Gabelli Multimedia Trust Inc. (NYSE:GGT) Short Interest Down 32.7% in August

Gabelli Multimedia Trust Inc. (NYSE:GGT) was the recipient of a significant drop in short interest in the month of August. As of August 14th, there was short interest totaling 201,492 shares, a drop of 32.7% from the July 30th total of 299,206 shares. Currently, 0.7% of the company’s stock are short sold. Based on an average daily trading volume, of 254,311 shares, the short-interest ratio is currently 0.8 days.

Institutional Investors Weigh In On Gabelli Multimedia Trust

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GGT. Landscape Capital Management L.L.C. purchased a new stake in Gabelli Multimedia Trust during the 2nd quarter valued at about $512,000. Cetera Investment Advisers raised its stake in shares of 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 worth $90,000 after purchasing an additional 9,214 shares during the last quarter. Raymond James Financial Inc. lifted its holdings in shares of Gabelli Multimedia Trust by 122.4% during the third quarter. Raymond James Financial Inc. now owns 14,348 shares of the financial services provider’s stock worth $62,000 after purchasing an additional 7,897 shares during the period. Advisory Solutions Group LLC acquired a new stake in shares of Gabelli Multimedia Trust during the second quarter worth about $631,000. Finally, Susquehanna International Group LLP purchased a new stake in Gabelli Multimedia Trust in the second quarter valued at approximately $54,000. 10.63% of the stock is currently owned by hedge funds and other institutional investors.

Gabelli Multimedia Trust Stock Performance

NYSE:GGT opened at $4.04 on Thursday. The firm has a 50-day simple moving average of $4.13 and a 200-day simple moving average of $4.14. 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 disclosed a monthly dividend, which will be paid on Friday, December 18th. Investors of record on Friday, December 11th will be paid a dividend of $0.08 per share. This is a boost from Gabelli Multimedia Trust’s previous monthly dividend of $0.07. The ex-dividend date is Friday, December 11th. This represents a c) annualized dividend and a dividend yield of 23.8%.

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.