LPL Financial LLC Raises Stock Position in Tortoise Energy Infrastructure Corporation (NYSE:TYG)

Key Points

• LPL Financial LLC increased its holdings in Tortoise Energy Infrastructure Corporation by 60.5% in the first quarter, now owning approximately $4.36 million worth of stock.
• Institutional investors hold a combined 32.50% of Tortoise Energy Infrastructure's stock, with several firms actively increasing their stakes in the company.
• Tortoise Energy Infrastructure recently declared a dividend of $0.365 per share, with an ex-dividend date of July 24, representing an impressive yield of 1,011.0%.

LPL Financial LLC lifted its position in shares of Tortoise Energy Infrastructure Corporation (NYSE:TYG - Free Report) by 60.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 101,371 shares of the financial services provider's stock after purchasing an additional 38,223 shares during the period. LPL Financial LLC owned 0.94% of Tortoise Energy Infrastructure worth $4,364,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the company. Saba Capital Management L.P. increased its holdings in Tortoise Energy Infrastructure by 118.8% during the fourth quarter. Saba Capital Management L.P. now owns 1,048,879 shares of the financial services provider's stock worth $44,053,000 after buying an additional 569,441 shares during the last quarter. Almitas Capital LLC purchased a new position in shares of Tortoise Energy Infrastructure in the fourth quarter worth about $10,444,000. Wells Fargo & Company MN increased its stake in shares of Tortoise Energy Infrastructure by 1,713.7% in the fourth quarter. Wells Fargo & Company MN now owns 222,159 shares of the financial services provider's stock worth $9,331,000 after purchasing an additional 209,910 shares in the last quarter. Bulldog Investors LLP purchased a new position in shares of Tortoise Energy Infrastructure in the fourth quarter worth about $7,997,000. Finally, Raymond James Financial Inc. purchased a new position in shares of Tortoise Energy Infrastructure in the fourth quarter worth about $7,158,000. 32.50% of the stock is owned by institutional investors.

Tortoise Energy Infrastructure Price Performance

Shares of TYG traded down $0.05 during trading hours on Friday, hitting $43.26. The company's stock had a trading volume of 50,189 shares, compared to its average volume of 69,798. The business has a 50 day simple moving average of $42.86 and a two-hundred day simple moving average of $42.04. Tortoise Energy Infrastructure Corporation has a 52-week low of $33.73 and a 52-week high of $48.76.

Tortoise Energy Infrastructure Announces Dividend

The firm also recently announced a dividend, which was paid on Thursday, July 31st. Stockholders of record on Friday, July 25th were paid a $0.365 dividend. The ex-dividend date was Thursday, July 24th. This represents a dividend yield of 1,011.0%.

Tortoise Energy Infrastructure Company Profile

Tortoise Energy Infrastructure Corporation is a closed ended equity mutual fund launched and managed by Tortoise Capital Advisors LLC The fund invests in the public equity markets of the United States. It seeks to invest in the stocks of companies operating in the energy infrastructure sector, with an emphasis on those companies that are engaged in transporting, processing, storing, distributing or marketing natural gas, natural gas liquids (primarily propane), coal, crude oil or refined petroleum products, or exploring, developing, managing or producing such commodities.