Beckerman Institutional LLC Makes New Investment in Tri Continental Corporation $TY

Key Points

• Beckerman Institutional LLC acquired 40,036 shares of Tri Continental in the second quarter, valued at approximately $1.38 million. The position represents 0.7% of Beckerman’s portfolio and 0.08% of Tri Continental’s outstanding stock.
• Several other institutions also initiated or expanded positions, contributing to total institutional and hedge-fund ownership of 10.22% of Tri Continental.
• Tri Continental shares opened at $35.59, near their 52-week high of $36.55. Portfolio Manager Yan Jin separately sold 2,500 shares at an average price of $34.87, while insiders retain an 8.66% ownership stake.

Beckerman Institutional LLC purchased a new stake in Tri Continental Corporation (NYSE:TY - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 40,036 shares of the investment management company's stock, valued at approximately $1,378,000. Tri Continental comprises 0.7% of Beckerman Institutional LLC's portfolio, making the stock its 27th biggest position. Beckerman Institutional LLC owned 0.08% of Tri Continental at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Commonwealth Retirement Investments LLC acquired a new position in Tri Continental during the fourth quarter valued at approximately $29,000. Hanson & Doremus Investment Management bought a new stake in shares of Tri Continental in the 1st quarter valued at $29,000. BNP Paribas Financial Markets increased its position in shares of Tri Continental by 529.5% in the 2nd quarter. BNP Paribas Financial Markets now owns 1,259 shares of the investment management company's stock valued at $40,000 after buying an additional 1,059 shares in the last quarter. Assetmark Inc. acquired a new stake in Tri Continental during the 4th quarter worth $54,000. Finally, BlackRock Inc. acquired a new stake in Tri Continental during the 2nd quarter worth $54,000. 10.22% of the stock is currently owned by institutional investors and hedge funds.

Tri Continental Price Performance

NYSE:TY opened at $35.59 on Friday. Tri Continental Corporation has a 1 year low of $30.53 and a 1 year high of $36.55. The stock has a 50-day moving average price of $35.20 and a two-hundred day moving average price of $34.04.

Insider Activity at Tri Continental

In other news, Portfolio Manager Yan Jin sold 2,500 shares of Tri Continental stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $34.87, for a total transaction of $87,175.00. Following the transaction, the portfolio manager owned 12,919 shares in the company, valued at $450,485.53. The trade was a 16.21% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 8.66% of the stock is currently owned by corporate insiders.

Tri Continental Profile

Tri-Continental Corporation is a diversified closed-end management investment company that seeks to generate long-term total return through a combination of capital appreciation and income. The firm offers investors access to a broad portfolio of securities through a single, actively managed vehicle listed on the New York Stock Exchange under the ticker TY.

The company's core strategy centers on investing primarily in equity securities of companies located in North America, Europe and the Pacific Basin.

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