Gabelli Multimedia Trust (NYSE:GGT) Shares Cross Above 200 Day Moving Average – What’s Next?

Gabelli Multimedia Trust Inc. (NYSE:GGT) shares passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $4.18 and traded as high as $4.25. Gabelli Multimedia Trust shares last traded at $4.2330, with a volume of 228,188 shares changing hands.

Gabelli Multimedia Trust Price Performance

The company’s 50-day moving average is $4.13 and its two-hundred day moving average is $4.18.

Gabelli Multimedia Trust Increases Dividend

The company also recently declared a monthly dividend, which will be paid on Tuesday, March 24th. Investors of record on Tuesday, March 17th will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Tuesday, March 17th. This is an increase 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 22.7%.

Insiders Place Their Bets

In other Gabelli Multimedia Trust news, insider Mario J. Gabelli acquired 31,000 shares of Gabelli Multimedia Trust stock in a transaction on Monday, October 27th. The stock was purchased at an average price of $4.04 per share, for a total transaction of $125,240.00. Following the purchase, the insider directly owned 31,000 shares of the company’s stock, valued at $125,240. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 8.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. Raymond James Financial Inc. purchased a new position in Gabelli Multimedia Trust during the 2nd quarter valued at about $27,000. Geneos Wealth Management Inc. bought a new position in shares of Gabelli Multimedia Trust in the third quarter worth approximately $30,000. Ameriprise Financial Inc. purchased a new position in Gabelli Multimedia Trust during the 3rd quarter valued at about $49,000. Allworth Financial LP bought a new stake in Gabelli Multimedia Trust in the second quarter valued at $49,000. Finally, Wealth Enhancement Advisory Services LLC boosted its position in Gabelli Multimedia Trust by 30.5% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 14,030 shares of the financial services provider’s stock valued at $60,000 after acquiring an additional 3,282 shares in the last quarter. 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.