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

Gabelli Multimedia Trust Inc. (NYSE:GGT) was the recipient of a large decrease in short interest in April. As of April 30th, there was short interest totaling 54,702 shares, a decrease of 38.2% from the April 15th total of 88,496 shares. Currently, 0.2% of the shares of the stock are sold short. Based on an average daily trading volume, of 219,561 shares, the short-interest ratio is presently 0.2 days.

Insider Transactions at Gabelli Multimedia Trust

In related news, insider Mario J. Gabelli bought 25,000 shares of the stock in a transaction on Tuesday, February 24th. The shares were purchased at an average price of $4.06 per share, with a total value of $101,500.00. Following the purchase, the insider owned 1,158,396 shares in the company, valued at approximately $4,703,087.76. This represents a 2.21% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. 8.00% of the stock is owned by corporate insiders.

Institutional Trading of Gabelli Multimedia Trust

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Gamco Investors INC. ET AL boosted its stake in Gabelli Multimedia Trust by 2.0% during the first quarter. Gamco Investors INC. ET AL now owns 1,275,447 shares of the financial services provider’s stock valued at $5,013,000 after buying an additional 25,000 shares in the last quarter. 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 worth $84,000 after acquiring an additional 4,616 shares in the last quarter. Geneos Wealth Management Inc. lifted its holdings in Gabelli Multimedia Trust by 141.4% in 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 last quarter. Kestra Advisory Services LLC boosted its position in shares of Gabelli Multimedia Trust by 2.1% during the 1st quarter. Kestra Advisory Services LLC now owns 616,809 shares of the financial services provider’s stock valued at $2,424,000 after purchasing an additional 12,818 shares in the last quarter. Finally, Decision Investments Inc. bought a new position in shares of Gabelli Multimedia Trust during the 1st quarter valued at about $92,000. Institutional investors own 10.63% of the company’s stock.

Gabelli Multimedia Trust Price Performance

Shares of NYSE GGT traded down $0.06 during mid-day trading on Friday, reaching $4.15. 246,271 shares of the company traded hands, compared to its average volume of 284,558. Gabelli Multimedia Trust has a fifty-two week low of $3.75 and a fifty-two week high of $4.39. The stock has a fifty day simple moving average of $4.11 and a 200-day simple moving average of $4.12.

Gabelli Multimedia Trust Increases Dividend

The company also recently declared a monthly dividend, which will be paid on Wednesday, September 23rd. Shareholders of record on Wednesday, September 16th will be paid a dividend of $0.08 per share. This represents a c) dividend on an annualized basis and a yield of 23.2%. The ex-dividend date of this dividend is Wednesday, September 16th. This is an increase from Gabelli Multimedia Trust’s previous monthly dividend of $0.07.

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.