Short Interest in The Gabelli Multimedia Trust Inc. (NYSE:GGT) Grows By 466.4%

The Gabelli Multimedia Trust Inc. (NYSE:GGT) was the target of a significant increase in short interest during the month of June. As of June 30th, there was short interest totalling 1,280,000 shares, an increase of 466.4% from the June 15th total of 226,000 shares. Based on an average trading volume of 82,100 shares, the short-interest ratio is currently 15.6 days.

Institutional Trading of The Gabelli Multimedia Trust

Hedge funds have recently made changes to their positions in the business. Commonwealth Equity Services LLC boosted its stake in shares of The Gabelli Multimedia Trust by 11.3% in the 1st quarter. Commonwealth Equity Services LLC now owns 505,595 shares of the financial services provider’s stock valued at $2,862,000 after buying an additional 51,151 shares during the period. Telos Capital Management Inc. acquired a new position in The Gabelli Multimedia Trust during the 4th quarter worth approximately $149,000. Belpointe Asset Management LLC purchased a new stake in shares of The Gabelli Multimedia Trust in the 3rd quarter valued at approximately $82,000. Finally, Beacon Capital Management LLC acquired a new stake in shares of The Gabelli Multimedia Trust in the 1st quarter valued at $32,000. Institutional investors and hedge funds own 10.63% of the company’s stock.

The Gabelli Multimedia Trust Trading Up 0.2 %

Shares of NYSE GGT traded up $0.01 during trading on Friday, reaching $5.07. The stock had a trading volume of 86,394 shares, compared to its average volume of 70,641. The Gabelli Multimedia Trust has a fifty-two week low of $4.32 and a fifty-two week high of $6.80. The business’s 50-day moving average price is $5.57 and its 200-day moving average price is $5.55.

The Gabelli Multimedia Trust Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 21st. Shareholders of record on Thursday, June 13th were paid a dividend of $0.22 per share. The ex-dividend date of this dividend was Thursday, June 13th. This represents a $0.88 dividend on an annualized basis and a yield of 17.36%.

The Gabelli Multimedia Trust Company Profile

The Gabelli Multimedia Trust Inc is a closed-ended equity mutual fund launched by GAMCO Investors, Inc It is managed by Gabelli Funds LLC. The fund invests in the public equity markets across the globe. It invests in stocks, convertible securities, preferred stock, options, and warrants of companies operating across global telecommunications, media, publishing, and entertainment industries.