Gabelli Multimedia Trust (NYSE:GGT) Stock Price Passes Above Two Hundred Day Moving Average – Here’s Why

Gabelli Multimedia Trust Inc. (NYSE:GGT)’s share price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $4.15 and traded as high as $4.27. Gabelli Multimedia Trust shares last traded at $4.2550, with a volume of 277,353 shares trading hands.

Gabelli Multimedia Trust Stock Up 0.6%

The business’s fifty day moving average price is $4.19 and its 200 day moving average price is $4.16.

Gabelli Multimedia Trust Increases Dividend

The business also recently disclosed a monthly dividend, which will be paid on Wednesday, September 23rd. Investors of record on Wednesday, September 16th will be paid a $0.08 dividend. This represents a c) annualized dividend and a yield of 22.2%. The ex-dividend date of this dividend is Wednesday, September 16th. This is a positive change from Gabelli Multimedia Trust’s previous monthly dividend of $0.07.

Institutional Trading of Gabelli Multimedia Trust

A number of hedge funds have recently added to or reduced their stakes in GGT. Arax Advisory Partners lifted its stake in shares of Gabelli Multimedia Trust by 90.0% in the 4th quarter. Arax Advisory Partners now owns 6,152 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 2,914 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Gabelli Multimedia Trust in the 2nd quarter worth about $27,000. Ameriprise Financial Inc. bought a new position in Gabelli Multimedia Trust in the third quarter valued at about $49,000. Geneos Wealth Management Inc. raised its position in 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 valued at $66,000 after purchasing an additional 9,900 shares during the last quarter. Finally, Cetera Investment Advisers raised its position in Gabelli Multimedia Trust by 27.5% in the first quarter. Cetera Investment Advisers now owns 21,390 shares of the financial services provider’s stock valued at $84,000 after purchasing an additional 4,616 shares during the last quarter. Institutional investors and hedge funds own 10.63% of the company’s stock.

Gabelli Multimedia Trust Company Profile

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.