Madison Covered Call & Equity Strategy Fund (NYSE:MCN) Sees Large Growth in Short Interest
by Tristan Rich · The Markets DailyMadison Covered Call & Equity Strategy Fund (NYSE:MCN – Get Free Report) was the recipient of a large increase in short interest in the month of January. As of January 15th, there was short interest totaling 18,677 shares, an increase of 64.4% from the December 31st total of 11,359 shares. Based on an average trading volume of 94,555 shares, the short-interest ratio is currently 0.2 days. Based on an average trading volume of 94,555 shares, the short-interest ratio is currently 0.2 days.
Institutional Investors Weigh In On Madison Covered Call & Equity Strategy Fund
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Absolute Investment Advisers LLC lifted its stake in 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 acquiring an additional 339,488 shares in the last quarter. Shaker Financial Services LLC increased its stake 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 worth $4,105,000 after buying an additional 149,272 shares during the period. Independent Wealth Network Inc. increased its position in shares of Madison Covered Call & Equity Strategy Fund by 6.6% in the 4th quarter. Independent Wealth Network Inc. now owns 63,039 shares of the investment management company’s stock valued at $378,000 after purchasing an additional 3,907 shares during the last quarter. World Equity Group Inc. increased its holdings in Madison Covered Call & Equity Strategy Fund by 6.8% in the fourth quarter. World Equity Group Inc. now owns 111,230 shares of the investment management company’s stock valued at $667,000 after buying an additional 7,057 shares during the last quarter. Finally, Susquehanna International Group LLP purchased a new position in shares of Madison Covered Call & Equity Strategy Fund in the 3rd quarter valued at about $87,000.
Madison Covered Call & Equity Strategy Fund Trading Up 0.5%
Shares of NYSE:MCN traded up $0.03 during midday trading on Monday, reaching $6.06. 9,002 shares of the company’s stock traded hands, compared to its average volume of 87,057. The company has a fifty day simple moving average of $5.98 and a two-hundred day simple moving average of $6.08. Madison Covered Call & Equity Strategy Fund has a 1 year low of $5.16 and a 1 year high of $6.54.
Madison Covered Call & Equity Strategy Fund Announces Dividend
The business also recently announced a monthly dividend, which was paid on Friday, January 30th. Stockholders of record on Thursday, January 15th were issued a dividend of $0.06 per share. This represents a c) annualized dividend and a dividend yield of 11.9%. The ex-dividend date was Thursday, January 15th.
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.