Gabelli Multimedia Trust Inc. (NYSE:GGT) Short Interest Update

Gabelli Multimedia Trust Inc. (NYSE:GGT) was the recipient of a significant growth in short interest during the month of June. As of June 15th, there was short interest totaling 185,075 shares, a growth of 82.9% from the May 31st total of 101,192 shares. Approximately 0.6% of the shares of the company are short sold. Based on an average daily trading volume, of 311,797 shares, the days-to-cover ratio is presently 0.6 days.

Gabelli Multimedia Trust Price Performance

NYSE GGT opened at $4.21 on Thursday. The stock’s fifty day moving average price is $4.22 and its 200 day moving average price is $4.16. Gabelli Multimedia Trust has a 1 year low of $3.87 and a 1 year high of $4.39.

Gabelli Multimedia Trust Increases Dividend

The company also recently disclosed a monthly dividend, which will be paid on Wednesday, September 23rd. Stockholders of record on Wednesday, September 16th will be issued a $0.08 dividend. This is a boost 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 22.8%. The ex-dividend date of this dividend is Wednesday, September 16th.

Hedge Funds Weigh In On Gabelli Multimedia Trust

A number of institutional investors have recently bought and sold shares of the business. Arax Advisory Partners lifted its stake in Gabelli Multimedia Trust by 90.0% during the 4th quarter. Arax Advisory Partners now owns 6,152 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 2,914 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of Gabelli Multimedia Trust in the second quarter worth $27,000. Ameriprise Financial Inc. purchased a new position in shares of Gabelli Multimedia Trust during the third quarter worth $49,000. Geneos Wealth Management Inc. lifted its position in Gabelli Multimedia Trust by 141.4% during the first quarter. Geneos Wealth Management Inc. now owns 16,900 shares of the financial services provider’s stock valued at $66,000 after purchasing an additional 9,900 shares during the period. Finally, Cetera Investment Advisers boosted its holdings in Gabelli Multimedia Trust by 27.5% in the first quarter. Cetera Investment Advisers now owns 21,390 shares of the financial services provider’s stock valued at $84,000 after purchasing an additional 4,616 shares during the last quarter. 10.63% of the stock is owned by hedge funds and other 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.