Madison Covered Call & Equity Strategy Fund (NYSE:MCN) Stock Price Crosses Below 200-Day Moving Average – Time to Sell?

Madison Covered Call & Equity Strategy Fund (NYSE:MCN) crossed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $5.81 and traded as low as $5.62. Madison Covered Call & Equity Strategy Fund shares last traded at $5.6550, with a volume of 22,344 shares changing hands.

Madison Covered Call & Equity Strategy Fund Trading Up 0.4%

The stock’s 50-day simple moving average is $5.60 and its 200-day simple moving average is $5.81.

Madison Covered Call & Equity Strategy Fund Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Tuesday, September 1st. Investors of record on Monday, August 17th will be paid a $0.06 dividend. This represents a c) annualized dividend and a dividend yield of 12.7%. The ex-dividend date is Monday, August 17th.

Hedge Funds Weigh In On Madison Covered Call & Equity Strategy Fund

A number of hedge funds have recently added to or reduced their stakes in the stock. Axiom Investment Management LLC bought a new stake in shares of Madison Covered Call & Equity Strategy Fund during the 1st quarter valued at $25,000. Kestra Advisory Services LLC acquired a new stake in shares of Madison Covered Call & Equity Strategy Fund during the 4th quarter worth $37,000. International Assets Investment Management LLC bought a new position in shares of Madison Covered Call & Equity Strategy Fund in the fourth quarter worth $43,000. Bank of America Corp DE bought a new position in shares of Madison Covered Call & Equity Strategy Fund in the second quarter worth $48,000. Finally, Jane Street Group LLC acquired a new position in Madison Covered Call & Equity Strategy Fund in the fourth quarter valued at about $67,000.

About Madison Covered Call & Equity Strategy Fund

Madison Covered Call & Equity Strategy Fund (NYSE: MCN) is a closed-end management investment company designed to provide investors with total return through a blend of current income and capital appreciation. Listed on the New York Stock Exchange, the Fund pursues its objective by investing primarily in equity securities of U.S. companies and employing an options overlay to enhance income generation.

The Fund’s investment approach centers on fundamental analysis to identify large- and mid-cap stocks with attractive risk/return profiles.