Madison Covered Call & Equity Strategy Fund (NYSE:MCN) Sees Large Drop in Short Interest

Madison Covered Call & Equity Strategy Fund (NYSE:MCN) was the recipient of a large drop in short interest in the month of March. As of March 15th, there was short interest totalling 25,500 shares, a drop of 14.4% from the February 28th total of 29,800 shares. Based on an average trading volume of 63,000 shares, the short-interest ratio is currently 0.4 days.

Madison Covered Call & Equity Strategy Fund Price Performance

NYSE MCN traded up $0.02 during midday trading on Wednesday, hitting $6.16. The company had a trading volume of 5,092 shares, compared to its average volume of 62,025. Madison Covered Call & Equity Strategy Fund has a twelve month low of $6.06 and a twelve month high of $7.60. The firm has a 50-day moving average price of $6.38 and a 200-day moving average price of $6.75.

Madison Covered Call & Equity Strategy Fund Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Monday, March 17th were paid a dividend of $0.18 per share. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.72 dividend on an annualized basis and a yield of 11.69%.

Hedge Funds Weigh In On Madison Covered Call & Equity Strategy Fund

Several hedge funds have recently bought and sold shares of the company. D.A. Davidson & CO. bought a new position in Madison Covered Call & Equity Strategy Fund in the third quarter valued at approximately $213,000. Jane Street Group LLC acquired a new stake in Madison Covered Call & Equity Strategy Fund in the third quarter valued at about $192,000. Virtu Financial LLC bought a new position in Madison Covered Call & Equity Strategy Fund in the third quarter valued at about $86,000. Independent Wealth Network Inc. raised its stake in Madison Covered Call & Equity Strategy Fund by 13.1% during the fourth quarter. Independent Wealth Network Inc. now owns 50,562 shares of the investment management company’s stock worth $339,000 after acquiring an additional 5,863 shares in the last quarter. Finally, Stratos Wealth Partners LTD. lifted its holdings in shares of Madison Covered Call & Equity Strategy Fund by 40.7% in the fourth quarter. Stratos Wealth Partners LTD. now owns 29,158 shares of the investment management company’s stock worth $196,000 after acquiring an additional 8,441 shares during the last quarter.

About Madison Covered Call & Equity Strategy Fund

Madison Covered Call & Equity Strategy Fund is a closed-ended equity mutual fund launched by Madison Investment Holdings, Inc It is managed by Madison Asset Management, LLC. The fund invests in the public equity markets of the United States. It seeks to invest in stocks of companies operating across diversified sectors.