Madison Covered Call & Equity Strategy Fund (NYSE:MCN) Shares Shorted: Short Interest Up 83.3% in September

Madison Covered Call & Equity Strategy Fund (NYSE:MCN) was the target of a large increase in short interest during 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 short-interest ratio is presently 0.2 days.

Madison Covered Call & Equity Strategy Fund Price Performance

Shares of NYSE:MCN traded down $0.03 during midday trading on Tuesday, hitting $5.24. The company had a trading volume of 103,259 shares, compared to its average volume of 66,001. Madison Covered Call & Equity Strategy Fund has a twelve month low of $5.22 and a twelve month high of $6.39. The business’s 50-day simple moving average is $5.59 and its 200-day simple moving average is $5.71.

Madison Covered Call & Equity Strategy Fund Announces Dividend

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

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of MCN. Absolute Investment Advisers LLC boosted its position in shares of Madison Covered Call & Equity Strategy Fund by 6.1% during the 1st quarter. Absolute Investment Advisers LLC now owns 567,061 shares of the investment management company’s stock valued at $3,306,000 after acquiring an additional 32,418 shares during the last quarter. World Equity Group Inc. increased its position 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 purchasing an additional 2,698 shares during the last quarter. Procyon Advisors LLC increased its position in 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 worth $301,000 after purchasing an additional 2,265 shares during the last quarter. Fifth Third Bancorp purchased a new position in Madison Covered Call & Equity Strategy Fund during the first quarter worth about $265,000. Finally, Susquehanna International Group LLP raised its stake in Madison Covered Call & Equity Strategy Fund by 84.9% during the second quarter. Susquehanna International Group LLP now owns 37,372 shares of the investment management company’s stock worth $206,000 after purchasing an additional 17,162 shares during the period.

Madison Covered Call & Equity Strategy Fund Company Profile

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.