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

Gabelli Multimedia Trust Inc. (NYSE:GGT) crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $4.14 and traded as high as $4.35. Gabelli Multimedia Trust shares last traded at $4.3250, with a volume of 336,803 shares.

Gabelli Multimedia Trust Stock Performance

The company’s 50 day moving average is $4.13 and its 200-day moving average is $4.14.

Gabelli Multimedia Trust Increases Dividend

The business also recently announced a monthly dividend, which will be paid on Wednesday, September 23rd. Investors of record on Wednesday, September 16th will be paid a dividend of $0.08 per share. This is a boost from Gabelli Multimedia Trust’s previous monthly dividend of $0.07. This represents a c) annualized dividend and a yield of 22.2%. The ex-dividend date of this dividend is Wednesday, September 16th.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Kestra Private Wealth Services LLC boosted its stake in Gabelli Multimedia Trust by 8.5% during the fourth quarter. Kestra Private Wealth Services LLC now owns 36,748 shares of the financial services provider’s stock worth $154,000 after acquiring an additional 2,882 shares in the last quarter. Arax Advisory Partners boosted its stake in Gabelli Multimedia Trust by 90.0% during the fourth quarter. Arax Advisory Partners now owns 6,152 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 2,914 shares in the last quarter. PMG Family Office LLC boosted its stake in Gabelli Multimedia Trust by 14.0% during the first quarter. PMG Family Office LLC now owns 26,610 shares of the financial services provider’s stock worth $105,000 after acquiring an additional 3,262 shares in the last quarter. Cetera Investment Advisers boosted its stake in Gabelli Multimedia Trust by 27.5% during the first quarter. Cetera Investment Advisers now owns 21,390 shares of the financial services provider’s stock worth $84,000 after acquiring an additional 4,616 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new position in Gabelli Multimedia Trust during the second quarter worth $27,000. 10.63% of the stock is owned by 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.