Gabelli Multimedia Trust Inc. (NYSE:GGT) Sees Large Growth in Short Interest

Gabelli Multimedia Trust Inc. (NYSE:GGT) saw a large growth in short interest in the month of January. As of January 30th, there was short interest totaling 115,981 shares, a growth of 47.1% from the January 15th total of 78,827 shares. Currently, 0.4% of the company’s shares are short sold. Based on an average trading volume of 215,833 shares, the days-to-cover ratio is presently 0.5 days. Based on an average trading volume of 215,833 shares, the days-to-cover ratio is presently 0.5 days. Currently, 0.4% of the company’s shares are short sold.

Gabelli Multimedia Trust Price Performance

Gabelli Multimedia Trust stock traded down $0.12 during trading hours on Friday, reaching $4.06. The company had a trading volume of 476,892 shares, compared to its average volume of 284,244. Gabelli Multimedia Trust has a 12-month low of $3.75 and a 12-month high of $4.94. The company has a 50-day moving average price of $4.19 and a 200 day moving average price of $4.17.

Gabelli Multimedia Trust Increases Dividend

The company also recently declared a monthly dividend, which will be paid on Tuesday, June 23rd. Investors of record on Monday, June 15th will be issued a dividend of $0.08 per share. The ex-dividend date is Monday, June 15th. This represents a c) dividend on an annualized basis and a yield of 23.7%. This is an increase from Gabelli Multimedia Trust’s previous monthly dividend of $0.07.

Institutional Investors Weigh In On Gabelli Multimedia Trust

Large investors have recently added to or reduced their stakes in the company. Raymond James Financial Inc. bought a new position in shares of Gabelli Multimedia Trust during the second quarter valued at about $27,000. Geneos Wealth Management Inc. purchased a new position in Gabelli Multimedia Trust during the 3rd quarter valued at about $30,000. Allworth Financial LP bought a new position in Gabelli Multimedia Trust during the 2nd quarter valued at approximately $49,000. Ameriprise Financial Inc. purchased a new stake in Gabelli Multimedia Trust in the 3rd quarter worth approximately $49,000. Finally, CoreCap Advisors LLC grew its position in shares of 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 worth $67,000 after buying an additional 14,000 shares during 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.