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

Gabelli Multimedia Trust Inc. (NYSE:GGT) was the target of a significant growth in short interest during the month of December. As of December 15th, there was short interest totaling 114,488 shares, a growth of 59.5% from the November 30th total of 71,801 shares. Based on an average daily volume of 223,605 shares, the short-interest ratio is presently 0.5 days. Currently, 0.4% of the company’s stock are sold short. Currently, 0.4% of the company’s stock are sold short. Based on an average daily volume of 223,605 shares, the short-interest ratio is presently 0.5 days.

Gabelli Multimedia Trust Price Performance

GGT traded up $0.08 on Monday, hitting $4.18. 230,047 shares of the company’s stock were exchanged, compared to its average volume of 194,806. The stock has a fifty day moving average of $4.08 and a two-hundred day moving average of $4.16. Gabelli Multimedia Trust has a twelve month low of $3.75 and a twelve month high of $4.95.

Gabelli Multimedia Trust Increases Dividend

The business also recently declared a monthly dividend, which will be paid on Tuesday, March 24th. Investors of record on Tuesday, March 17th will be issued a $0.08 dividend. This is a positive change from Gabelli Multimedia Trust’s previous monthly dividend of $0.07. The ex-dividend date of this dividend is Tuesday, March 17th. This represents a c) annualized dividend and a dividend yield of 23.0%.

Insider Buying and Selling

In other news, insider Mario J. Gabelli acquired 31,000 shares of the stock in a transaction that occurred on Monday, October 27th. The stock was purchased at an average cost of $4.04 per share, with a total value of $125,240.00. Following the completion of the acquisition, the insider directly owned 31,000 shares in the company, valued at $125,240. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 8.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Raymond James Financial Inc. bought a new stake in Gabelli Multimedia Trust in the second quarter valued at $27,000. Geneos Wealth Management Inc. acquired a new stake in shares of Gabelli Multimedia Trust in the 3rd quarter worth about $30,000. Ameriprise Financial Inc. bought a new stake in Gabelli Multimedia Trust in the 3rd quarter valued at about $49,000. Allworth Financial LP acquired a new position in Gabelli Multimedia Trust during the 2nd quarter valued at about $49,000. Finally, Wealth Enhancement Advisory Services LLC boosted its stake in Gabelli Multimedia Trust by 30.5% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 14,030 shares of the financial services provider’s stock valued at $60,000 after purchasing an additional 3,282 shares during the period. 10.63% of the stock is currently 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.