Gabelli Multimedia Trust Inc. (NYSE:GGT) Sees Significant Growth in Short Interest

Gabelli Multimedia Trust Inc. (NYSE:GGT) saw a significant growth in short interest in the month of March. As of March 13th, there was short interest totaling 142,710 shares, a growth of 97.1% from the February 26th total of 72,391 shares. Based on an average daily volume of 287,569 shares, the short-interest ratio is currently 0.5 days. Currently, 0.5% of the shares of the stock are short sold.

Insider Buying and Selling

In other news, insider Mario J. Gabelli acquired 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 24th. The stock was acquired at an average price of $4.06 per share, with a total value of $101,500.00. Following the completion of the transaction, the insider directly owned 1,158,396 shares of the company’s stock, valued at $4,703,087.76. This trade represents a 2.21% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 9.59% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Gabelli Multimedia Trust

Large investors have recently modified their holdings of the business. Kestra Advisory Services LLC increased its stake in shares of Gabelli Multimedia Trust by 84.1% in the 4th quarter. Kestra Advisory Services LLC now owns 603,991 shares of the financial services provider’s stock valued at $2,537,000 after purchasing an additional 275,955 shares during the last quarter. Balyasny Asset Management L.P. acquired a new stake in Gabelli Multimedia Trust in the second quarter valued at about $537,000. Jane Street Group LLC boosted its stake in Gabelli Multimedia Trust by 17.5% in the fourth quarter. Jane Street Group LLC now owns 78,839 shares of the financial services provider’s stock valued at $331,000 after buying an additional 11,714 shares in the last quarter. Kovack Advisors Inc. bought a new position in Gabelli Multimedia Trust in the fourth quarter valued at about $117,000. Finally, Cetera Investment Advisers raised its stake in Gabelli Multimedia Trust by 73.8% during the second quarter. Cetera Investment Advisers now owns 21,703 shares of the financial services provider’s stock worth $90,000 after acquiring an additional 9,214 shares in the last quarter. Institutional investors and hedge funds own 10.63% of the company’s stock.

Gabelli Multimedia Trust Price Performance

Shares of NYSE:GGT traded up $0.01 during midday trading on Friday, hitting $4.00. The stock had a trading volume of 198,363 shares, compared to its average volume of 320,713. The company’s 50-day moving average price is $4.14 and its 200-day moving average price is $4.14. Gabelli Multimedia Trust has a fifty-two week low of $3.75 and a fifty-two week high of $4.76.

Gabelli Multimedia Trust Increases Dividend

The company also recently disclosed a monthly dividend, which will be paid on Tuesday, June 23rd. Investors of record on Monday, June 15th will be paid a $0.08 dividend. This represents a c) dividend on an annualized basis and a yield of 24.0%. This is a positive change from Gabelli Multimedia Trust’s previous monthly dividend of $0.07. The ex-dividend date of this dividend is Monday, June 15th.

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.