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Madison Covered Call and Equity Strategy Fund (MCN) Declares Quarterly Dividend
Globe Newswire (Fri, 1-Mar 4:30 PM ET)
The Fund’s primary investment objective is to provide a high level of current income and current gains, with a secondary objective of long-term capital appreciation. The Fund will pursue its investment objectives by investing primarily in large and mid-capitalization common stocks that are, in the view of Madison Asset Management, LLC, the Fund’s investment adviser (the “Adviser”), selling at a reasonable price in relation to their long-term earnings growth rates. Under normal market conditions, the Fund will seek to generate current earnings from option premiums by writing (selling) covered call options on a substantial portion of its portfolio securities.
Madison Covered Call & Equity Strategy trades on the NYSE stock market under the symbol MCN.
As of April 19, 2024, MCN stock price climbed to $6.97 with 30,055 million shares trading.
MCN has a beta of 0.50, meaning it tends to be less sensitive to market movements. MCN has a correlation of 0.13 to the broad based SPY ETF.
MCN has a market cap of $146.80 million. This is considered a Micro Cap stock.
In the last 3 years, MCN stock traded as high as $8.60 and as low as $6.27.
MCN has underperformed the market in the last year with a return of -8.2%, while the SPY ETF gained +21.2%. In the last 3 month period, MCN fell short of the market, returning +0.4%, while SPY returned +4.3%. However, in the most recent 2 weeks MCN has outperformed the stock market by returning -3.1%, while SPY returned -3.5%.
MCN support price is $6.83 and resistance is $7.02 (based on 1 day standard deviation move). This means that using the most recent 20 day stock volatility and applying a one standard deviation move around the stock's closing price, stastically there is a 67% probability that MCN stock will trade within this expected range on the day.