Gabelli Multimedia Trust Inc. (NYSE:GGT) Sees Significant Decrease in Short Interest

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

Insider Buying and Selling at Gabelli Multimedia Trust

In other Gabelli Multimedia Trust news, insider Mario J. Gabelli acquired 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 24th. The shares were bought at an average cost of $4.06 per share, with a total value of $101,500.00. Following the completion of the acquisition, the insider directly owned 1,158,396 shares in the company, valued at $4,703,087.76. This represents a 2.21% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 8.00% of the company’s stock.

Institutional Investors Weigh In On Gabelli Multimedia Trust

A number of large investors have recently modified their holdings of the business. Gamco Investors INC. ET AL raised its position in shares of Gabelli Multimedia Trust by 2.0% in the 1st 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 purchasing an additional 25,000 shares during the last quarter. Kestra Advisory Services LLC increased its stake in 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. Balyasny Asset Management L.P. purchased a new position in shares of Gabelli Multimedia Trust in the second quarter worth $537,000. Jane Street Group LLC raised its holdings in shares of Gabelli Multimedia Trust by 17.5% in the fourth quarter. Jane Street Group LLC now owns 78,839 shares of the financial services provider’s stock worth $331,000 after buying an additional 11,714 shares during the last quarter. Finally, PMG Family Office LLC acquired a new stake in shares of Gabelli Multimedia Trust during the third quarter worth $301,000. Hedge funds and other institutional investors own 10.63% of the company’s stock.

Gabelli Multimedia Trust Stock Performance

Shares of GGT traded up $0.08 during midday trading on Tuesday, hitting $4.25. 132,951 shares of the company’s stock traded hands, compared to its average volume of 282,727. Gabelli Multimedia Trust has a 1 year low of $3.75 and a 1 year high of $4.39. The firm’s fifty day moving average is $4.11 and its 200-day moving average is $4.13.

Gabelli Multimedia Trust Increases Dividend

The firm 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 $0.08 dividend. This represents a c) dividend on an annualized basis and a yield of 22.6%. This is a boost from Gabelli Multimedia Trust’s previous monthly dividend of $0.07. The ex-dividend date is Wednesday, September 16th.

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.