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

Gabelli Multimedia Trust Inc. (NYSE:GGT) saw a significant growth in short interest in the month of July. As of July 31st, there was short interest totaling 299,206 shares, a growth of 66.7% from the July 15th total of 179,493 shares. Currently, 1.0% of the shares of the stock are short sold. Based on an average trading volume of 368,135 shares, the short-interest ratio is currently 0.8 days.

Gabelli Multimedia Trust Price Performance

NYSE GGT opened at $4.12 on Wednesday. The business has a fifty day moving average price of $4.16 and a 200 day moving average price of $4.15. Gabelli Multimedia Trust has a one year low of $3.87 and a one 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) annualized dividend and a dividend yield of 23.3%. 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.

Hedge Funds Weigh In On Gabelli Multimedia Trust

Several institutional investors and hedge funds have recently bought and sold shares of the company. Cetera Investment Advisers raised its position in Gabelli Multimedia Trust by 73.8% in the second quarter. Cetera Investment Advisers now owns 21,703 shares of the financial services provider’s stock valued at $90,000 after purchasing an additional 9,214 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of Gabelli Multimedia Trust in the second quarter valued at $27,000. Balyasny Asset Management L.P. purchased a new stake in shares of Gabelli Multimedia Trust in the 2nd quarter valued at $537,000. Ameriprise Financial Inc. purchased a new stake in shares of Gabelli Multimedia Trust in the 3rd quarter valued at $49,000. Finally, Kestra Private Wealth Services LLC lifted its stake in Gabelli Multimedia Trust by 45.2% during the 3rd quarter. Kestra Private Wealth Services LLC now owns 33,866 shares of the financial services provider’s stock worth $146,000 after acquiring an additional 10,545 shares in 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.