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

Gabelli Multimedia Trust Inc. (NYSE:GGT)’s stock price crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $4.18 and traded as high as $4.27. Gabelli Multimedia Trust shares last traded at $4.2650, with a volume of 206,642 shares trading hands.

Gabelli Multimedia Trust Stock Up 1.5%

The company has a fifty day moving average price of $4.14 and a 200 day moving average price of $4.18.

Gabelli Multimedia Trust Increases Dividend

The business 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. The ex-dividend date is Tuesday, March 17th. This is an increase from Gabelli Multimedia Trust’s previous monthly dividend of $0.07. This represents a c) annualized dividend and a yield of 22.5%.

Insider Buying and Selling at Gabelli Multimedia Trust

In related news, insider Mario J. Gabelli acquired 31,000 shares of the company’s stock in a transaction dated Monday, October 27th. The stock was purchased at an average price of $4.04 per share, with a total value of $125,240.00. Following the completion of the purchase, the insider owned 31,000 shares in the company, valued at $125,240. This trade represents a ∞ increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 9.59% of the company’s stock.

Institutional Investors Weigh In On Gabelli Multimedia Trust

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Wolverine Asset Management LLC purchased a new position in shares of Gabelli Multimedia Trust in the second quarter valued at about $363,000. Wealth Enhancement Advisory Services LLC grew its stake in shares of Gabelli Multimedia Trust by 30.5% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 14,030 shares of the financial services provider’s stock worth $60,000 after purchasing an additional 3,282 shares during the last quarter. Balyasny Asset Management L.P. bought a new stake in shares of Gabelli Multimedia Trust in the second quarter worth about $537,000. Kestra Private Wealth Services LLC increased its holdings in 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 valued at $146,000 after purchasing an additional 10,545 shares during the period. Finally, Cetera Investment Advisers raised its position in Gabelli Multimedia Trust by 73.8% during the 2nd quarter. Cetera Investment Advisers now owns 21,703 shares of the financial services provider’s stock valued at $90,000 after purchasing an additional 9,214 shares during the last quarter. 10.63% of the stock is currently owned by institutional investors.

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.