Gabelli Multimedia Trust Inc. (NYSE:GGT) Short Interest Update

Gabelli Multimedia Trust Inc. (NYSE:GGT) saw a large drop in short interest during the month of December. As of December 31st, there was short interest totaling 50,051 shares, a drop of 56.3% from the December 15th total of 114,488 shares. Based on an average trading volume of 183,777 shares, the days-to-cover ratio is currently 0.3 days. Approximately 0.2% of the shares of the company are short sold. Approximately 0.2% of the shares of the company are short sold. Based on an average trading volume of 183,777 shares, the days-to-cover ratio is currently 0.3 days.

Insider Transactions at Gabelli Multimedia Trust

In other news, insider Mario J. Gabelli acquired 31,000 shares of the stock in a transaction that occurred on Monday, October 27th. The shares were acquired at an average cost of $4.04 per share, for a total transaction of $125,240.00. Following the purchase, the insider owned 31,000 shares of the company’s stock, valued at approximately $125,240. The trade was a ∞ increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 9.59% of the company’s stock.

Hedge Funds Weigh In On Gabelli Multimedia Trust

A number of large investors have recently made changes to their positions in GGT. Wolverine Asset Management LLC purchased a new stake in Gabelli Multimedia Trust during the 2nd quarter worth about $363,000. Wealth Enhancement Advisory Services LLC increased its position in shares of Gabelli Multimedia Trust by 30.5% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 14,030 shares of the financial services provider’s stock valued at $60,000 after buying an additional 3,282 shares during the period. Belpointe Asset Management LLC lifted its holdings in shares of Gabelli Multimedia Trust by 18.8% in the first quarter. Belpointe Asset Management LLC now owns 18,992 shares of the financial services provider’s stock worth $88,000 after buying an additional 3,000 shares in the last quarter. Allworth Financial LP purchased a new stake in shares of Gabelli Multimedia Trust in the second quarter worth about $49,000. Finally, Geneos Wealth Management Inc. bought a new position in shares of Gabelli Multimedia Trust in the third quarter valued at approximately $30,000. 10.63% of the stock is owned by institutional investors.

Gabelli Multimedia Trust Price Performance

Shares of GGT traded down $0.04 during trading hours on Wednesday, hitting $4.20. The company’s stock had a trading volume of 366,254 shares, compared to its average volume of 187,787. The business has a 50 day simple moving average of $4.13 and a two-hundred day simple moving average of $4.18. Gabelli Multimedia Trust has a 52-week low of $3.75 and a 52-week high of $4.95.

Gabelli Multimedia Trust Increases Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Tuesday, March 24th. Investors of record on Tuesday, March 17th will be paid a $0.08 dividend. The ex-dividend date is Tuesday, March 17th. This represents a c) dividend on an annualized basis and a yield of 22.9%. This is a positive change from Gabelli Multimedia Trust’s previous monthly dividend of $0.07.

Gabelli Multimedia Trust Company Profile

Gabelli Multimedia Trust Inc (NYSE: GGT) is a closed-end management investment company that seeks long-term capital appreciation by investing primarily in the common stocks of companies engaged in the multimedia and communications sectors. The trust’s portfolio is concentrated in industries such as cable and satellite television, wireless and wireline telecommunications, radio and broadcasting, print and digital publishing, and internet services. Through selective security selection, Gabelli Multimedia Trust aims to capture growth opportunities driven by evolving content delivery platforms and technological innovation.

Since its initial public offering in December 1987, the trust has been managed by Gabelli Funds, LLC, an affiliate of GAMCO Investors, Inc, under the direction of veteran investors led by Mario J.