Gabelli Multimedia Trust Inc. (NYSE:GGT) Sees Large Decrease in Short Interest

Gabelli Multimedia Trust Inc. (NYSE:GGT) saw a significant decrease in short interest in August. As of August 14th, there was short interest totaling 201,492 shares, a decrease of 32.7% from the July 30th total of 299,206 shares. Based on an average daily volume of 254,311 shares, the days-to-cover ratio is presently 0.8 days. Approximately 0.7% of the company’s shares are short sold.

Gabelli Multimedia Trust Trading Down 0.2%

GGT traded down $0.01 during trading on Tuesday, hitting $4.05. 547,378 shares of the stock were exchanged, compared to its average volume of 308,465. The firm has a 50 day simple moving average of $4.13 and a 200 day simple moving average of $4.15. Gabelli Multimedia Trust has a 1 year low of $3.87 and a 1 year high of $4.39.

Gabelli Multimedia Trust Increases Dividend

The company 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. This represents a c) dividend on an annualized basis and a dividend yield of 23.7%. The ex-dividend date of this dividend is Friday, December 11th. This is a positive change from Gabelli Multimedia Trust’s previous monthly dividend of $0.07.

Institutional Trading of Gabelli Multimedia Trust

Several institutional investors and hedge funds have recently made changes to their positions in GGT. Advisory Solutions Group LLC purchased a new stake in Gabelli Multimedia Trust in the second quarter worth about $631,000. Susquehanna International Group LLP bought a new position in Gabelli Multimedia Trust during the 2nd quarter worth about $54,000. Beacon Pointe Advisors LLC purchased a new position in Gabelli Multimedia Trust during the 2nd quarter valued at about $44,000. Landscape Capital Management L.L.C. purchased a new position in Gabelli Multimedia Trust during the 2nd quarter valued at about $512,000. Finally, Allworth Financial LP bought a new stake in shares of Gabelli Multimedia Trust in the 2nd quarter valued at about $50,000. 10.63% of the stock is currently 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.