The GDL Fund (NYSE:GDL) Stock Crosses Above 200 Day Moving Average – Should You Sell?

The GDL Fund (NYSE:GDL) shares crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $8.04 and traded as high as $8.08. The GDL Fund shares last traded at $8.03, with a volume of 14,792 shares.

The GDL Fund Stock Performance

The firm’s 50 day moving average price is $8.10 and its two-hundred day moving average price is $8.04.

The GDL Fund Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 20th. Investors of record on Friday, December 13th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 5.99%. The ex-dividend date was Friday, December 13th.

Hedge Funds Weigh In On The GDL Fund

Several large investors have recently modified their holdings of the stock. Wolverine Asset Management LLC lifted its holdings in shares of The GDL Fund by 45.6% during the second quarter. Wolverine Asset Management LLC now owns 5,233 shares of the investment management company’s stock worth $41,000 after buying an additional 1,638 shares in the last quarter. Cornerstone Advisors LLC raised its stake in The GDL Fund by 9.3% in the 2nd quarter. Cornerstone Advisors LLC now owns 188,288 shares of the investment management company’s stock worth $1,476,000 after purchasing an additional 16,075 shares in the last quarter. NewEdge Advisors LLC raised its stake in The GDL Fund by 3.9% in the 2nd quarter. NewEdge Advisors LLC now owns 121,605 shares of the investment management company’s stock worth $953,000 after purchasing an additional 4,613 shares in the last quarter. Sanctuary Advisors LLC bought a new stake in The GDL Fund in the 2nd quarter valued at about $176,000. Finally, Landscape Capital Management L.L.C. grew its position in shares of The GDL Fund by 26.6% during the 3rd quarter. Landscape Capital Management L.L.C. now owns 13,410 shares of the investment management company’s stock worth $109,000 after purchasing an additional 2,820 shares in the last quarter.

The GDL Fund Company Profile

The GDL Fund is a closed-ended equity mutual fund launched by GAMCO Investors, Inc It is managed by Gabelli Funds, LLC. The fund invests in public equity markets across the globe. It invests in stocks of companies operating across diversified sectors. The fund invests in securities of companies involved in publicly announced mergers, takeovers, tender offers, and leveraged buyouts.