Tri-Continental (NYSE:TY) Sees Large Volume Increase – Should You Buy?

Tri-Continental Co. (NYSE:TY) saw strong trading volume on Monday . 70,832 shares traded hands during mid-day trading, an increase of 82% from the previous session’s volume of 38,884 shares.The stock last traded at $31.60 and had previously closed at $31.42.

Tri-Continental Stock Performance

The stock has a 50 day simple moving average of $33.46 and a two-hundred day simple moving average of $32.28.

Tri-Continental Cuts Dividend

The company also recently disclosed a — dividend, which will be paid on Monday, December 23rd. Stockholders of record on Friday, December 13th will be paid a dividend of $0.285 per share. The ex-dividend date is Friday, December 13th. This represents a dividend yield of 3.3%.

Hedge Funds Weigh In On Tri-Continental

Several institutional investors and hedge funds have recently modified their holdings of the business. International Assets Investment Management LLC boosted its stake in 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 buying an additional 225,264 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Tri-Continental by 19.3% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 3,577 shares of the investment management company’s stock worth $111,000 after purchasing an additional 579 shares during the period. Shaker Financial Services LLC raised its holdings in Tri-Continental by 69.7% in the 3rd quarter. Shaker Financial Services LLC now owns 161,057 shares of the investment management company’s stock valued at $5,321,000 after buying an additional 66,148 shares during the period. Creative Planning increased its position in shares of Tri-Continental by 74.8% during the third quarter. Creative Planning now owns 25,860 shares of the investment management company’s stock valued at $854,000 after acquiring an additional 11,067 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its holdings in shares of Tri-Continental by 3.6% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 441,730 shares of the investment management company’s stock worth $14,595,000 after acquiring an additional 15,350 shares during the last quarter. Hedge funds and other institutional investors own 10.22% of the company’s stock.

About Tri-Continental

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.