First Trust Mid Cap Growth AlphaDEX Fund (NASDAQ:FNY) Shares Up 1.9% - Time to Buy?

Key Points

• The First Trust Mid Cap Growth AlphaDEX Fund (NASDAQ:FNY) experienced a gain of 1.9%, with its last trading price at $92.04, following a significant drop in trading volume.
• The fund's recent quarterly dividend was $0.0297 per share, amounting to an annualized yield of only 0.1%, reflecting a cut in dividend payments.
• Institutional investor interest is increasing, with notable increases in holdings from firms such as Geneos Wealth Management Inc., which raised its position by 94.5% during the second quarter.

First Trust Mid Cap Growth AlphaDEX Fund (NASDAQ:FNY - ) was up 1.9% on Thursday . The stock traded as high as $92.32 and last traded at $92.04. Approximately 7,435 shares changed hands during mid-day trading, a decline of 63% from the average daily volume of 20,143 shares. The stock had previously closed at $90.29.

First Trust Mid Cap Growth AlphaDEX Fund Stock Performance

The stock has a market capitalization of $437.19 million, a P/E ratio of 24.50 and a beta of 1.13. The stock has a 50-day moving average price of $86.00 and a two-hundred day moving average price of $79.98.

First Trust Mid Cap Growth AlphaDEX Fund Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Thursday, June 26th were given a dividend of $0.0297 per share. This represents a $0.12 dividend on an annualized basis and a yield of 0.1%. The ex-dividend date of this dividend was Thursday, June 26th.

Institutional Investors Weigh In On First Trust Mid Cap Growth AlphaDEX Fund

A number of large investors have recently modified their holdings of FNY. Osaic Holdings Inc. increased its position in shares of First Trust Mid Cap Growth AlphaDEX Fund by 3.6% during the second quarter. Osaic Holdings Inc. now owns 43,384 shares of the company's stock valued at $3,578,000 after buying an additional 1,509 shares during the period. Geneos Wealth Management Inc. grew its holdings in shares of First Trust Mid Cap Growth AlphaDEX Fund by 94.5% during the 2nd quarter. Geneos Wealth Management Inc. now owns 4,378 shares of the company's stock worth $361,000 after acquiring an additional 2,127 shares during the period. Northwestern Mutual Wealth Management Co. raised its position in shares of First Trust Mid Cap Growth AlphaDEX Fund by 13.2% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 36,712 shares of the company's stock worth $3,027,000 after acquiring an additional 4,282 shares in the last quarter. Richmond Investment Services LLC purchased a new position in shares of First Trust Mid Cap Growth AlphaDEX Fund in the 2nd quarter valued at approximately $235,000. Finally, Global Retirement Partners LLC bought a new stake in shares of First Trust Mid Cap Growth AlphaDEX Fund during the second quarter valued at approximately $1,779,000.

About First Trust Mid Cap Growth AlphaDEX Fund

The First Trust Mid Cap Growth AlphaDEX Fund (FNY) is an exchange-traded fund that is based on the NASDAQ AlphaDEX Mid Cap Growth index. The fund tracks a tiered equal-weighted index of mid-cap growth stocks selected by AlphaDex selection methodology from the S&P 400 Index. FNY was launched on Apr 18, 2011 and is managed by First Trust.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.