Gabelli Multimedia Trust Inc. (NYSE:GGT) Sees Significant Decrease in Short Interest
by Doug Wharley · The Cerbat GemGabelli Multimedia Trust Inc. (NYSE:GGT – Get Free Report) saw a large decline in short interest in the month of December. As of December 31st, there was short interest totaling 50,051 shares, a decline of 56.3% from the December 15th total of 114,488 shares. Currently, 0.2% of the company’s shares are sold short. Based on an average daily trading volume, of 183,777 shares, the days-to-cover ratio is currently 0.3 days. Based on an average daily trading volume, of 183,777 shares, the days-to-cover ratio is currently 0.3 days. Currently, 0.2% of the company’s shares are sold short.
Insider Buying and Selling
In related news, insider Mario J. Gabelli acquired 31,000 shares of the business’s stock in a transaction dated Monday, October 27th. The shares were acquired at an average cost of $4.04 per share, for a total transaction of $125,240.00. Following the acquisition, the insider directly owned 31,000 shares in the company, valued at approximately $125,240. The trade was a ∞ increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 9.59% of the stock is owned by company insiders.
Hedge Funds Weigh In On Gabelli Multimedia Trust
A number of hedge funds have recently made changes to their positions in GGT. Balyasny Asset Management L.P. acquired a new stake in Gabelli Multimedia Trust in the 2nd quarter valued at $537,000. Wolverine Asset Management LLC purchased a new stake in shares of Gabelli Multimedia Trust in the second quarter worth about $363,000. PMG Family Office LLC acquired a new stake in shares of Gabelli Multimedia Trust in the third quarter valued at about $301,000. Kestra Private Wealth Services LLC raised its holdings in shares of 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 buying an additional 10,545 shares during the period. Finally, Fisher Asset Management LLC purchased a new stake in shares of Gabelli Multimedia Trust during the 3rd quarter valued at about $100,000. Hedge funds and other institutional investors own 10.63% of the company’s stock.
Gabelli Multimedia Trust Stock Performance
Shares of NYSE GGT traded up $0.03 during midday trading on Friday, hitting $4.22. The stock had a trading volume of 145,583 shares, compared to its average volume of 197,624. Gabelli Multimedia Trust has a 1-year low of $3.75 and a 1-year high of $4.95. The company has a fifty day moving average price of $4.13 and a 200 day moving average price of $4.18.
Gabelli Multimedia Trust Increases Dividend
The firm also recently declared a monthly dividend, which will be paid on Tuesday, March 24th. Shareholders of record on Tuesday, March 17th will be given a dividend of $0.08 per share. This represents a c) dividend on an annualized basis and a yield of 22.8%. This is a positive change from Gabelli Multimedia Trust’s previous monthly dividend of $0.07. The ex-dividend date of this dividend is Tuesday, March 17th.
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.