Gabelli Multimedia Trust Inc. (NYSE:GGT) Short Interest Down 33.5% in February

Gabelli Multimedia Trust Inc. (NYSE:GGT) was the target of a large decline in short interest during the month of February. As of February 27th, there was short interest totaling 72,391 shares, a decline of 33.5% from the February 12th total of 108,825 shares. Approximately 0.2% of the shares of the company are short sold. Based on an average trading volume of 288,566 shares, the days-to-cover ratio is presently 0.3 days. Based on an average trading volume of 288,566 shares, the days-to-cover ratio is presently 0.3 days. Approximately 0.2% of the shares of the company are short sold.

Gabelli Multimedia Trust Stock Performance

GGT traded down $0.07 during trading on Friday, hitting $4.11. The stock had a trading volume of 304,095 shares, compared to its average volume of 282,359. The company has a 50 day moving average price of $4.18 and a 200-day moving average price of $4.16. Gabelli Multimedia Trust has a one year low of $3.75 and a one year high of $4.94.

Gabelli Multimedia Trust Increases Dividend

The firm also recently announced a monthly dividend, which will be paid on Tuesday, June 23rd. Stockholders of record on Monday, June 15th will be given a $0.08 dividend. The ex-dividend date of this dividend is Monday, June 15th. This is a boost from Gabelli Multimedia Trust’s previous monthly dividend of $0.07. This represents a c) dividend on an annualized basis and a dividend yield of 23.4%.

Insider Buying and Selling at Gabelli Multimedia Trust

In other Gabelli Multimedia Trust news, insider Mario J. Gabelli purchased 25,000 shares of the business’s stock in a transaction on Tuesday, February 24th. The stock was acquired at an average price of $4.06 per share, with a total value of $101,500.00. Following the acquisition, the insider directly owned 1,158,396 shares of the company’s stock, valued at $4,703,087.76. This trade represents a 2.21% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 9.59% of the company’s stock.

Hedge Funds Weigh In On Gabelli Multimedia Trust

Hedge funds have recently bought and sold shares of the business. Arax Advisory Partners raised its stake in 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 worth $26,000 after purchasing an additional 2,914 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of Gabelli Multimedia Trust during the 2nd quarter worth approximately $27,000. Geneos Wealth Management Inc. bought a new position in shares of Gabelli Multimedia Trust during the third quarter worth approximately $30,000. Ameriprise Financial Inc. bought a new position in shares of Gabelli Multimedia Trust during the third quarter worth approximately $49,000. Finally, Allworth Financial LP acquired a new stake in shares of Gabelli Multimedia Trust in the second quarter valued at approximately $49,000. 10.63% of the stock is owned by institutional investors.

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.