Gabelli Multimedia Trust (NYSE:GGT) Shares Pass Above 200 Day Moving Average – Here’s What Happened

Gabelli Multimedia Trust Inc. (NYSE:GGT)’s share price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $4.15 and traded as high as $4.27. Gabelli Multimedia Trust shares last traded at $4.2550, with a volume of 277,353 shares changing hands.

Gabelli Multimedia Trust Stock Down 0.4%

The stock has a fifty day moving average of $4.18 and a 200-day moving average of $4.15.

Gabelli Multimedia Trust Increases Dividend

The firm also recently declared a monthly dividend, which will be paid on Wednesday, September 23rd. Investors of record on Wednesday, September 16th will be issued a $0.08 dividend. 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 22.6%. The ex-dividend date of this dividend is Wednesday, September 16th.

Institutional Trading of Gabelli Multimedia Trust

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Gamco Investors INC. ET AL raised its holdings in Gabelli Multimedia Trust by 2.0% during 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 during the last quarter. Cetera Investment Advisers raised its holdings in Gabelli Multimedia Trust by 27.5% during the 1st quarter. Cetera Investment Advisers now owns 21,390 shares of the financial services provider’s stock worth $84,000 after purchasing an additional 4,616 shares during the last quarter. Geneos Wealth Management Inc. raised its holdings in Gabelli Multimedia Trust by 141.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 16,900 shares of the financial services provider’s stock worth $66,000 after purchasing an additional 9,900 shares during the last quarter. Kestra Advisory Services LLC raised its holdings in Gabelli Multimedia Trust by 2.1% during the 1st quarter. Kestra Advisory Services LLC now owns 616,809 shares of the financial services provider’s stock worth $2,424,000 after purchasing an additional 12,818 shares during the last quarter. Finally, Decision Investments Inc. bought a new stake in Gabelli Multimedia Trust during the 1st quarter worth about $92,000. 10.63% of the stock is owned by institutional investors.

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.