Short Interest in Gabelli Multimedia Trust Inc. (NYSE:GGT) Rises By 97.1%

Gabelli Multimedia Trust Inc. (NYSE:GGT) saw a large increase in short interest during the month of March. As of March 13th, there was short interest totaling 142,710 shares, an increase of 97.1% from the February 26th total of 72,391 shares. Based on an average trading volume of 287,569 shares, the days-to-cover ratio is presently 0.5 days. Currently, 0.5% of the company’s shares are short sold.

Insider Buying and Selling at Gabelli Multimedia Trust

In other news, insider Mario J. Gabelli bought 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 24th. The shares were acquired at an average cost of $4.06 per share, with a total value of $101,500.00. Following the transaction, the insider owned 1,158,396 shares of the company’s stock, valued at $4,703,087.76. This represents a 2.21% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 9.59% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Gabelli Multimedia Trust

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Cetera Investment Advisers boosted its holdings in Gabelli Multimedia Trust by 73.8% in the 2nd quarter. Cetera Investment Advisers now owns 21,703 shares of the financial services provider’s stock worth $90,000 after acquiring an additional 9,214 shares during the period. Raymond James Financial Inc. purchased a new stake in shares of Gabelli Multimedia Trust during the second quarter valued at approximately $27,000. Balyasny Asset Management L.P. acquired a new position in shares of Gabelli Multimedia Trust during the second quarter worth $537,000. Geneos Wealth Management Inc. acquired a new position in shares of Gabelli Multimedia Trust during the third quarter worth $30,000. Finally, CoreCap Advisors LLC boosted its stake in shares of Gabelli Multimedia Trust by 848.5% in the third quarter. CoreCap Advisors LLC now owns 15,650 shares of the financial services provider’s stock valued at $67,000 after purchasing an additional 14,000 shares during the period. 10.63% of the stock is owned by institutional investors and hedge funds.

Gabelli Multimedia Trust Trading Up 0.1%

NYSE:GGT traded up $0.01 during mid-day trading on Friday, hitting $4.00. The company had a trading volume of 198,363 shares, compared to its average volume of 320,713. The business has a fifty day simple moving average of $4.14 and a 200-day simple moving average of $4.14. Gabelli Multimedia Trust has a 1 year low of $3.75 and a 1 year high of $4.76.

Gabelli Multimedia Trust Increases Dividend

The business also recently announced a monthly dividend, which will be paid on Tuesday, June 23rd. Stockholders of record on Monday, June 15th will be paid a $0.08 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 24.0%. This is an increase from Gabelli Multimedia Trust’s previous monthly dividend of $0.07. The ex-dividend date is Monday, June 15th.

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.