Gabelli Multimedia Trust (NYSE:GGT) Stock Passes Above 200 Day Moving Average – Here’s Why

Gabelli Multimedia Trust Inc. (NYSE:GGT) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $4.13 and traded as high as $4.30. Gabelli Multimedia Trust shares last traded at $4.2650, with a volume of 280,874 shares changing hands.

Gabelli Multimedia Trust Trading Down 0.1%

The company has a 50-day moving average price of $4.11 and a two-hundred day moving average price of $4.13.

Gabelli Multimedia Trust Increases Dividend

The business 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 dividend of $0.08 per share. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a c) annualized dividend and a dividend yield of 22.5%. This is an increase from Gabelli Multimedia Trust’s previous monthly dividend of $0.07.

Insider Buying and Selling at Gabelli Multimedia Trust

In related news, insider Mario J. Gabelli bought 25,000 shares of the business’s stock in a transaction dated Tuesday, February 24th. The shares were purchased at an average price of $4.06 per share, with a total value of $101,500.00. Following the transaction, the insider owned 1,158,396 shares in the company, valued at $4,703,087.76. This trade represents a 2.21% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 8.00% of the company’s stock.

Hedge Funds Weigh In On Gabelli Multimedia Trust

Large investors have recently modified their holdings of the stock. Gamco Investors INC. ET AL grew its position in Gabelli Multimedia Trust by 2.0% in the 1st quarter. Gamco Investors INC. ET AL now owns 1,275,447 shares of the financial services provider’s stock valued at $5,013,000 after acquiring an additional 25,000 shares during the last quarter. Kestra Advisory Services LLC grew its position in Gabelli Multimedia Trust by 2.1% in the 1st quarter. Kestra Advisory Services LLC now owns 616,809 shares of the financial services provider’s stock valued at $2,424,000 after acquiring an additional 12,818 shares during the last quarter. Balyasny Asset Management L.P. bought a new position in Gabelli Multimedia Trust in the 2nd quarter valued at $537,000. Jane Street Group LLC grew its position in 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 valued at $331,000 after acquiring an additional 11,714 shares during the last quarter. Finally, PMG Family Office LLC bought a new position in Gabelli Multimedia Trust in the 3rd quarter valued at $301,000. Institutional investors own 10.63% of the company’s stock.

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.