Gabelli Multimedia Trust Inc. (NYSE:GGT) Short Interest Down 33.5% in February

Gabelli Multimedia Trust Inc. (NYSE:GGT) was the target of a large decrease in short interest in the month of February. As of February 27th, there was short interest totaling 72,391 shares, a decrease of 33.5% from the February 12th total of 108,825 shares. Approximately 0.2% of the company’s shares are sold short. Based on an average daily trading volume, of 288,566 shares, the short-interest ratio is presently 0.3 days. Based on an average daily trading volume, of 288,566 shares, the short-interest ratio is presently 0.3 days. Approximately 0.2% of the company’s shares are sold short.

Gabelli Multimedia Trust Stock Performance

Shares of NYSE:GGT traded down $0.07 during midday trading on Friday, hitting $4.11. 304,095 shares of the stock traded hands, compared to its average volume of 282,359. The business’s 50 day moving average is $4.18 and its two-hundred day moving average is $4.16. Gabelli Multimedia Trust has a one year low of $3.75 and a one year high of $4.94.

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

Insiders Place Their Bets

In other news, insider Mario J. Gabelli purchased 25,000 shares of the business’s stock in a transaction on Tuesday, February 24th. The shares were acquired at an average price of $4.06 per share, with a total value of $101,500.00. Following the acquisition, the insider directly owned 1,158,396 shares in the company, valued at approximately $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 SEC, which is available at the SEC website. 9.59% of the stock is owned by insiders.

Institutional Investors Weigh In On Gabelli Multimedia Trust

Institutional investors and hedge funds have recently modified their holdings of the stock. Arax Advisory Partners grew its stake in shares of Gabelli Multimedia Trust by 90.0% in the 4th quarter. Arax Advisory Partners now owns 6,152 shares of the financial services provider’s stock worth $26,000 after buying an additional 2,914 shares during the last quarter. Raymond James Financial Inc. bought a new stake in Gabelli Multimedia Trust in the second quarter worth $27,000. Geneos Wealth Management Inc. bought a new stake in Gabelli Multimedia Trust in the third quarter worth $30,000. Allworth Financial LP purchased a new stake in shares of Gabelli Multimedia Trust in the second quarter worth $49,000. Finally, Ameriprise Financial Inc. purchased a new stake in shares of Gabelli Multimedia Trust in the third quarter worth $49,000. 10.63% of the stock is owned by hedge funds and other institutional investors.

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.