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

Gabelli Multimedia Trust Inc. (NYSE:GGT) was the recipient of a significant drop in short interest during the month of August. As of August 14th, there was short interest totaling 201,492 shares, a drop of 32.7% from the July 30th total of 299,206 shares. Based on an average daily volume of 254,311 shares, the days-to-cover ratio is presently 0.8 days. Approximately 0.7% of the shares of the company are short sold.

Institutional Trading of Gabelli Multimedia Trust

Several large investors have recently made changes to their positions in the business. Kestra Private Wealth Services LLC raised its holdings in shares of Gabelli Multimedia Trust by 8.5% during the fourth quarter. Kestra Private Wealth Services LLC now owns 36,748 shares of the financial services provider’s stock worth $154,000 after purchasing an additional 2,882 shares during the last quarter. Arax Advisory Partners boosted its holdings in Gabelli Multimedia Trust by 90.0% in the fourth quarter. Arax Advisory Partners now owns 6,152 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 2,914 shares during the last quarter. PMG Family Office LLC grew its position in Gabelli Multimedia Trust by 14.0% during the 1st quarter. PMG Family Office LLC now owns 26,610 shares of the financial services provider’s stock worth $105,000 after purchasing an additional 3,262 shares during the period. Cetera Investment Advisers grew its position in Gabelli Multimedia Trust by 27.5% during the 1st 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. Finally, Raymond James Financial Inc. purchased a new position in shares of Gabelli Multimedia Trust during the 2nd quarter valued at about $27,000. 10.63% of the stock is owned by hedge funds and other institutional investors.

Gabelli Multimedia Trust Trading Down 0.2%

Shares of NYSE GGT opened at $4.05 on Wednesday. The business’s 50 day moving average price is $4.13 and its 200 day moving average price is $4.14. Gabelli Multimedia Trust has a 52 week low of $3.87 and a 52 week high of $4.39.

Gabelli Multimedia Trust Increases Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Friday, December 18th. Shareholders of record on Friday, December 11th will be paid a dividend of $0.08 per share. This represents a c) annualized dividend and a yield of 23.7%. The ex-dividend date is Friday, December 11th. This is a positive change from Gabelli Multimedia Trust’s previous monthly dividend of $0.07.

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.