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

Madison Covered Call & Equity Strategy Fund (NYSE:MCN) passed below its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $5.95 and traded as low as $5.78. Madison Covered Call & Equity Strategy Fund shares last traded at $5.8650, with a volume of 57,040 shares trading hands.

Madison Covered Call & Equity Strategy Fund Price Performance

The company has a 50 day simple moving average of $5.87 and a 200 day simple moving average of $5.95.

Madison Covered Call & Equity Strategy Fund Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Monday, June 1st. Stockholders of record on Friday, May 15th will be paid a dividend of $0.06 per share. The ex-dividend date is Friday, May 15th. This represents a c) dividend on an annualized basis and a dividend yield of 12.3%.

Institutional Investors Weigh In On Madison Covered Call & Equity Strategy Fund

A number of institutional investors and hedge funds have recently made changes to their positions in MCN. Absolute Investment Advisers LLC raised its stake in shares of Madison Covered Call & Equity Strategy Fund by 174.0% during the 4th quarter. Absolute Investment Advisers LLC now owns 534,643 shares of the investment management company’s stock worth $3,256,000 after purchasing an additional 339,488 shares in the last quarter. Invesco Ltd. bought a new stake in shares of Madison Covered Call & Equity Strategy Fund during the 2nd quarter worth approximately $1,305,000. Guggenheim Capital LLC bought a new stake in shares of Madison Covered Call & Equity Strategy Fund during the 4th quarter worth approximately $993,000. Shaker Financial Services LLC raised its stake in shares of Madison Covered Call & Equity Strategy Fund by 27.9% during the 4th quarter. Shaker Financial Services LLC now owns 684,108 shares of the investment management company’s stock worth $4,105,000 after purchasing an additional 149,272 shares in the last quarter. Finally, Quarry LP raised its stake in shares of Madison Covered Call & Equity Strategy Fund by 140.9% during the 4th quarter. Quarry LP now owns 168,937 shares of the investment management company’s stock worth $1,014,000 after purchasing an additional 98,797 shares in the last quarter.

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.