Gabelli Multimedia Trust (NYSE:GGT) Share Price Passes Above Two Hundred Day Moving Average – What’s Next?

Gabelli Multimedia Trust Inc. (NYSE:GGT) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $4.16 and traded as high as $4.24. Gabelli Multimedia Trust shares last traded at $4.1820, with a volume of 268,534 shares changing hands.

Gabelli Multimedia Trust Stock Performance

The business has a 50-day moving average price of $4.21 and a 200 day moving average price of $4.16.

Gabelli Multimedia Trust Increases Dividend

The business also recently announced a monthly dividend, which will be paid on Wednesday, September 23rd. Stockholders of record on Wednesday, September 16th will be given a dividend of $0.08 per share. This represents a c) dividend on an annualized basis and a dividend yield of 23.0%. This is a boost from Gabelli Multimedia Trust’s previous monthly dividend of $0.07. The ex-dividend date of this dividend is Wednesday, September 16th.

Institutional Investors Weigh In On Gabelli Multimedia Trust

Hedge funds have recently modified their holdings of the stock. Gamco Investors INC. ET AL increased its stake in Gabelli Multimedia Trust by 2.0% in the 1st quarter. Gamco Investors INC. ET AL now owns 1,275,447 shares of the financial services provider’s stock worth $5,013,000 after purchasing an additional 25,000 shares in the last quarter. Kestra Advisory Services LLC lifted its stake in Gabelli Multimedia Trust by 2.1% during the first quarter. Kestra Advisory Services LLC now owns 616,809 shares of the financial services provider’s stock valued at $2,424,000 after buying an additional 12,818 shares in the last quarter. Balyasny Asset Management L.P. purchased a new stake in Gabelli Multimedia Trust during the second quarter valued at about $537,000. Jane Street Group LLC boosted its holdings in shares of Gabelli Multimedia Trust by 17.5% in the fourth quarter. Jane Street Group LLC now owns 78,839 shares of the financial services provider’s stock worth $331,000 after buying an additional 11,714 shares during the period. Finally, PMG Family Office LLC acquired a new position in shares of Gabelli Multimedia Trust in the third quarter worth about $301,000. 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.