Madison Covered Call & Equity Strategy Fund (NYSE:MCN) Stock Passes Below 200-Day Moving Average – What’s Next?

Madison Covered Call & Equity Strategy Fund (NYSE:MCN) crossed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $5.84 and traded as low as $5.63. Madison Covered Call & Equity Strategy Fund shares last traded at $5.6450, with a volume of 78,239 shares trading hands.

Madison Covered Call & Equity Strategy Fund Stock Performance

The stock’s fifty day simple moving average is $5.63 and its 200-day simple moving average is $5.84.

Madison Covered Call & Equity Strategy Fund Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Tuesday, September 1st. Investors of record on Monday, August 17th will be given a dividend of $0.06 per share. This represents a c) dividend on an annualized basis and a dividend yield of 12.9%. The ex-dividend date of this dividend is Monday, August 17th.

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

A number of institutional investors have recently added to or reduced their stakes in the company. Absolute Investment Advisers LLC lifted its position 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 buying an additional 339,488 shares in the last quarter. Invesco Ltd. bought a new position in shares of Madison Covered Call & Equity Strategy Fund in the second quarter valued at approximately $1,305,000. Guggenheim Capital LLC purchased a new stake in shares of Madison Covered Call & Equity Strategy Fund during the fourth quarter valued at approximately $993,000. Shaker Financial Services LLC increased its position in shares of Madison Covered Call & Equity Strategy Fund by 27.9% during the fourth quarter. Shaker Financial Services LLC now owns 684,108 shares of the investment management company’s stock valued at $4,105,000 after acquiring an additional 149,272 shares during the last quarter. Finally, Quarry LP lifted its holdings in Madison Covered Call & Equity Strategy Fund by 140.9% during the fourth quarter. Quarry LP now owns 168,937 shares of the investment management company’s stock worth $1,014,000 after acquiring an additional 98,797 shares during the period.

Madison Covered Call & Equity Strategy Fund Company Profile

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.