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

Madison Covered Call & Equity Strategy Fund (NYSE:MCN) saw a large drop in short interest in August. As of August 14th, there was short interest totaling 8,836 shares, a drop of 81.7% from the July 30th total of 48,164 shares. Based on an average daily volume of 64,597 shares, the short-interest ratio is presently 0.1 days.

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

Several large investors have recently added to or reduced their stakes in the business. Arlington Capital Management Inc. boosted its stake in shares of Madison Covered Call & Equity Strategy Fund by 8.1% in the 1st quarter. Arlington Capital Management Inc. now owns 26,834 shares of the investment management company’s stock worth $156,000 after buying an additional 2,004 shares during the last quarter. Procyon Advisors LLC increased its position in shares of Madison Covered Call & Equity Strategy Fund by 4.6% during the first quarter. Procyon Advisors LLC now owns 51,686 shares of the investment management company’s stock valued at $301,000 after acquiring an additional 2,265 shares during the last quarter. Royal Bank of Canada lifted its holdings in Madison Covered Call & Equity Strategy Fund by 5.9% during the first quarter. Royal Bank of Canada now owns 44,179 shares of the investment management company’s stock worth $271,000 after acquiring an additional 2,447 shares during the period. World Equity Group Inc. lifted its holdings in 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 acquiring an additional 2,698 shares during the period. Finally, Axiom Investment Management LLC purchased a new position in Madison Covered Call & Equity Strategy Fund in the first quarter worth $25,000.

Madison Covered Call & Equity Strategy Fund Stock Performance

MCN stock traded down $0.03 during midday trading on Wednesday, reaching $5.65. 23,156 shares of the company’s stock traded hands, compared to its average volume of 67,016. The firm’s fifty day moving average price is $5.60 and its 200-day moving average price is $5.80. Madison Covered Call & Equity Strategy Fund has a 52 week low of $5.46 and a 52 week high of $6.39.

Madison Covered Call & Equity Strategy Fund Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Monday, August 17th will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Monday, August 17th. This represents a c) annualized dividend and a dividend yield of 12.7%.

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.