Key Points
- Director Conrad Ciccotello bought 4,107 shares of Tortoise Energy Infrastructure at an average price of $42.24, a transaction worth about $173,480. The purchase increased his holdings by 33.89% to 16,225 shares.
- The company also announced a monthly dividend of $0.475 per share, payable on August 31 to shareholders of record on August 24. That works out to an annualized yield of about 13.3%.
- TYG shares opened at $42.87, below both the 50-day moving average of $45.46 and the 200-day moving average of $45.66. The stock has traded between $40.35 and $51.18 over the past year.
Tortoise Energy Infrastructure Corporation (NYSE:TYG - Get Free Report) Director Conrad Ciccotello acquired 4,107 shares of the business's stock in a transaction on Thursday, June 25th. The stock was acquired at an average price of $42.24 per share, with a total value of $173,479.68. Following the acquisition, the director owned 16,225 shares in the company, valued at $685,344. The trade was a 33.89% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link.
Tortoise Energy Infrastructure Stock Performance
Shares of Tortoise Energy Infrastructure stock opened at $42.87 on Friday. The stock's 50 day simple moving average is $45.46 and its 200-day simple moving average is $45.66. Tortoise Energy Infrastructure Corporation has a 1-year low of $40.35 and a 1-year high of $51.18.
Tortoise Energy Infrastructure Announces Dividend
The business also recently disclosed a monthly dividend, which will be paid on Monday, August 31st. Shareholders of record on Monday, August 24th will be paid a dividend of $0.475 per share. The ex-dividend date of this dividend is Monday, August 24th. This represents a c) dividend on an annualized basis and a yield of 13.3%.
Institutional Inflows and Outflows
Several institutional investors have recently modified their holdings of the stock. Fifth Third Bancorp acquired a new position in shares of Tortoise Energy Infrastructure during the 1st quarter valued at about $36,000. Parkside Financial Bank & Trust raised its stake in Tortoise Energy Infrastructure by 42.9% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,000 shares of the financial services provider's stock worth $41,000 after purchasing an additional 300 shares during the period. Comerica Bank boosted its holdings in Tortoise Energy Infrastructure by 27.8% in the 4th quarter. Comerica Bank now owns 1,111 shares of the financial services provider's stock valued at $45,000 after purchasing an additional 242 shares during the last quarter. Hartford Financial Management Inc. grew its stake in shares of Tortoise Energy Infrastructure by 49.2% in the 4th quarter. Hartford Financial Management Inc. now owns 1,244 shares of the financial services provider's stock valued at $51,000 after buying an additional 410 shares during the period. Finally, Rockefeller Capital Management L.P. increased its holdings in shares of Tortoise Energy Infrastructure by 255.6% during the 4th quarter. Rockefeller Capital Management L.P. now owns 1,892 shares of the financial services provider's stock worth $77,000 after buying an additional 1,360 shares during the last quarter. Hedge funds and other institutional investors own 32.50% of the company's stock.
About Tortoise Energy Infrastructure
(
Get Free Report)
Tortoise Energy Infrastructure Corp. (NYSE: TYG) is a closed-end management investment company that focuses on investing in energy infrastructure companies. Organized as a business development company under the Investment Company Act of 1940, it primarily acquires and manages a diversified portfolio of debt and equity securities issued by publicly traded and private energy infrastructure businesses. The company seeks to generate current income and long-term capital appreciation through selective investments across the energy value chain.
The firm's investment strategy emphasizes midstream infrastructure, including pipeline transportation, storage, processing facilities, and terminals.
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