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

Gabelli Multimedia Trust Inc. (NYSE:GGT) was the recipient of a significant increase in short interest in June. As of June 15th, there was short interest totaling 185,075 shares, an increase of 82.9% from the May 31st total of 101,192 shares. Based on an average trading volume of 311,797 shares, the days-to-cover ratio is presently 0.6 days. Approximately 0.6% of the shares of the stock are short sold.

Hedge Funds Weigh In On Gabelli Multimedia Trust

Several institutional investors and hedge funds have recently bought and sold shares of GGT. Kestra Advisory Services LLC grew its holdings in shares of Gabelli Multimedia Trust by 84.1% during the fourth quarter. Kestra Advisory Services LLC now owns 603,991 shares of the financial services provider’s stock worth $2,537,000 after purchasing an additional 275,955 shares during the last quarter. Balyasny Asset Management L.P. acquired a new stake in shares of Gabelli Multimedia Trust in the second quarter valued at $537,000. PMG Family Office LLC bought a new position in shares of Gabelli Multimedia Trust in the third quarter valued at about $301,000. Gamco Investors INC. ET AL raised its holdings in shares of Gabelli Multimedia Trust by 4.3% in the fourth quarter. Gamco Investors INC. ET AL now owns 1,250,447 shares of the financial services provider’s stock valued at $5,252,000 after buying an additional 51,500 shares during the last quarter. Finally, Kovack Advisors Inc. acquired a new position in Gabelli Multimedia Trust during the 4th quarter worth about $117,000. Hedge funds and other institutional investors own 10.63% of the company’s stock.

Gabelli Multimedia Trust Trading Down 0.1%

Shares of NYSE:GGT opened at $4.20 on Friday. Gabelli Multimedia Trust has a one year low of $3.87 and a one year high of $4.39. The stock has a fifty day moving average of $4.22 and a 200-day moving average of $4.16.

Gabelli Multimedia Trust Increases Dividend

The firm also recently announced a monthly dividend, which will be paid on Wednesday, September 23rd. Stockholders of record on Wednesday, September 16th will be given a $0.08 dividend. This represents a c) annualized dividend and a dividend yield of 22.9%. This is a boost from Gabelli Multimedia Trust’s previous monthly dividend of $0.07. The ex-dividend date of this dividend 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.