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

MainStay CBRE Global Infrastructure Megatrends Term Fund (NYSE:MEGI) shares traded up 0.9% on Tuesday following insider buying activity. The stock traded as high as $12.88 and last traded at $12.86. 70,365 shares changed hands during mid-day 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. purchased 22,144 shares of the stock in a transaction on Tuesday, March 19th. The stock was bought at an average cost of $12.30 per share, for a total transaction of $272,371.20. Following the completion of the acquisition, the insider now directly owns 5,507,053 shares of the company’s stock, valued at $67,736,751.90. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders bought 103,221 shares of company stock valued at $1,249,319 in the last quarter.

MainStay CBRE Global Infrastructure Megatrends Term Fund Price Performance

The firm’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. Shareholders of record on Monday, April 22nd were given a dividend of $0.125 per share. The ex-dividend date of this dividend was Friday, April 19th. This is a boost from MainStay CBRE Global Infrastructure Megatrends Term Fund’s previous monthly dividend of $0.11. This represents a $1.50 annualized dividend and a yield of 11.66%.

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

Several hedge funds have recently modified their holdings of the stock. BancFirst Trust & Investment Management bought a new stake in shares of MainStay CBRE Global Infrastructure Megatrends Term Fund during the 4th quarter worth approximately $137,000. Lazard Asset Management LLC bought a new stake in MainStay CBRE Global Infrastructure Megatrends Term Fund in the 3rd quarter valued at $702,000. Penserra Capital Management LLC increased its holdings in shares of MainStay CBRE Global Infrastructure Megatrends Term Fund by 15.3% in the third quarter. Penserra Capital Management LLC now owns 741,375 shares of the company’s stock valued at $8,733,000 after purchasing an additional 98,119 shares during the last quarter. Advisors Asset Management Inc. boosted its holdings in shares of MainStay CBRE Global Infrastructure Megatrends Term Fund by 35.6% during the 3rd quarter. Advisors Asset Management Inc. now owns 187,724 shares of the company’s stock worth $2,211,000 after buying an additional 49,258 shares during the period. Finally, Saba Capital Management L.P. raised its holdings in MainStay CBRE Global Infrastructure Megatrends Term Fund by 15.4% in the 3rd quarter. Saba Capital Management L.P. now owns 4,439,403 shares of the company’s stock valued at $52,296,000 after acquiring an additional 591,326 shares during the period.

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.