Gabelli Multimedia Trust (NYSE:GGT) Shares Cross Above Two Hundred Day Moving Average – Time to Sell?

Gabelli Multimedia Trust Inc. (NYSE:GGT) shares crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $4.15 and traded as high as $4.25. Gabelli Multimedia Trust shares last traded at $4.25, with a volume of 249,656 shares changing hands.

Gabelli Multimedia Trust Trading Up 0.4%

The company has a fifty day simple moving average of $4.17 and a two-hundred day simple moving average of $4.15.

Gabelli Multimedia Trust Increases Dividend

The firm also recently declared a monthly dividend, which will be paid on Friday, December 18th. Stockholders of record on Friday, December 11th will be given a dividend of $0.08 per share. The ex-dividend date is Friday, December 11th. This represents a c) annualized dividend and a dividend yield of 22.8%. This is a positive change from Gabelli Multimedia Trust’s previous monthly dividend of $0.07.

Hedge Funds Weigh In On Gabelli Multimedia Trust

Several large investors have recently bought and sold shares of GGT. Cetera Investment Advisers grew its holdings in Gabelli Multimedia Trust by 73.8% during 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. bought a new position in shares of Gabelli Multimedia Trust in the 2nd quarter worth $27,000. Balyasny Asset Management L.P. acquired a new stake in shares of Gabelli Multimedia Trust during the second quarter worth $537,000. Ameriprise Financial Inc. acquired a new stake in shares of Gabelli Multimedia Trust during the third quarter worth $49,000. Finally, Kestra Private Wealth Services LLC increased its holdings in Gabelli Multimedia Trust by 45.2% in the third quarter. Kestra Private Wealth Services LLC now owns 33,866 shares of the financial services provider’s stock valued at $146,000 after purchasing an additional 10,545 shares during the last quarter. 10.63% of the stock is currently owned by institutional investors and hedge funds.

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.