Jeremy Anagnos, Portfolio Manager at MainStay CBRE Global Infrastructure Megatrends Term Fund (NYSE:MEGI), has purchased additional shares of the company, according to the latest SEC filings. Anagnos acquired 300 shares at a price of $12.895 each, totaling approximately $3,868.
This recent transaction, carried out on May 31, 2024, has increased Anagnos's holdings in the fund to a total of 24,000 shares. The acquisition reflects a continued commitment by the portfolio manager to the fund's performance and future prospects.
MainStay CBRE Global Infrastructure Megatrends Term Fund, known for its focus on infrastructure assets with potential for growth driven by global megatrends, has been a notable player in the market. The fund operates under the ticker symbol NYSE:MEGI and has been part of various investment portfolios seeking exposure to infrastructure developments.
Investors often monitor the buying and selling activities of company insiders as these transactions can provide insights into the executives' confidence in the company's future performance. Anagnos's recent purchase adds to the narrative of leadership's vested interest in the success of the fund.
The details of the transaction were made public through the SEC's Form 4 filing, which is a requirement for insiders to report their trades. It's worth noting that insider transactions are scrutinized for compliance with legal and regulatory standards.
For those following MainStay CBRE Global Infrastructure Megatrends Term Fund, this insider activity may be a point of interest as they assess the fund's position in the market and potential investment opportunities.
InvestingPro Insights
As Jeremy Anagnos increases his stake in MainStay CBRE Global Infrastructure Megatrends Term Fund (NYSE:MEGI), investors are taking a closer look at the fund's financial metrics and market performance. With a market capitalization of $676.1 million, MEGI stands out with a significant dividend yield, currently at 11.55%. This figure is particularly attractive to income-focused investors, as it demonstrates the fund's commitment to returning value to shareholders.
Anagnos's purchase coincides with MEGI's solid price performance over various time frames. The fund has seen a 1-week total return of 1.48%, and a more substantial 3-month return of 5.45%, indicating a positive short-term trend. Over the past year, the price total return stands at 3.34%, showing resilience in a fluctuous market environment.
However, it's not all clear skies for MEGI. According to InvestingPro Tips, the fund suffers from weak gross profit margins and a valuation that implies a poor free cash flow yield. These factors could potentially dampen the fund's appeal to growth-focused investors. Additionally, for those considering further research into MEGI, there are 3 additional InvestingPro Tips available, which could offer deeper insights into the fund's financial health and future prospects.
For investors intrigued by MEGI's dividend and market performance, but cautious of its financial metrics, a deeper analysis available through InvestingPro might provide the clarity needed to make an informed decision. Don't forget to use the coupon code PRONEWS24 to receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription, ensuring access to a comprehensive suite of investment tools and insights.
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