Gabelli Multimedia Trust (NYSE:GGT) Shares Pass Above Two Hundred Day Moving Average – Here’s Why

Gabelli Multimedia Trust Inc. (NYSE:GGT) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $4.17 and traded as high as $4.22. Gabelli Multimedia Trust shares last traded at $4.20, with a volume of 334,934 shares changing hands.

Gabelli Multimedia Trust Price Performance

The firm’s 50-day moving average is $4.18 and its 200-day moving average is $4.17.

Gabelli Multimedia Trust Increases Dividend

The business 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 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 22.9%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Wolverine Asset Management LLC bought a new position in Gabelli Multimedia Trust in the 2nd quarter worth about $363,000. Wealth Enhancement Advisory Services LLC boosted its position in shares of 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 during the last quarter. Raymond James Financial Inc. grew its holdings in shares of Gabelli Multimedia Trust by 122.4% during the third quarter. Raymond James Financial Inc. now owns 14,348 shares of the financial services provider’s stock worth $62,000 after purchasing an additional 7,897 shares in the last quarter. Balyasny Asset Management L.P. bought a new position in shares of Gabelli Multimedia Trust in the second quarter worth approximately $537,000. Finally, Cetera Investment Advisers increased its position in shares of Gabelli Multimedia Trust by 73.8% in the second quarter. Cetera Investment Advisers now owns 21,703 shares of the financial services provider’s stock worth $90,000 after purchasing an additional 9,214 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.