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

Gabelli Multimedia Trust Inc. (NYSE:GGT) shares passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $4.18 and traded as high as $4.22. Gabelli Multimedia Trust shares last traded at $4.18, with a volume of 185,240 shares trading hands.

Gabelli Multimedia Trust Stock Performance

The business has a fifty day moving average of $4.17 and a two-hundred day moving average of $4.18.

Gabelli Multimedia Trust Increases Dividend

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, March 24th. Shareholders of record on Tuesday, March 17th will be issued a $0.08 dividend. This is an increase from Gabelli Multimedia Trust’s previous monthly dividend of $0.07. This represents a c) annualized dividend and a dividend yield of 23.0%. The ex-dividend date is Tuesday, March 17th.

Institutional Trading of Gabelli Multimedia Trust

Several hedge funds and other institutional investors have recently modified their holdings of GGT. Balyasny Asset Management L.P. acquired a new position in shares of Gabelli Multimedia Trust during the 2nd quarter worth approximately $537,000. Wolverine Asset Management LLC acquired a new stake in Gabelli Multimedia Trust during the second quarter worth approximately $363,000. PMG Family Office LLC acquired a new stake in Gabelli Multimedia Trust during the third quarter worth approximately $301,000. Fisher Asset Management LLC bought a new position in Gabelli Multimedia Trust during the 3rd quarter worth $100,000. Finally, CoreCap Advisors LLC raised its holdings in Gabelli Multimedia Trust by 848.5% in the 3rd quarter. CoreCap Advisors LLC now owns 15,650 shares of the financial services provider’s stock valued at $67,000 after acquiring 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.