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

Madison Covered Call & Equity Strategy Fund (NYSE:MCN) saw a large increase in short interest in the month of September. As of September 15th, there was short interest totaling 10,449 shares, an increase of 83.3% from the August 31st total of 5,699 shares. Based on an average daily volume of 44,297 shares, the days-to-cover ratio is currently 0.2 days.

Madison Covered Call & Equity Strategy Fund Trading Up 0.2%

NYSE MCN traded up $0.01 on Wednesday, reaching $5.25. The company had a trading volume of 75,605 shares, compared to its average volume of 66,097. Madison Covered Call & Equity Strategy Fund has a 52 week low of $5.22 and a 52 week high of $6.39. The stock’s 50 day moving average is $5.58 and its 200-day moving average is $5.70.

Madison Covered Call & Equity Strategy Fund Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be paid a $0.06 dividend. This represents a $0.72 annualized dividend and a yield of 13.7%. The ex-dividend date of this dividend is Tuesday, September 15th.

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

Institutional investors and hedge funds have recently made changes to their positions in the company. Arlington Capital Management Inc. grew its stake in Madison Covered Call & Equity Strategy Fund by 8.1% in the first quarter. Arlington Capital Management Inc. now owns 26,834 shares of the investment management company’s stock valued at $156,000 after acquiring an additional 2,004 shares during the period. Procyon Advisors LLC increased its holdings in shares of Madison Covered Call & Equity Strategy Fund by 4.6% in the first quarter. Procyon Advisors LLC now owns 51,686 shares of the investment management company’s stock worth $301,000 after acquiring an additional 2,265 shares in the last quarter. World Equity Group Inc. raised its position in shares of Madison Covered Call & Equity Strategy Fund by 2.4% during the first quarter. World Equity Group Inc. now owns 113,928 shares of the investment management company’s stock worth $664,000 after purchasing an additional 2,698 shares during the period. Axiom Investment Management LLC bought a new stake in Madison Covered Call & Equity Strategy Fund during the 1st quarter worth approximately $25,000. Finally, Tactive Advisors LLC raised its holdings in Madison Covered Call & Equity Strategy Fund by 40.1% during the 2nd quarter. Tactive Advisors LLC now owns 16,958 shares of the investment management company’s stock worth $94,000 after buying an additional 4,855 shares during the period.

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 current income and long-term capital appreciation. The fund is managed by Madison Investments, an investment management firm offering a range of equity and fixed-income strategies.

The fund invests primarily in a diversified portfolio of common stocks, with an emphasis on companies that Madison believes offer the potential for income and growth. It also employs a covered call strategy, writing call options on selected portfolio holdings to generate additional income while retaining exposure to the underlying equities.

MCN focuses mainly on the U.S.