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

The Gabelli Multimedia Trust Inc. (NYSE:GGT) was the recipient of a significant increase in short interest during the month of July. As of July 15th, there was short interest totalling 1,350,000 shares, an increase of 5.5% from the June 30th total of 1,280,000 shares. Based on an average daily volume of 92,100 shares, the short-interest ratio is currently 14.7 days.

The Gabelli Multimedia Trust Price Performance

GGT traded up $0.03 during midday trading on Wednesday, hitting $5.04. 29,772 shares of the company’s stock traded hands, compared to its average volume of 78,586. The stock’s fifty day simple moving average is $5.41 and its 200-day simple moving average is $5.50. The Gabelli Multimedia Trust has a one year low of $4.32 and a one year high of $6.68.

The Gabelli Multimedia Trust Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 21st. Investors of record on Thursday, June 13th were given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 17.46%. The ex-dividend date of this dividend was Thursday, June 13th.

Hedge Funds Weigh In On The Gabelli Multimedia Trust

Several large investors have recently added to or reduced their stakes in GGT. Telos Capital Management Inc. bought a new position in The Gabelli Multimedia Trust during the 4th quarter valued at about $149,000. Commonwealth Equity Services LLC raised its stake in shares of The Gabelli Multimedia Trust by 11.3% during the first quarter. Commonwealth Equity Services LLC now owns 505,595 shares of the financial services provider’s stock worth $2,862,000 after buying an additional 51,151 shares during the last quarter. Beacon Capital Management LLC acquired a new position in The Gabelli Multimedia Trust in the first quarter valued at approximately $32,000. Finally, Atomi Financial Group Inc. boosted its stake in The Gabelli Multimedia Trust by 15.9% in the second quarter. Atomi Financial Group Inc. now owns 50,093 shares of the financial services provider’s stock valued at $268,000 after acquiring an additional 6,864 shares during the last quarter. Institutional investors and hedge funds own 10.63% of the company’s stock.

About The Gabelli Multimedia Trust

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.