Gabelli Multimedia Trust (NYSE:GGT) Stock Price Passes Above Two Hundred Day Moving Average – Here’s What Happened

Gabelli Multimedia Trust Inc. (NYSE:GGT) shares passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $4.18 and traded as high as $4.25. Gabelli Multimedia Trust shares last traded at $4.2330, with a volume of 228,188 shares traded.

Gabelli Multimedia Trust Stock Up 0.1%

The business’s 50 day moving average price is $4.13 and its 200 day moving average price is $4.18.

Gabelli Multimedia Trust Increases Dividend

The firm also recently disclosed 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. The ex-dividend date of this dividend is Tuesday, March 17th. This is a positive change 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 22.7%.

Insiders Place Their Bets

In related news, insider Mario J. Gabelli purchased 31,000 shares of the business’s stock in a transaction on Monday, October 27th. The stock was acquired at an average price of $4.04 per share, with a total value of $125,240.00. Following the completion of the acquisition, the insider owned 31,000 shares of the company’s stock, valued at approximately $125,240. This trade represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 8.00% of the company’s stock.

Hedge Funds Weigh In On Gabelli Multimedia Trust

Hedge funds have recently made changes to their positions in the business. Balyasny Asset Management L.P. purchased a new position in Gabelli Multimedia Trust during the 2nd quarter valued at approximately $537,000. Wolverine Asset Management LLC bought a new stake in shares of Gabelli Multimedia Trust during the second quarter valued at approximately $363,000. PMG Family Office LLC bought a new stake in shares of Gabelli Multimedia Trust in the third quarter valued at about $301,000. Fisher Asset Management LLC bought a new position in Gabelli Multimedia Trust in the third quarter worth approximately $100,000. Finally, CoreCap Advisors LLC raised its holdings in Gabelli Multimedia Trust by 848.5% in the third quarter. CoreCap Advisors LLC now owns 15,650 shares of the financial services provider’s stock worth $67,000 after purchasing an additional 14,000 shares in the last quarter. Institutional investors 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.