MainStay CBRE Global Infrastructure Megatrends Term Fund (NYSE:MEGI) Sees Large Increase in Short Interest

MainStay CBRE Global Infrastructure Megatrends Term Fund (NYSE:MEGI) saw a large increase in short interest during the month of August. As of August 31st, there was short interest totalling 62,100 shares, an increase of 205.9% from the August 15th total of 20,300 shares. Based on an average trading volume of 121,300 shares, the days-to-cover ratio is currently 0.5 days.

MainStay CBRE Global Infrastructure Megatrends Term Fund Trading Up 1.1 %

Shares of MainStay CBRE Global Infrastructure Megatrends Term Fund stock traded up $0.16 on Thursday, reaching $14.38. The stock had a trading volume of 61,268 shares, compared to its average volume of 138,886. The business’s 50 day moving average is $13.48 and its two-hundred day moving average is $12.87. MainStay CBRE Global Infrastructure Megatrends Term Fund has a 1 year low of $10.63 and a 1 year high of $14.39.

MainStay CBRE Global Infrastructure Megatrends Term Fund Announces Dividend

The company also recently announced a monthly dividend, which was paid on Friday, August 30th. Shareholders of record on Monday, August 26th were paid a $0.125 dividend. This represents a $1.50 annualized dividend and a yield of 10.43%. The ex-dividend date of this dividend was Monday, August 26th.

Insider Buying and Selling

In other MainStay CBRE Global Infrastructure Megatrends Term Fund news, major shareholder Saba Capital Management, L.P. purchased 18,430 shares of the stock in a transaction dated Thursday, June 20th. The shares were bought at an average price of $12.43 per share, with a total value of $229,084.90. Following the completion of the transaction, the insider now directly owns 5,729,702 shares in the company, valued at approximately $71,220,195.86. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Wells Fargo & Company MN boosted its stake in MainStay CBRE Global Infrastructure Megatrends Term Fund by 20.4% during the fourth quarter. Wells Fargo & Company MN now owns 598,280 shares of the company’s stock valued at $7,766,000 after buying an additional 101,191 shares during the period. International Assets Investment Management LLC purchased a new position in shares of MainStay CBRE Global Infrastructure Megatrends Term Fund during the fourth quarter worth about $1,264,000. Sanctuary Advisors LLC purchased a new stake in MainStay CBRE Global Infrastructure Megatrends Term Fund in the second quarter valued at approximately $1,066,000. Quadrature Capital Ltd bought a new stake in MainStay CBRE Global Infrastructure Megatrends Term Fund during the fourth quarter valued at approximately $982,000. Finally, Blue Bell Private Wealth Management LLC increased its holdings in shares of MainStay CBRE Global Infrastructure Megatrends Term Fund by 93.1% in the 2nd quarter. Blue Bell Private Wealth Management LLC now owns 132,623 shares of the company’s stock worth $1,699,000 after buying an additional 63,929 shares during the last quarter.

About MainStay CBRE Global Infrastructure Megatrends Term Fund

The Fund’s investment objective is to seek a high level of total return with an emphasis on current income. There is no assurance that the Fund will achieve its investment objective. Tthe Fund invests at least 80% of its assets (net assets plus borrowings for investment purposes) in securities issued by infrastructure companies.