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

MainStay CBRE Global Infrastructure Megatrends Term Fund (NYSE:MEGI)’s stock price was up 0.9% during mid-day trading on Tuesday after an insider bought additional shares in the company. The company traded as high as $12.88 and last traded at $12.86. Approximately 70,365 shares were traded during trading, a decline of 56% from the average daily 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 MainStay CBRE Global Infrastructure Megatrends Term Fund stock in a transaction that occurred on Tuesday, April 23rd. The shares were purchased at an average price of $11.88 per share, with a total value of $301,300.56. Following the completion of the acquisition, the insider now directly owns 5,532,415 shares in the company, valued at $65,725,090.20. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have purchased a total of 103,221 shares of company stock worth $1,249,319 in the last quarter.

MainStay CBRE Global Infrastructure Megatrends Term Fund Price Performance

The stock’s 50-day moving average is $12.28 and its 200 day moving average is $12.48.

MainStay CBRE Global Infrastructure Megatrends Term Fund Increases Dividend

The firm also recently declared 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. The ex-dividend date was Friday, April 19th. This represents a $1.50 dividend on an annualized basis and a yield of 11.66%. This is a boost from MainStay CBRE Global Infrastructure Megatrends Term Fund’s previous monthly dividend of $0.11.

Hedge Funds Weigh In On MainStay CBRE Global Infrastructure Megatrends Term Fund

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Raymond James & Associates raised its position in MainStay CBRE Global Infrastructure Megatrends Term Fund by 86.6% during the 4th quarter. Raymond James & Associates now owns 1,309,826 shares of the company’s stock worth $17,002,000 after buying an additional 607,781 shares during the last quarter. Saba Capital Management L.P. raised its holdings in 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 purchasing an additional 591,326 shares in the last quarter. Raymond James Financial Services Advisors Inc. lifted its position in MainStay CBRE Global Infrastructure Megatrends Term Fund by 444.7% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 250,134 shares of the company’s stock valued at $3,247,000 after purchasing an additional 204,212 shares during the period. Advisor Partners II LLC purchased a new stake in MainStay CBRE Global Infrastructure Megatrends Term Fund in the 3rd quarter valued at approximately $1,668,000. Finally, Wells Fargo & Company MN increased its position in MainStay CBRE Global Infrastructure Megatrends Term Fund by 20.4% during the 4th 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 during the period.

About MainStay CBRE Global Infrastructure Megatrends Term Fund

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.