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

Gabelli Multimedia Trust Inc. (NYSE:GGT) was the target of a significant decrease in short interest in December. As of December 31st, there was short interest totaling 50,051 shares, a decrease of 56.3% from the December 15th total of 114,488 shares. Approximately 0.2% of the company’s stock are short sold. Based on an average trading volume of 183,777 shares, the short-interest ratio is currently 0.3 days. Based on an average trading volume of 183,777 shares, the short-interest ratio is currently 0.3 days. Approximately 0.2% of the company’s stock are short sold.

Insider Buying and Selling

In other news, insider Mario J. Gabelli bought 31,000 shares of the business’s stock in a transaction that occurred on Monday, October 27th. The shares were bought at an average cost of $4.04 per share, for a total transaction of $125,240.00. Following the acquisition, the insider directly owned 31,000 shares in the company, valued at approximately $125,240. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 9.59% of the company’s stock.

Hedge Funds Weigh In On Gabelli Multimedia Trust

Hedge funds and other institutional investors have recently made changes to their positions in the stock. PMG Family Office LLC purchased a new position in Gabelli Multimedia Trust in the third quarter valued at about $301,000. Kestra Private Wealth Services LLC lifted its stake in Gabelli Multimedia Trust by 45.2% in the third quarter. Kestra Private Wealth Services LLC now owns 33,866 shares of the financial services provider’s stock valued at $146,000 after purchasing an additional 10,545 shares during the last quarter. Ameriprise Financial Inc. bought a new position in Gabelli Multimedia Trust during the third quarter valued at $49,000. Raymond James Financial Inc. increased its position in Gabelli Multimedia Trust by 122.4% in the third quarter. Raymond James Financial Inc. now owns 14,348 shares of the financial services provider’s stock worth $62,000 after buying an additional 7,897 shares during the last quarter. Finally, Fisher Asset Management LLC purchased a new stake in Gabelli Multimedia Trust in the third quarter worth $100,000. 10.63% of the stock is owned by hedge funds and other institutional investors.

Gabelli Multimedia Trust Trading Down 0.8%

NYSE:GGT traded down $0.04 on Wednesday, hitting $4.20. The stock had a trading volume of 366,254 shares, compared to its average volume of 187,787. Gabelli Multimedia Trust has a 1 year low of $3.75 and a 1 year high of $4.95. The firm’s fifty day simple moving average is $4.13 and its two-hundred day simple moving average is $4.18.

Gabelli Multimedia Trust Increases Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Tuesday, March 24th. Shareholders of record on Tuesday, March 17th will be given a $0.08 dividend. This is an increase from Gabelli Multimedia Trust’s previous monthly dividend of $0.07. This represents a c) annualized dividend and a yield of 22.9%. The ex-dividend date of this dividend is Tuesday, March 17th.

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.