Gabelli Multimedia Trust (NYSE:GGT) Stock Passes Above 200 Day Moving Average – Here’s Why

by · The Cerbat Gem

Gabelli Multimedia Trust Inc. (NYSE:GGT – Get Free Report)’s share price passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $4.13 and traded as high as $4.30. Gabelli Multimedia Trust shares last traded at $4.2650, with a volume of 280,874 shares changing hands.

Gabelli Multimedia Trust Price Performance

The company has a 50-day simple moving average of $4.11 and a 200 day simple moving average of $4.13.

Gabelli Multimedia Trust Increases Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Wednesday, September 23rd. Shareholders of record on Wednesday, September 16th will be given a $0.08 dividend. This is a boost from Gabelli Multimedia Trust’s previous monthly dividend of $0.07. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a c) annualized dividend and a yield of 22.5%.

Insider Buying and Selling

In other Gabelli Multimedia Trust news, insider Mario J. Gabelli acquired 25,000 shares of the business’s stock in a transaction on Tuesday, February 24th. The shares were bought at an average price of $4.06 per share, with a total value of $101,500.00. Following the transaction, the insider directly owned 1,158,396 shares of the company’s stock, valued at $4,703,087.76. The trade was a 2.21% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. 8.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Gabelli Multimedia Trust

Hedge funds and other institutional investors have recently made changes to their positions in the company. Arax Advisory Partners grew its position 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 buying an additional 2,914 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Gabelli Multimedia Trust during the 2nd quarter worth $27,000. Ameriprise Financial Inc. bought a new position in shares of Gabelli Multimedia Trust during the 3rd quarter worth $49,000. Geneos Wealth Management Inc. grew its position in shares of Gabelli Multimedia Trust by 141.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 16,900 shares of the financial services provider’s stock worth $66,000 after buying an additional 9,900 shares in the last quarter. Finally, Cetera Investment Advisers grew its position in shares of Gabelli Multimedia Trust by 27.5% during the 1st quarter. Cetera Investment Advisers now owns 21,390 shares of the financial services provider’s stock worth $84,000 after buying an additional 4,616 shares in the last quarter. Institutional investors own 10.63% of the company’s stock.

Gabelli Multimedia Trust Company Profile

(Get Free Report)

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.

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