Western Asset Global Corporate Defined Opportunity Fund (NYSE:GDO) Shares Pass Below Fifty Day Moving Average – Here’s Why

Western Asset Global Corporate Defined Opportunity Fund Inc. (NYSE:GDO) shares passed below its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of $10.61 and traded as low as $10.27. Western Asset Global Corporate Defined Opportunity Fund shares last traded at $10.3250, with a volume of 95,221 shares.

Western Asset Global Corporate Defined Opportunity Fund Stock Performance

The firm’s 50 day simple moving average is $10.61 and its 200-day simple moving average is $10.97.

Western Asset Global Corporate Defined Opportunity Fund Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Monday, August 31st. Stockholders of record on Monday, August 24th will be issued a $0.122 dividend. The ex-dividend date is Monday, August 24th. This represents a c) dividend on an annualized basis and a dividend yield of 14.2%.

Hedge Funds Weigh In On Western Asset Global Corporate Defined Opportunity Fund

Hedge funds have recently modified their holdings of the stock. Dynamic Advisor Solutions LLC raised its stake in shares of Western Asset Global Corporate Defined Opportunity Fund by 6.0% during the 2nd quarter. Dynamic Advisor Solutions LLC now owns 62,526 shares of the company’s stock worth $671,000 after purchasing an additional 3,550 shares in the last quarter. CoreCap Advisors LLC acquired a new stake in shares of Western Asset Global Corporate Defined Opportunity Fund in the second quarter worth $64,000. Van Diest Capital LLC acquired a new stake in shares of Western Asset Global Corporate Defined Opportunity Fund in the first quarter valued at about $149,000. Fifth Third Bancorp bought a new position in Western Asset Global Corporate Defined Opportunity Fund in the 1st quarter worth approximately $30,000. Finally, Guggenheim Capital LLC boosted its holdings in Western Asset Global Corporate Defined Opportunity Fund by 44.7% in the 4th quarter. Guggenheim Capital LLC now owns 78,231 shares of the company’s stock valued at $924,000 after purchasing an additional 24,150 shares during the period.

About Western Asset Global Corporate Defined Opportunity Fund

The Western Asset Global Corporate Defined Opportunity Fund (NYSE:GDO) is a closed-end management investment company that seeks to provide total return through a combination of current income and capital appreciation. The fund pursues a broadly diversified portfolio of corporate debt instruments, investing across investment-grade and below investment-grade securities issued by corporations worldwide. Through an actively managed strategy, GDO aims to capture opportunities arising from market dislocations, credit spreads and interest rate movements.

GDO’s investment approach is built around a global credit platform, allowing the fund to allocate capital across various sectors, regions and credit-quality levels.