Gabelli Multimedia Trust (NYSE:GGT) Stock Price Passes Above 200 Day Moving Average – Time to Sell?

Gabelli Multimedia Trust Inc. (NYSE:GGT)’s share price crossed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $4.16 and traded as high as $4.25. Gabelli Multimedia Trust shares last traded at $4.1750, with a volume of 215,404 shares trading hands.

Gabelli Multimedia Trust Price Performance

The firm’s 50-day moving average price is $4.18 and its 200-day moving average price is $4.16.

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 dividend of $0.08 per share. This represents a c) annualized dividend and a dividend yield of 23.4%. This is a boost from Gabelli Multimedia Trust’s previous monthly dividend of $0.07. The ex-dividend date of this dividend is Monday, June 15th.

Insider Activity at Gabelli Multimedia Trust

In other news, insider Mario J. Gabelli acquired 25,000 shares of the firm’s stock in a transaction on Tuesday, February 24th. The shares were purchased at an average price 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 $4,703,087.76. The trade was a 2.21% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 9.59% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Gabelli Multimedia Trust

Several large investors have recently made changes to their positions in GGT. Gamco Investors INC. ET AL boosted its holdings in shares of 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 valued at $5,252,000 after acquiring an additional 51,500 shares during the last quarter. Kestra Advisory Services LLC increased its holdings in Gabelli Multimedia Trust by 84.1% in 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 last quarter. Balyasny Asset Management L.P. purchased a new stake in Gabelli Multimedia Trust during the second quarter valued at $537,000. Jane Street Group LLC lifted its holdings in shares of Gabelli Multimedia Trust by 17.5% in 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, PMG Family Office LLC purchased a new stake in shares of Gabelli Multimedia Trust during the third quarter valued at $301,000. 10.63% of the stock is currently owned by hedge funds and other 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.