Gabelli Multimedia Trust (NYSE:GGT) Insider Mario Gabelli Purchases 25,000 Shares

Gabelli Multimedia Trust Inc. (NYSE:GGT) insider Mario Gabelli acquired 25,000 shares of the company’s stock in a transaction on Tuesday, February 24th. The shares were purchased at an average cost of $4.06 per share, with a total value of $101,500.00. Following the completion of the acquisition, the insider directly owned 1,158,396 shares in the company, valued at approximately $4,703,087.76. The trade was a 2.21% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Gabelli Multimedia Trust Stock Down 0.6%

Shares of NYSE GGT traded down $0.03 during mid-day trading on Thursday, hitting $4.13. The company’s stock had a trading volume of 59,243 shares, compared to its average volume of 274,505. The company’s fifty day simple moving average is $4.17 and its 200-day simple moving average is $4.16. Gabelli Multimedia Trust Inc. has a one year low of $3.75 and a one year high of $4.94.

Gabelli Multimedia Trust Increases Dividend

The company also recently disclosed a monthly dividend, which will be paid on Tuesday, June 23rd. Investors of record on Monday, June 15th will be given a $0.08 dividend. The ex-dividend date is Monday, June 15th. This represents a c) dividend on an annualized basis and a dividend yield of 23.3%. This is an increase from Gabelli Multimedia Trust’s previous monthly dividend of $0.07.

Hedge Funds Weigh In On Gabelli Multimedia Trust

Institutional investors and hedge funds have recently modified their holdings of the business. Gamco Investors INC. ET AL lifted its stake in 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 in the last quarter. Kestra Advisory Services LLC lifted its holdings in shares of Gabelli Multimedia Trust by 84.1% in the fourth quarter. Kestra Advisory Services LLC now owns 603,991 shares of the financial services provider’s stock valued at $2,537,000 after purchasing an additional 275,955 shares in the last quarter. Balyasny Asset Management L.P. bought a new stake in shares of Gabelli Multimedia Trust in the second quarter valued at about $537,000. Wolverine Asset Management LLC bought a new position in shares of Gabelli Multimedia Trust during the second quarter worth about $363,000. Finally, Jane Street Group LLC boosted its position in 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 acquiring an additional 11,714 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.