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

Madison Covered Call & Equity Strategy Fund (NYSE:MCN) was the recipient of a significant growth in short interest in the month of February. As of February 13th, there was short interest totaling 45,568 shares, a growth of 1,564.3% from the January 29th total of 2,738 shares. Based on an average daily trading volume, of 92,078 shares, the days-to-cover ratio is presently 0.5 days. Based on an average daily trading volume, of 92,078 shares, the days-to-cover ratio is presently 0.5 days.

Madison Covered Call & Equity Strategy Fund Stock Down 0.8%

Shares of MCN stock traded down $0.05 during trading hours on Wednesday, reaching $6.09. 96,915 shares of the company traded hands, compared to its average volume of 84,830. The firm has a 50-day moving average price of $6.04 and a 200 day moving average price of $6.07. Madison Covered Call & Equity Strategy Fund has a 12-month low of $5.16 and a 12-month high of $6.51.

Madison Covered Call & Equity Strategy Fund Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 2nd. Stockholders of record on Tuesday, February 17th will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 3.9%. The ex-dividend date of this dividend is Tuesday, February 17th.

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

Several institutional investors have recently bought and sold shares of the stock. Kestra Advisory Services LLC bought a new stake in Madison Covered Call & Equity Strategy Fund in the 4th quarter valued at $37,000. International Assets Investment Management LLC purchased a new position in shares of Madison Covered Call & Equity Strategy Fund during the fourth quarter valued at about $43,000. Bank of America Corp DE purchased a new position in shares of Madison Covered Call & Equity Strategy Fund during the second quarter valued at about $48,000. Jane Street Group LLC bought a new stake in shares of Madison Covered Call & Equity Strategy Fund in the fourth quarter worth about $67,000. Finally, Tactive Advisors LLC purchased a new stake in shares of Madison Covered Call & Equity Strategy Fund in the third quarter worth about $71,000.

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.