Gabelli Multimedia Trust (NYSE:GGT) Stock Passes Above 200-Day Moving Average – Time to Sell?

Gabelli Multimedia Trust Inc. (NYSE:GGT)’s stock price passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $4.13 and traded as high as $4.30. Gabelli Multimedia Trust shares last traded at $4.2650, with a volume of 280,874 shares trading hands.

Gabelli Multimedia Trust Stock Up 0.2%

The company has a fifty day simple moving average of $4.11 and a 200-day simple moving average of $4.13.

Gabelli Multimedia Trust Increases Dividend

The company also recently declared a monthly dividend, which will be paid on Wednesday, September 23rd. Stockholders of record on Wednesday, September 16th will be paid a $0.08 dividend. This is a positive change from Gabelli Multimedia Trust’s previous monthly dividend of $0.07. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a c) annualized dividend and a dividend yield of 22.4%.

Hedge Funds Weigh In On Gabelli Multimedia Trust

A number of hedge funds have recently modified their holdings of the business. Gamco Investors INC. ET AL grew its holdings in shares of Gabelli Multimedia Trust by 2.0% during the 1st quarter. Gamco Investors INC. ET AL now owns 1,275,447 shares of the financial services provider’s stock worth $5,013,000 after purchasing an additional 25,000 shares during the period. Kestra Advisory Services LLC grew its holdings 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 worth $2,424,000 after purchasing an additional 12,818 shares during the period. Balyasny Asset Management L.P. purchased a new position in shares of Gabelli Multimedia Trust during the 2nd quarter worth $537,000. Jane Street Group LLC grew its holdings in shares of Gabelli Multimedia Trust by 17.5% during the 4th quarter. Jane Street Group LLC now owns 78,839 shares of the financial services provider’s stock worth $331,000 after purchasing an additional 11,714 shares during the period. Finally, PMG Family Office LLC purchased a new position in shares of Gabelli Multimedia Trust during the 3rd quarter worth $301,000. 10.63% of the stock is currently owned by hedge funds and other institutional investors.

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.