Gabelli Multimedia Trust (NYSE:GGT) Stock Price Passes Above 200 Day Moving Average – Time to Sell?

Gabelli Multimedia Trust Inc. (NYSE:GGT) shares crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $4.16 and traded as high as $4.19. Gabelli Multimedia Trust shares last traded at $4.13, with a volume of 142,827 shares.

Gabelli Multimedia Trust Stock Down 0.7%

The company’s 50 day moving average price is $4.08 and its 200-day moving average price is $4.16.

Gabelli Multimedia Trust Increases Dividend

The company also recently disclosed a monthly dividend, which will be paid on Tuesday, March 24th. Shareholders of record on Tuesday, March 17th will be given a $0.08 dividend. This represents a c) dividend on an annualized basis and a yield of 23.2%. The ex-dividend date of this dividend is Tuesday, March 17th. This is a positive change from Gabelli Multimedia Trust’s previous monthly dividend of $0.07.

Insider Activity at Gabelli Multimedia Trust

In other news, insider Mario J. Gabelli bought 31,000 shares of the company’s stock in a transaction on Monday, October 27th. The shares were purchased at an average price of $4.04 per share, with a total value of $125,240.00. Following the transaction, the insider directly owned 31,000 shares in the company, valued at $125,240. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 8.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Gabelli Multimedia Trust

Institutional investors and hedge funds have recently modified their holdings of the business. Balyasny Asset Management L.P. bought a new stake in Gabelli Multimedia Trust during the second quarter worth $537,000. Wolverine Asset Management LLC bought a new stake in shares of Gabelli Multimedia Trust during the 2nd quarter worth $363,000. Kestra Private Wealth Services LLC raised its stake in shares of Gabelli Multimedia Trust by 45.2% during the 3rd quarter. Kestra Private Wealth Services LLC now owns 33,866 shares of the financial services provider’s stock worth $146,000 after purchasing an additional 10,545 shares during the period. Fisher Asset Management LLC purchased a new position in shares of Gabelli Multimedia Trust in the 3rd quarter worth about $100,000. Finally, Cetera Investment Advisers grew its position in Gabelli Multimedia Trust by 73.8% during the second quarter. Cetera Investment Advisers now owns 21,703 shares of the financial services provider’s stock valued at $90,000 after buying an additional 9,214 shares during the period. 10.63% of the stock is owned by hedge funds and other institutional investors.

Gabelli Multimedia Trust Company Profile

The Gabelli Multimedia Trust Inc is a closed-ended equity mutual fund launched by GAMCO Investors, Inc It is managed by Gabelli Funds LLC. The fund invests in the public equity markets across the globe. It invests in stocks, convertible securities, preferred stock, options, and warrants of companies operating across global telecommunications, media, publishing, and entertainment industries.