The GDL Fund (NYSE:GDL) Stock Passes Above 200 Day Moving Average – Time to Sell?

The GDL Fund (NYSE:GDL – Get Free Report)’s share price crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $8.46 and traded as high as $8.50. The GDL Fund shares last traded at $8.44, with a volume of 10,620 shares trading hands.

The GDL Fund Stock Performance

The business has a 50 day moving average of $8.45 and a 200 day moving average of $8.46.

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The GDL Fund Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 23rd. Investors of record on Monday, June 15th will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Monday, June 15th. This represents a $0.48 dividend on an annualized basis and a yield of 5.7%.

Hedge Funds Weigh In On The GDL Fund

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Focus Partners Wealth purchased a new stake in The GDL Fund during the fourth quarter valued at approximately $5,013,000. Gamco Investors INC. ET AL boosted its holdings in shares of The GDL Fund by 73.0% in the 4th quarter. Gamco Investors INC. ET AL now owns 441,040 shares of the investment management company’s stock worth $3,736,000 after purchasing an additional 186,052 shares during the period. NewEdge Advisors LLC increased its position in shares of The GDL Fund by 2.0% during the 4th quarter. NewEdge Advisors LLC now owns 127,532 shares of the investment management company’s stock valued at $1,080,000 after purchasing an additional 2,497 shares during the last quarter. GatePass Capital LLC increased its position in shares of The GDL Fund by 87.1% during the 1st quarter. GatePass Capital LLC now owns 53,150 shares of the investment management company’s stock valued at $443,000 after purchasing an additional 24,750 shares during the last quarter. Finally, Osaic Holdings Inc. raised its holdings in The GDL Fund by 840.5% during the 2nd quarter. Osaic Holdings Inc. now owns 39,445 shares of the investment management company’s stock valued at $329,000 after buying an additional 35,251 shares during the period.

The GDL Fund Company Profile

(Get Free Report)

The GDL Fund, Inc (NYSE: GDL) is a closed-end management investment company that seeks total return through a combination of current income and capital appreciation. The fund maintains a diversified portfolio of primarily U.S. dollar-denominated fixed-income securities, including investment-grade and high-yield corporate bonds, asset-backed and mortgage-related securities, and sovereign debt. In addition to cash instruments, the fund employs derivative instruments—most notably credit default swaps and other credit derivatives—to gain exposure to or hedge against movements in credit spreads.

Since its inception in the mid-2000s, The GDL Fund has aimed to capitalize on opportunities across the credit spectrum by blending traditional bond investments with credit derivative strategies.

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