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

Madison Covered Call & Equity Strategy Fund (NYSE:MCN) passed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $5.90 and traded as low as $5.50. Madison Covered Call & Equity Strategy Fund shares last traded at $5.5350, with a volume of 79,119 shares trading hands.

Madison Covered Call & Equity Strategy Fund Trading Up 0.3%

The stock has a fifty day moving average price of $5.78 and a 200-day moving average price of $5.90.

Madison Covered Call & Equity Strategy Fund Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th will be paid a dividend of $0.06 per share. This represents a c) annualized dividend and a yield of 13.0%. The ex-dividend date is Wednesday, July 15th.

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

Several large investors have recently made changes to their positions in the business. Shaker Financial Services LLC raised its stake in shares of Madison Covered Call & Equity Strategy Fund by 27.9% in the 4th 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 period. Absolute Investment Advisers LLC raised its position 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 period. Wells Fargo & Company MN raised its position in Madison Covered Call & Equity Strategy Fund by 1.3% in the fourth quarter. Wells Fargo & Company MN now owns 452,083 shares of the investment management company’s stock valued at $2,712,000 after purchasing an additional 5,773 shares during the period. Invesco Ltd. acquired a new position in shares of Madison Covered Call & Equity Strategy Fund during the second quarter worth about $1,305,000. Finally, Wolverine Asset Management LLC lifted its stake in shares of Madison Covered Call & Equity Strategy Fund by 83.3% during the fourth quarter. Wolverine Asset Management LLC now owns 194,784 shares of the investment management company’s stock worth $1,169,000 after purchasing an additional 88,517 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.