Short Interest in Gabelli Multimedia Trust Inc. (NYSE:GGT) Increases By 66.7%

Gabelli Multimedia Trust Inc. (NYSE:GGT) was the recipient of a significant growth in short interest in the month of July. As of July 31st, there was short interest totaling 299,206 shares, a growth of 66.7% from the July 15th total of 179,493 shares. Based on an average daily volume of 368,135 shares, the days-to-cover ratio is presently 0.8 days. Approximately 1.0% of the shares of the company are short sold.

Gabelli Multimedia Trust Price Performance

NYSE:GGT traded down $0.01 during midday trading on Tuesday, hitting $4.12. The company’s stock had a trading volume of 303,283 shares, compared to its average volume of 299,462. Gabelli Multimedia Trust has a fifty-two week low of $3.87 and a fifty-two week high of $4.39. The firm’s 50 day moving average is $4.16 and its 200-day moving average is $4.15.

Gabelli Multimedia Trust Increases Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Friday, December 18th. Shareholders of record on Friday, December 11th will be paid a dividend of $0.08 per share. This represents a c) annualized dividend and a yield of 23.3%. The ex-dividend date is Friday, December 11th. This is a positive change from Gabelli Multimedia Trust’s previous monthly dividend of $0.07.

Institutional Trading of Gabelli Multimedia Trust

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Kestra Private Wealth Services LLC lifted its position 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 valued at $154,000 after purchasing an additional 2,882 shares during the period. Arax Advisory Partners raised its stake in shares of 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 buying an additional 2,914 shares during the last quarter. PMG Family Office LLC lifted its holdings in shares of Gabelli Multimedia Trust by 14.0% in the 1st quarter. PMG Family Office LLC now owns 26,610 shares of the financial services provider’s stock valued at $105,000 after buying an additional 3,262 shares during the period. Cetera Investment Advisers lifted its holdings in shares of Gabelli Multimedia Trust by 27.5% in the 1st quarter. Cetera Investment Advisers now owns 21,390 shares of the financial services provider’s stock valued at $84,000 after buying an additional 4,616 shares during the period. Finally, Raymond James Financial Inc. purchased a new stake in shares of Gabelli Multimedia Trust in the second quarter worth about $27,000. Institutional investors and hedge funds own 10.63% of the company’s stock.

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.