Gabelli Multimedia Trust (NYSE:GGT) Stock Price Crosses Above 200-Day Moving Average – What’s Next?

Gabelli Multimedia Trust Inc. (NYSE:GGT)’s stock price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $4.18 and traded as high as $4.27. Gabelli Multimedia Trust shares last traded at $4.2650, with a volume of 206,642 shares traded.

Gabelli Multimedia Trust Stock Performance

The firm’s 50-day moving average is $4.14 and its 200-day moving average is $4.18.

Gabelli Multimedia Trust Increases Dividend

The company also recently announced a monthly dividend, which will be paid on Tuesday, March 24th. Shareholders of record on Tuesday, March 17th will be issued a dividend of $0.08 per share. This is a positive change from Gabelli Multimedia Trust’s previous monthly dividend of $0.07. The ex-dividend date is Tuesday, March 17th. This represents a c) dividend on an annualized basis and a dividend yield of 22.5%.

Insider Activity at Gabelli Multimedia Trust

In other news, insider Mario J. Gabelli bought 31,000 shares of the stock in a transaction dated Monday, October 27th. The stock was bought at an average price of $4.04 per share, for a total transaction of $125,240.00. Following the purchase, the insider directly owned 31,000 shares in the company, valued at $125,240. This trade represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 9.59% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Gabelli Multimedia Trust

Institutional investors have recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of 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 buying an additional 3,282 shares in the last quarter. Wolverine Asset Management LLC bought a new position in shares of Gabelli Multimedia Trust in the 2nd quarter worth about $363,000. Allworth Financial LP purchased a new position in Gabelli Multimedia Trust during the 2nd quarter valued at about $49,000. Cetera Investment Advisers boosted its stake in Gabelli Multimedia Trust by 73.8% during the second quarter. Cetera Investment Advisers now owns 21,703 shares of the financial services provider’s stock worth $90,000 after acquiring an additional 9,214 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new stake in Gabelli Multimedia Trust during the second quarter worth about $27,000. 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.