Gabelli Multimedia Trust Inc. (NYSE:GGT) Sees Large Increase in Short Interest

Gabelli Multimedia Trust Inc. (NYSE:GGT) was the target of a large growth in short interest in the month of July. As of July 31st, there was short interest totaling 299,206 shares, a growth of 66.7% from the July 15th total of 179,493 shares. Currently, 1.0% of the shares of the stock are short sold. Based on an average daily trading volume, of 368,135 shares, the days-to-cover ratio is presently 0.8 days.

Gabelli Multimedia Trust Stock Down 1.2%

Shares of Gabelli Multimedia Trust stock traded down $0.05 during trading on Monday, reaching $4.14. The company’s stock had a trading volume of 390,333 shares, compared to its average volume of 299,438. The business has a 50 day moving average price of $4.16 and a 200-day moving average price of $4.15. Gabelli Multimedia Trust has a 12-month low of $3.87 and a 12-month high of $4.39.

Gabelli Multimedia Trust Increases Dividend

The firm also recently announced a monthly dividend, which will be paid on Friday, December 18th. Shareholders of record on Friday, December 11th will be issued a $0.08 dividend. This represents a c) dividend on an annualized basis and a yield of 23.2%. This is an increase from Gabelli Multimedia Trust’s previous monthly dividend of $0.07. The ex-dividend date of this dividend is Friday, December 11th.

Hedge Funds Weigh In On Gabelli Multimedia Trust

A number of institutional investors and hedge funds have recently made changes to their positions in GGT. Landscape Capital Management L.L.C. purchased a new position in shares of Gabelli Multimedia Trust in the 2nd quarter valued at about $512,000. Allworth Financial LP purchased a new stake in Gabelli Multimedia Trust during the second quarter worth about $50,000. Gamco Investors INC. ET AL boosted its holdings 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 worth $5,013,000 after buying an additional 25,000 shares in the last quarter. Cetera Investment Advisers grew its position in Gabelli Multimedia Trust by 27.5% during the first quarter. Cetera Investment Advisers now owns 21,390 shares of the financial services provider’s stock worth $84,000 after buying an additional 4,616 shares during the period. Finally, Geneos Wealth Management Inc. grew its position in Gabelli Multimedia Trust by 141.4% during the first quarter. Geneos Wealth Management Inc. now owns 16,900 shares of the financial services provider’s stock worth $66,000 after buying an additional 9,900 shares during the period. 10.63% of the stock is owned by institutional investors and hedge funds.

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.