Gabelli Multimedia Trust Inc. (NYSE:GGT) Short Interest Down 33.5% in February

Gabelli Multimedia Trust Inc. (NYSE:GGT) saw a large decline in short interest during the month of February. As of February 27th, there was short interest totaling 72,391 shares, a decline of 33.5% from the February 12th total of 108,825 shares. Based on an average trading volume of 288,566 shares, the short-interest ratio is presently 0.3 days. Approximately 0.2% of the shares of the stock are short sold. Approximately 0.2% of the shares of the stock are short sold. Based on an average trading volume of 288,566 shares, the short-interest ratio is presently 0.3 days.

Gabelli Multimedia Trust Trading Down 1.7%

NYSE GGT traded down $0.07 during trading hours on Friday, reaching $4.11. 304,095 shares of the stock traded hands, compared to its average volume of 282,359. The stock has a 50 day simple moving average of $4.18 and a two-hundred day simple moving average of $4.16. Gabelli Multimedia Trust has a 1 year low of $3.75 and a 1 year high of $4.94.

Gabelli Multimedia Trust Increases Dividend

The firm also recently declared a monthly dividend, which will be paid on Tuesday, June 23rd. Shareholders of record on Monday, June 15th will be paid a $0.08 dividend. This is a boost from Gabelli Multimedia Trust’s previous monthly dividend of $0.07. This represents a c) annualized dividend and a yield of 23.4%. The ex-dividend date of this dividend is Monday, June 15th.

Insider Activity

In related news, insider Mario J. Gabelli bought 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 24th. The stock was bought at an average cost of $4.06 per share, for a total transaction of $101,500.00. Following the completion of the transaction, the insider owned 1,158,396 shares of the company’s stock, valued at approximately $4,703,087.76. The trade was a 2.21% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 9.59% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Kovack Advisors Inc. purchased a new position in shares of Gabelli Multimedia Trust in the fourth quarter worth about $117,000. Arax Advisory Partners lifted its stake in shares of Gabelli Multimedia Trust by 90.0% in the 4th quarter. Arax Advisory Partners now owns 6,152 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 2,914 shares during the last quarter. Kestra Advisory Services LLC boosted its holdings in Gabelli Multimedia Trust by 84.1% during the 4th quarter. Kestra Advisory Services LLC now owns 603,991 shares of the financial services provider’s stock valued at $2,537,000 after acquiring an additional 275,955 shares during the period. Jane Street Group LLC grew 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. Finally, Gamco Investors INC. ET AL grew its position in Gabelli Multimedia Trust by 4.3% during the 4th quarter. Gamco Investors INC. ET AL now owns 1,250,447 shares of the financial services provider’s stock worth $5,252,000 after acquiring an additional 51,500 shares during the last quarter. 10.63% of the stock is owned by 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.