Insider Buying: Tortoise Energy Infrastructure (NYSE:TYG) Major Shareholder Purchases 1,500,000 Shares of Stock

Key Points

• Prudential Financial Inc. significantly increased its stake in Tortoise Energy Infrastructure by purchasing 1,500,000 shares at $10.00 each, totaling $15 million.
• The company has recently declared a monthly dividend of $0.365 per share, which equates to an annualized yield of 10.2%, payable on September 30th to shareholders of record on September 23rd.
• Institutional investors hold 32.5% of Tortoise Energy Infrastructure's stock, with several firms, including Saba Capital Management and Advisors Asset Management, increasing their positions in recent months.

Tortoise Energy Infrastructure Corporation (NYSE:TYG - ) major shareholder Prudential Financial Inc purchased 1,500,000 shares of the business's stock in a transaction dated Thursday, August 21st. The shares were purchased at an average cost of $10.00 per share, with a total value of $15,000,000.00. Following the acquisition, the insider owned 1,500,000 shares in the company, valued at $15,000,000. This trade represents a ∞ increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Large shareholders that own 10% or more of a company's shares are required to disclose their sales and purchases with the SEC.

Tortoise Energy Infrastructure Stock Performance

Shares of Tortoise Energy Infrastructure stock traded up $0.18 on Monday, reaching $43.00. 43,120 shares of the stock were exchanged, compared to its average volume of 88,337. The firm's 50 day moving average is $42.96 and its 200-day moving average is $41.93. Tortoise Energy Infrastructure Corporation has a one year low of $33.73 and a one year high of $48.76.

Tortoise Energy Infrastructure Dividend Announcement

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

Institutional Trading of Tortoise Energy Infrastructure

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Saba Capital Management L.P. lifted its stake in Tortoise Energy Infrastructure by 118.8% in 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 during the last quarter. Advisors Asset Management Inc. lifted its stake in Tortoise Energy Infrastructure by 10.2% in the 1st quarter. Advisors Asset Management Inc. now owns 425,793 shares of the financial services provider's stock valued at $18,330,000 after purchasing an additional 39,572 shares during the last quarter. Raymond James Financial Inc. lifted its stake in Tortoise Energy Infrastructure by 14.1% in the 2nd quarter. Raymond James Financial Inc. now owns 293,042 shares of the financial services provider's stock valued at $12,862,000 after purchasing an additional 36,313 shares during the last quarter. Almitas Capital LLC bought a new position in Tortoise Energy Infrastructure in the 4th quarter valued at approximately $10,444,000. Finally, Bulldog Investors LLP bought a new position in Tortoise Energy Infrastructure in the 4th quarter valued at approximately $7,997,000. Institutional investors own 32.50% of the company's stock.

About Tortoise Energy Infrastructure

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.

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