Madison Covered Call & Equity Strategy Fund (NYSE:MCN) Stock Short Interest Jumps 83.3%

Madison Covered Call & Equity Strategy Fund (NYSE:MCN) was the target of a significant growth in short interest in the month of September. As of September 15th, there was short interest totaling 10,449 shares, a growth of 83.3% from the August 31st total of 5,699 shares. Based on an average daily volume of 44,297 shares, the days-to-cover ratio is presently 0.2 days.

Institutional Trading of Madison Covered Call & Equity Strategy Fund

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Absolute Investment Advisers LLC boosted its holdings in Madison Covered Call & Equity Strategy Fund by 6.1% in the first quarter. Absolute Investment Advisers LLC now owns 567,061 shares of the investment management company’s stock valued at $3,306,000 after purchasing an additional 32,418 shares during the last quarter. World Equity Group Inc. increased its holdings in Madison Covered Call & Equity Strategy Fund by 2.4% during the 1st quarter. World Equity Group Inc. now owns 113,928 shares of the investment management company’s stock worth $664,000 after purchasing an additional 2,698 shares during the last quarter. Procyon Advisors LLC increased its holdings in Madison Covered Call & Equity Strategy Fund by 4.6% during the 1st quarter. Procyon Advisors LLC now owns 51,686 shares of the investment management company’s stock worth $301,000 after purchasing an additional 2,265 shares during the last quarter. Fifth Third Bancorp acquired a new position in shares of Madison Covered Call & Equity Strategy Fund in the 1st quarter valued at approximately $265,000. Finally, Susquehanna International Group LLP raised its position in shares of Madison Covered Call & Equity Strategy Fund by 84.9% in the 2nd quarter. Susquehanna International Group LLP now owns 37,372 shares of the investment management company’s stock valued at $206,000 after purchasing an additional 17,162 shares in the last quarter.

Madison Covered Call & Equity Strategy Fund Price Performance

MCN traded down $0.01 during trading hours on Thursday, reaching $5.25. 28,774 shares of the stock traded hands, compared to its average volume of 65,833. Madison Covered Call & Equity Strategy Fund has a fifty-two week low of $5.22 and a fifty-two week high of $6.39. The firm’s fifty day simple moving average is $5.58 and its two-hundred day simple moving average is $5.70.

Madison Covered Call & Equity Strategy Fund Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be paid a dividend of $0.06 per share. The ex-dividend date is Tuesday, September 15th. This represents a $0.72 annualized dividend and a dividend yield of 13.7%.

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 current income and long-term capital appreciation. The fund is managed by Madison Investments, an investment management firm offering a range of equity and fixed-income strategies.

The fund invests primarily in a diversified portfolio of common stocks, with an emphasis on companies that Madison believes offer the potential for income and growth. It also employs a covered call strategy, writing call options on selected portfolio holdings to generate additional income while retaining exposure to the underlying equities.

MCN focuses mainly on the U.S.