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

Gabelli Multimedia Trust Inc. (NYSE:GGT) saw a significant decrease in short interest in April. As of April 30th, there was short interest totaling 54,702 shares, a decrease of 38.2% from the April 15th total of 88,496 shares. Currently, 0.2% of the shares of the stock are sold short. Based on an average daily trading volume, of 219,561 shares, the short-interest ratio is currently 0.2 days.

Insider Activity at Gabelli Multimedia Trust

In related news, insider Mario J. Gabelli acquired 25,000 shares of the business’s stock in a transaction dated Tuesday, February 24th. The stock was bought at an average price of $4.06 per share, for a total transaction of $101,500.00. Following the transaction, the insider owned 1,158,396 shares of the company’s stock, valued at approximately $4,703,087.76. The trade was a 2.21% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 8.00% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Arax Advisory Partners boosted its position in Gabelli Multimedia Trust by 90.0% during the 4th quarter. Arax Advisory Partners now owns 6,152 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 2,914 shares during the period. Raymond James Financial Inc. acquired a new position in shares of Gabelli Multimedia Trust in the 2nd quarter valued at about $27,000. Ameriprise Financial Inc. purchased a new stake in shares of Gabelli Multimedia Trust in the third quarter worth approximately $49,000. Geneos Wealth Management Inc. lifted its position in shares of Gabelli Multimedia Trust by 141.4% in the first quarter. Geneos Wealth Management Inc. now owns 16,900 shares of the financial services provider’s stock worth $66,000 after purchasing an additional 9,900 shares in the last quarter. Finally, Cetera Investment Advisers boosted its holdings in shares of Gabelli Multimedia Trust by 27.5% during the first quarter. Cetera Investment Advisers now owns 21,390 shares of the financial services provider’s stock worth $84,000 after purchasing an additional 4,616 shares during the period. 10.63% of the stock is owned by institutional investors and hedge funds.

Gabelli Multimedia Trust Stock Performance

Shares of GGT traded down $0.06 during midday trading on Friday, hitting $4.15. The stock had a trading volume of 246,271 shares, compared to its average volume of 284,558. The business has a 50-day simple moving average of $4.11 and a two-hundred day simple moving average of $4.12. Gabelli Multimedia Trust has a fifty-two week low of $3.75 and a fifty-two week high of $4.39.

Gabelli Multimedia Trust Increases Dividend

The firm also recently announced a monthly dividend, which will be paid on Wednesday, September 23rd. Stockholders of record on Wednesday, September 16th will be given a $0.08 dividend. This represents a c) annualized dividend and a dividend yield of 23.2%. This is a boost from Gabelli Multimedia Trust’s previous monthly dividend of $0.07. The ex-dividend date of this dividend is Wednesday, September 16th.

About Gabelli Multimedia Trust

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.