Tri-Continental (NYSE:TY) Sets New 1-Year High – Still a Buy?

Tri-Continental Co. (NYSE:TY) shares hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $34.63 and last traded at $34.59, with a volume of 14898 shares changing hands. The stock had previously closed at $34.46.

Tri-Continental Stock Performance

The company’s 50 day simple moving average is $33.47 and its two-hundred day simple moving average is $32.09.

Tri-Continental Cuts Dividend

The business also recently announced a — dividend, which will be paid on Monday, December 23rd. Shareholders of record on Friday, December 13th will be paid a $0.285 dividend. This represents a yield of 3.3%. The ex-dividend date of this dividend is Friday, December 13th.

Hedge Funds Weigh In On Tri-Continental

Hedge funds have recently added to or reduced their stakes in the stock. Kovitz Investment Group Partners LLC acquired a new stake in shares of Tri-Continental during the third quarter worth about $7,366,000. International Assets Investment Management LLC raised its position in shares of Tri-Continental by 3,203.9% during the third quarter. International Assets Investment Management LLC now owns 232,295 shares of the investment management company’s stock worth $7,031,000 after purchasing an additional 225,264 shares during the period. EP Wealth Advisors LLC acquired a new stake in shares of Tri-Continental during the third quarter worth about $3,411,000. Wolverine Asset Management LLC raised its position in shares of Tri-Continental by 127.2% during the third quarter. Wolverine Asset Management LLC now owns 120,710 shares of the investment management company’s stock worth $3,988,000 after purchasing an additional 67,577 shares during the period. Finally, Shaker Financial Services LLC raised its position in shares of Tri-Continental by 69.7% during the third quarter. Shaker Financial Services LLC now owns 161,057 shares of the investment management company’s stock worth $5,321,000 after purchasing an additional 66,148 shares during the period. Institutional investors and hedge funds own 10.22% of the company’s stock.

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.