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)’s stock price crossed 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 changing hands.

Madison Covered Call & Equity Strategy Fund Price Performance

The company has a 50 day moving average of $5.78 and a 200 day moving average of $5.90.

Madison Covered Call & Equity Strategy Fund Dividend Announcement

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Arlington Capital Management Inc. increased its position in Madison Covered Call & Equity Strategy Fund by 8.1% during the first quarter. Arlington Capital Management Inc. now owns 26,834 shares of the investment management company’s stock worth $156,000 after purchasing an additional 2,004 shares during the last quarter. Procyon Advisors LLC raised its position in shares of Madison Covered Call & Equity Strategy Fund by 4.6% in the 1st quarter. Procyon Advisors LLC now owns 51,686 shares of the investment management company’s stock worth $301,000 after buying an additional 2,265 shares during the period. Royal Bank of Canada boosted its holdings in Madison Covered Call & Equity Strategy Fund by 5.9% in the first quarter. Royal Bank of Canada now owns 44,179 shares of the investment management company’s stock valued at $271,000 after acquiring an additional 2,447 shares during the last quarter. World Equity Group Inc. boosted its holdings in Madison Covered Call & Equity Strategy Fund by 2.4% in the first quarter. World Equity Group Inc. now owns 113,928 shares of the investment management company’s stock valued at $664,000 after acquiring an additional 2,698 shares during the last quarter. Finally, Independent Wealth Network Inc. grew its position in Madison Covered Call & Equity Strategy Fund by 6.6% during the fourth quarter. Independent Wealth Network Inc. now owns 63,039 shares of the investment management company’s stock valued at $378,000 after acquiring an additional 3,907 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.