Western Asset Global Corporate Defined Opportunity Fund (NYSE:GDO) Shares Pass Below Fifty Day Moving Average – Here’s Why

Western Asset Global Corporate Defined Opportunity Fund Inc. (NYSE:GDO)’s stock price crossed below its 50 day moving average during trading on Monday . The stock has a 50 day moving average of $10.66 and traded as low as $10.20. Western Asset Global Corporate Defined Opportunity Fund shares last traded at $10.22, with a volume of 46,028 shares trading hands.

Western Asset Global Corporate Defined Opportunity Fund Stock Performance

The firm’s 50-day simple moving average is $10.64 and its two-hundred day simple moving average is $11.01.

Western Asset Global Corporate Defined Opportunity Fund Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Monday, August 31st. Stockholders of record on Monday, August 24th will be given a $0.122 dividend. This represents a c) annualized dividend and a dividend yield of 14.3%. The ex-dividend date of this dividend is Monday, August 24th.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GDO. Dynamic Advisor Solutions LLC grew its position in Western Asset Global Corporate Defined Opportunity Fund by 6.0% in the second quarter. Dynamic Advisor Solutions LLC now owns 62,526 shares of the company’s stock worth $671,000 after acquiring an additional 3,550 shares in the last quarter. CoreCap Advisors LLC bought a new position in shares of Western Asset Global Corporate Defined Opportunity Fund during the 2nd quarter valued at $64,000. Van Diest Capital LLC acquired a new stake in shares of Western Asset Global Corporate Defined Opportunity Fund in the 1st quarter valued at $149,000. Fifth Third Bancorp acquired a new stake in shares of Western Asset Global Corporate Defined Opportunity Fund in the 1st quarter valued at $30,000. Finally, Guggenheim Capital LLC boosted its holdings in Western Asset Global Corporate Defined Opportunity Fund by 44.7% in the fourth quarter. Guggenheim Capital LLC now owns 78,231 shares of the company’s stock worth $924,000 after purchasing an additional 24,150 shares in the last quarter.

About Western Asset Global Corporate Defined Opportunity Fund

The Western Asset Global Corporate Defined Opportunity Fund (NYSE:GDO) is a closed-end management investment company that seeks to provide total return through a combination of current income and capital appreciation. The fund pursues a broadly diversified portfolio of corporate debt instruments, investing across investment-grade and below investment-grade securities issued by corporations worldwide. Through an actively managed strategy, GDO aims to capture opportunities arising from market dislocations, credit spreads and interest rate movements.

GDO’s investment approach is built around a global credit platform, allowing the fund to allocate capital across various sectors, regions and credit-quality levels.