Gabelli Multimedia Trust (NYSE:GGT) Stock Price Up 2.6% – Should You Buy?

Gabelli Multimedia Trust Inc. (NYSE:GGT)’s stock price rose 2.6% on Friday. The company traded as high as $3.58 and last traded at $3.57. Approximately 151,772 shares were traded during trading, a decline of 68% from the average session volume of 479,709 shares. The stock had previously closed at $3.48.

Gabelli Multimedia Trust Price Performance

The company’s fifty day moving average is $3.83 and its two-hundred day moving average is $4.07.

Gabelli Multimedia Trust Increases Dividend

The company also recently declared 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 $0.96 dividend on an annualized basis and a yield of 26.9%. This is a positive change from Gabelli Multimedia Trust’s previous monthly dividend of $0.07. The ex-dividend date is Friday, December 11th.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Beacon Pointe Advisors LLC purchased a new stake in shares of Gabelli Multimedia Trust in the 2nd quarter valued at $44,000. Oppenheimer & Co. Inc. acquired a new position in Gabelli Multimedia Trust during the 3rd quarter worth about $47,000. Allworth Financial LP purchased a new position in Gabelli Multimedia Trust during the 2nd quarter valued at about $50,000. Susquehanna International Group LLP purchased a new position in Gabelli Multimedia Trust during the 2nd quarter valued at about $54,000. Finally, Geneos Wealth Management Inc. boosted its holdings in Gabelli Multimedia Trust by 141.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 16,900 shares of the financial services provider’s stock valued at $66,000 after acquiring an additional 9,900 shares during the period. 10.63% of the stock is currently owned by hedge funds and other institutional investors.

Gabelli Multimedia Trust Company Profile

Gabelli Multimedia Trust (NYSE:GGT) is a diversified closed-end management investment company. The fund seeks long-term growth of capital and current income by investing primarily in companies involved in the multimedia, communications and entertainment industries.

Its portfolio may include businesses engaged in broadcasting, cable and satellite services, telecommunications, publishing, entertainment, digital media and related technologies. The trust invests in publicly traded securities and may consider opportunities in both U.S.