Investment Advisor Reduces Stake in First Trust Mortgage Income Fund
FMY is trading near its 52-week low of $11.65 (0.9% above the low) on elevated volume (5.2× avg).
Summary
Sit Investment Associates and Sit Fixed Income Advisors II, LLC, a major institutional investor, reported selling approximately $848,000 worth of shares in First Trust Mortgage Income Fund, reducing their beneficial ownership to 52.8%.
Key Events · Ownership and Investor Activity · FMY
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Significant Share Sales
Sit Investment Associates and Sit Fixed Income Advisors II, LLC sold 71,920 shares of common stock for a total of approximately $848,068 over the last 60 days.
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Reduced Beneficial Ownership
Following these transactions, the investment advisors' beneficial ownership in First Trust Mortgage Income Fund stands at 2,225,186 shares, representing 52.8% of the outstanding common stock.
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Sales Near 52-Week Low
The sales occurred at prices ranging from $11.70 to $12.15, with some transactions taking place while the stock was trading near its 52-week low of $11.65.
Analysis · FMY · Unknown
Sit Investment Associates and Sit Fixed Income Advisors II, LLC, which collectively hold a majority stake in First Trust Mortgage Income Fund, have reported significant sales of common stock. Over the past 60 days, the investment advisors sold shares totaling approximately $848,000. While the firms still maintain a substantial 52.8% beneficial ownership, these sales represent a reduction in their position. The transactions occurred while the stock was trading near its 52-week low, which could be interpreted as a strategic rebalancing by the institutional investor.
At the time of this filing, FMY was trading at $11.76 on NYSE in the Unknown sector, with a market capitalization of approximately $49.5M. The 52-week trading range was $11.65 to $12.39. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.