Gabelli Multimedia Trust (NYSE:GGT) Stock Price Crosses Above Two Hundred Day Moving Average – What’s Next?

Gabelli Multimedia Trust Inc. (NYSE:GGT)’s share price crossed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $4.12 and traded as high as $4.12. Gabelli Multimedia Trust shares last traded at $4.09, with a volume of 167,648 shares.

Gabelli Multimedia Trust Stock Performance

The firm’s 50 day moving average price is $4.09 and its two-hundred day moving average price is $4.12.

Gabelli Multimedia Trust Increases Dividend

The company also recently disclosed a monthly dividend, which will be paid on Tuesday, June 23rd. Stockholders of record on Monday, June 15th will be paid a dividend of $0.08 per share. The ex-dividend date is Monday, June 15th. This represents a c) annualized dividend and a dividend yield of 23.5%. This is a boost from Gabelli Multimedia Trust’s previous monthly dividend of $0.07.

Insider Buying and Selling at Gabelli Multimedia Trust

In other news, insider Mario J. Gabelli acquired 25,000 shares of the stock in a transaction dated Tuesday, February 24th. The shares were bought at an average cost of $4.06 per share, for a total transaction of $101,500.00. Following the purchase, the insider directly owned 1,158,396 shares of the company’s stock, valued at approximately $4,703,087.76. This trade represents a 2.21% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 8.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Arax Advisory Partners increased its stake in shares of Gabelli Multimedia Trust by 90.0% during the 4th quarter. Arax Advisory Partners now owns 6,152 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 2,914 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of Gabelli Multimedia Trust during the 2nd quarter worth about $27,000. Geneos Wealth Management Inc. bought a new stake in shares of Gabelli Multimedia Trust during the 3rd quarter worth about $30,000. Ameriprise Financial Inc. bought a new stake in shares of Gabelli Multimedia Trust during the 3rd quarter worth about $49,000. Finally, CoreCap Advisors LLC boosted its holdings in shares of Gabelli Multimedia Trust by 848.5% during the 3rd quarter. CoreCap Advisors LLC now owns 15,650 shares of the financial services provider’s stock worth $67,000 after buying an additional 14,000 shares during the period. 10.63% of the stock is currently owned by institutional investors and hedge funds.

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.