Monetary Management Group Inc. Increases Stake in Tortoise Energy Infrastructure Corporation $TYG

Key Points

• Monetary Management Group Inc. increased its holdings in Tortoise Energy Infrastructure Corporation by 44.0%, owning approximately 36,730 shares worth about $1.58 million.
• Other institutional investors, including Saba Capital Management L.P. and Raymond James Financial Inc., have also significantly increased their stakes in Tortoise Energy Infrastructure, with Saba adding 118.8% during the last quarter.
• Tortoise Energy Infrastructure recently declared a monthly dividend of $0.365, which equates to an annualized yield of 10.2% for shareholders of record on September 23rd.

Monetary Management Group Inc. increased its holdings in shares of Tortoise Energy Infrastructure Corporation (NYSE:TYG - Free Report) by 44.0% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 36,730 shares of the financial services provider's stock after purchasing an additional 11,221 shares during the period. Monetary Management Group Inc. owned 0.34% of Tortoise Energy Infrastructure worth $1,581,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Saba Capital Management L.P. increased its stake in Tortoise Energy Infrastructure by 118.8% during the 4th quarter. Saba Capital Management L.P. now owns 1,048,879 shares of the financial services provider's stock valued at $44,053,000 after purchasing an additional 569,441 shares in the last quarter. Almitas Capital LLC purchased a new position in shares of Tortoise Energy Infrastructure during the 4th quarter valued at approximately $10,444,000. Bulldog Investors LLP purchased a new position in Tortoise Energy Infrastructure in the fourth quarter valued at $7,997,000. Raymond James Financial Inc. purchased a new stake in shares of Tortoise Energy Infrastructure in the fourth quarter valued at approximately $7,158,000. Finally, Penserra Capital Management LLC acquired a new position in Tortoise Energy Infrastructure during the first quarter worth $4,962,000. Institutional investors and hedge funds own 32.50% of the company's stock.

Tortoise Energy Infrastructure Trading Down 0.0%

TYG stock traded down $0.01 during trading on Wednesday, hitting $42.92. The stock had a trading volume of 19,452 shares, compared to its average volume of 87,697. Tortoise Energy Infrastructure Corporation has a twelve month low of $33.73 and a twelve month high of $48.76. The company's 50-day moving average price is $42.99 and its two-hundred day moving average price is $41.92.

Tortoise Energy Infrastructure Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 23rd will be paid a $0.365 dividend. This represents a c) dividend on an annualized basis and a yield of 10.2%. The ex-dividend date of this dividend is Tuesday, September 23rd.

Insider Buying and Selling at Tortoise Energy Infrastructure

In other news, major shareholder Prudential Financial Inc acquired 1,500,000 shares of the company's stock in a transaction that occurred on Thursday, August 21st. The stock was purchased at an average price of $10.00 per share, with a total value of $15,000,000.00. Following the completion of the acquisition, the insider owned 1,500,000 shares of the company's stock, valued at $15,000,000. This trade represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.10% of the company's stock.

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.