Western Asset Global Corporate Defined Opportunity Fund (NYSE:GDO) Stock Crosses Below 50 Day Moving Average – Time to Sell?

Western Asset Global Corporate Defined Opportunity Fund Inc. (NYSE:GDO) shares passed below its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of $10.92 and traded as low as $10.59. Western Asset Global Corporate Defined Opportunity Fund shares last traded at $10.67, with a volume of 19,793 shares trading hands.

Western Asset Global Corporate Defined Opportunity Fund Price Performance

The company’s 50-day moving average price is $10.92 and its two-hundred day moving average price is $11.28.

Western Asset Global Corporate Defined Opportunity Fund Announces Dividend

The business also recently disclosed 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. The ex-dividend date of this dividend is Monday, August 24th. This represents a c) annualized dividend and a dividend yield of 13.7%.

Hedge Funds Weigh In On Western Asset Global Corporate Defined Opportunity Fund

Several large investors have recently modified their holdings of GDO. Raymond James Financial Inc. grew its stake in shares of Western Asset Global Corporate Defined Opportunity Fund by 1.2% in the second quarter. Raymond James Financial Inc. now owns 75,165 shares of the company’s stock valued at $887,000 after acquiring an additional 884 shares in the last quarter. UBS Group AG grew its stake in shares of Western Asset Global Corporate Defined Opportunity Fund by 1.7% in the third quarter. UBS Group AG now owns 61,403 shares of the company’s stock valued at $729,000 after acquiring an additional 1,044 shares in the last quarter. Fifth Third Bancorp acquired a new position in shares of Western Asset Global Corporate Defined Opportunity Fund in the first quarter valued at about $30,000. Advisory Services Network LLC acquired a new position in shares of Western Asset Global Corporate Defined Opportunity Fund in the third quarter valued at about $37,000. Finally, Cetera Investment Advisers grew its stake in shares of Western Asset Global Corporate Defined Opportunity Fund by 43.6% in the fourth quarter. Cetera Investment Advisers now owns 19,836 shares of the company’s stock valued at $234,000 after acquiring an additional 6,020 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.