Gabelli Multimedia Trust (NYSE:GGT) Stock Price Passes Above 200-Day Moving Average – Here’s What Happened

Shares of Gabelli Multimedia Trust Inc. (NYSE:GGT) crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $4.16 and traded as high as $4.21. Gabelli Multimedia Trust shares last traded at $4.15, with a volume of 255,029 shares changing hands.

Gabelli Multimedia Trust Price Performance

The business’s fifty day moving average price is $4.17 and its two-hundred day moving average price is $4.16.

Gabelli Multimedia Trust Increases Dividend

The company also recently announced a monthly dividend, which will be paid on Tuesday, June 23rd. Shareholders of record on Monday, June 15th will be paid a $0.08 dividend. This represents a c) annualized dividend and a yield of 23.1%. This is a positive change from Gabelli Multimedia Trust’s previous monthly dividend of $0.07. The ex-dividend date is Monday, June 15th.

Insider Transactions at Gabelli Multimedia Trust

In other Gabelli Multimedia Trust news, insider Mario J. Gabelli purchased 25,000 shares of Gabelli Multimedia Trust stock in a transaction dated Tuesday, February 24th. The shares were acquired at an average cost of $4.06 per share, with a total value of $101,500.00. Following the completion of the transaction, the insider owned 1,158,396 shares in the company, valued at approximately $4,703,087.76. This trade represents a 2.21% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 9.59% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of GGT. Kovack Advisors Inc. acquired a new stake in shares of Gabelli Multimedia Trust during the fourth quarter worth $117,000. Arax Advisory Partners raised its stake in Gabelli Multimedia Trust by 90.0% in the 4th quarter. Arax Advisory Partners now owns 6,152 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 2,914 shares during the last quarter. Kestra Advisory Services LLC lifted its position in Gabelli Multimedia Trust by 84.1% during the 4th quarter. Kestra Advisory Services LLC now owns 603,991 shares of the financial services provider’s stock worth $2,537,000 after acquiring an additional 275,955 shares during the period. Jane Street Group LLC grew its stake in Gabelli Multimedia Trust by 17.5% during the 4th quarter. Jane Street Group LLC now owns 78,839 shares of the financial services provider’s stock valued at $331,000 after purchasing an additional 11,714 shares during the last quarter. Finally, Gamco Investors INC. ET AL increased its holdings in shares of Gabelli Multimedia Trust by 4.3% in the fourth quarter. Gamco Investors INC. ET AL now owns 1,250,447 shares of the financial services provider’s stock valued at $5,252,000 after purchasing an additional 51,500 shares during the period. Institutional investors and hedge funds own 10.63% of the company’s stock.

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.