global Infrastructure Megatrends Term Fund Increases Dividend

The business also recently disclosed a monthly dividend, which was paid on Tuesday, April 30th. Investors of record on Monday, April 22nd were paid a dividend of $0.125 per share. This is an increase from MainStay CBRE Global Infrastructure Megatrends Term Fund’s previous monthly dividend of $0.11. This represents a $1.50 dividend on an annualized basis and a yield of 11.57%. The ex-dividend date was Friday, April 19th.

Institutional Investors Weigh In On MainStay CBRE Global Infrastructure Megatrends Term Fund

A number of hedge funds have recently added to or reduced their stakes in MEGI. Saba Capital Management L.P. boosted its position in shares of MainStay CBRE Global Infrastructure Megatrends Term Fund by 15.4% during the third quarter. Saba Capital Management L.P. now owns 4,439,403 shares of the company’s stock worth $52,296,000 after buying an additional 591,326 shares during the period. Raymond James & Associates raised its stake in MainStay CBRE Global Infrastructure Megatrends Term Fund by 17.3% during the 1st quarter. Raymond James & Associates now owns 1,536,912 shares of the company’s stock valued at $19,319,000 after acquiring an additional 227,086 shares in the last quarter. Penserra Capital Management LLC boosted its position in MainStay CBRE Global Infrastructure Megatrends Term Fund by 15.3% during the 3rd quarter. Penserra Capital Management LLC now owns 741,375 shares of the company’s stock worth $8,733,000 after acquiring an additional 98,119 shares during the period. Wells Fargo & Company MN grew its stake in shares of MainStay CBRE Global Infrastructure Megatrends Term Fund by 20.4% in the fourth quarter. Wells Fargo & Company MN now owns 598,280 shares of the company’s stock worth $7,766,000 after purchasing an additional 101,191 shares in the last quarter. Finally, City of London Investment Management Co. Ltd. grew its stake in shares of MainStay CBRE Global Infrastructure Megatrends Term Fund by 0.5% in the fourth quarter. City of London Investment Management Co. Ltd. now owns 349,998 shares of the company’s stock worth $4,543,000 after purchasing an additional 1,612 shares in the last quarter.

MainStay CBRE Global Infrastructure Megatrends Term Fund Company Profile

The Fund’s investment objective is to seek a high level of total return with an emphasis on current income. There is no assurance that the Fund will achieve its investment objective. Tthe Fund invests at least 80% of its assets (net assets plus borrowings for investment purposes) in securities issued by infrastructure companies.