Tri-Continental (NYSE:TY) Stock Price Crosses Below 200-Day Moving Average - Time to Sell?

Tri-Continental Co. (NYSE:TY - Get Free Report) passed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $31.73 and traded as low as $30.97. Tri-Continental shares last traded at $31.15, with a volume of 45,287 shares changing hands.

Tri-Continental Trading Down 0.0%

The firm has a fifty day moving average price of $29.84 and a 200 day moving average price of $31.68.

Tri-Continental Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 26th. Shareholders of record on Tuesday, March 18th were paid a dividend of $0.2766 per share. This represents a $1.11 annualized dividend and a yield of 3.52%. The ex-dividend date was Tuesday, March 18th.

Insider Activity

In other news, Director Pamela G. Carlton sold 1,815 shares of the company's stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $31.23, for a total transaction of $56,682.45. Following the completion of the sale, the director now owns 101 shares in the company, valued at approximately $3,154.23. This represents a 94.73% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 8.66% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Tri-Continental

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. CoreFirst Bank & Trust bought a new position in shares of Tri-Continental in the 4th quarter valued at about $35,000. Costello Asset Management INC acquired a new stake in Tri-Continental in the 1st quarter valued at approximately $48,000. Anchor Investment Management LLC acquired a new position in Tri-Continental during the fourth quarter worth $63,000. Comerica Bank boosted its position in Tri-Continental by 103.9% during the fourth quarter. Comerica Bank now owns 2,551 shares of the investment management company's stock valued at $81,000 after purchasing an additional 1,300 shares during the last quarter. Finally, Jones Financial Companies Lllp raised its position in Tri-Continental by 49.7% during the first quarter. Jones Financial Companies Lllp now owns 2,643 shares of the investment management company's stock worth $83,000 after acquiring an additional 877 shares in the last quarter. 10.22% of the stock is currently owned by institutional investors and hedge funds.

Tri-Continental Company Profile

Tri-Continental Corporation is a closed ended equity mutual fund launched and managed by Columbia Management Investment Advisers, LLC. It primarily invests in the public equity markets of the United States. The fund invests in stocks of companies that operate across diversified sectors. It seeks to invest in stocks of large-cap companies.