Short Interest in Gabelli Multimedia Trust Inc. (NYSE:GGT) Decreases By 56.3%

Gabelli Multimedia Trust Inc. (NYSE:GGT) was the target of a large drop in short interest in the month of December. As of December 31st, there was short interest totaling 50,051 shares, a drop of 56.3% from the December 15th total of 114,488 shares. Approximately 0.2% of the shares of the stock are short sold. Based on an average daily trading volume, of 183,777 shares, the days-to-cover ratio is currently 0.3 days. Based on an average daily trading volume, of 183,777 shares, the days-to-cover ratio is currently 0.3 days. Approximately 0.2% of the shares of the stock are short sold.

Gabelli Multimedia Trust Trading Up 0.6%

GGT traded up $0.03 during trading on Friday, hitting $4.22. The company’s stock had a trading volume of 145,583 shares, compared to its average volume of 197,624. The firm’s 50 day moving average price is $4.13 and its two-hundred day moving average price is $4.18. Gabelli Multimedia Trust has a 12 month low of $3.75 and a 12 month high of $4.95.

Gabelli Multimedia Trust Increases Dividend

The business also recently announced a monthly dividend, which will be paid on Tuesday, March 24th. Shareholders of record on Tuesday, March 17th will be paid a $0.08 dividend. This is a boost from Gabelli Multimedia Trust’s previous monthly dividend of $0.07. This represents a c) dividend on an annualized basis and a dividend yield of 22.8%. The ex-dividend date of this dividend is Tuesday, March 17th.

Insiders Place Their Bets

In related news, insider Mario J. Gabelli acquired 31,000 shares of the company’s stock in a transaction on Monday, October 27th. The stock was purchased at an average cost of $4.04 per share, for a total transaction of $125,240.00. Following the completion of the purchase, the insider directly owned 31,000 shares of the company’s stock, valued at $125,240. The trade was a ∞ increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 9.59% of the stock is owned by company insiders.

Institutional Trading of Gabelli Multimedia Trust

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Belpointe Asset Management LLC lifted its holdings in Gabelli Multimedia Trust by 18.8% during the 1st quarter. Belpointe Asset Management LLC now owns 18,992 shares of the financial services provider’s stock worth $88,000 after buying an additional 3,000 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Gabelli Multimedia Trust by 30.5% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 14,030 shares of the financial services provider’s stock valued at $60,000 after acquiring an additional 3,282 shares during the period. Wolverine Asset Management LLC acquired a new stake in Gabelli Multimedia Trust in the second quarter worth about $363,000. Allworth Financial LP acquired a new stake in Gabelli Multimedia Trust in the second quarter worth about $49,000. Finally, Cetera Investment Advisers raised its holdings in Gabelli Multimedia Trust by 73.8% during the 2nd 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. Institutional investors and hedge funds own 10.63% of the company’s stock.

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.