The Gabelli Multimedia Trust Inc. (NYSE:GGT) Sees Significant Increase in Short Interest

The Gabelli Multimedia Trust Inc. (NYSE:GGT) was the target of a significant increase in short interest in March. As of March 15th, there was short interest totalling 155,600 shares, an increase of 37.1% from the February 28th total of 113,500 shares. Approximately 0.6% of the company’s stock are short sold. Based on an average trading volume of 97,200 shares, the short-interest ratio is currently 1.6 days.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in GGT. Wealth Enhancement Advisory Services LLC boosted its holdings in The Gabelli Multimedia Trust by 94.2% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 44,320 shares of the financial services provider’s stock worth $218,000 after acquiring an additional 21,501 shares during the last quarter. Absolute Investment Advisers LLC bought a new stake in The Gabelli Multimedia Trust in the 4th quarter worth about $2,222,000. Quarry LP grew its position in The Gabelli Multimedia Trust by 322.5% in the 3rd quarter. Quarry LP now owns 344,902 shares of the financial services provider’s stock worth $1,700,000 after purchasing an additional 263,269 shares in the last quarter. Commonwealth Equity Services LLC increased its stake in The Gabelli Multimedia Trust by 2.9% in the 4th quarter. Commonwealth Equity Services LLC now owns 594,648 shares of the financial services provider’s stock valued at $2,652,000 after buying an additional 16,656 shares during the last quarter. Finally, One Capital Management LLC bought a new position in shares of The Gabelli Multimedia Trust during the 4th quarter worth approximately $50,000. 10.63% of the stock is currently owned by institutional investors and hedge funds.

The Gabelli Multimedia Trust Price Performance

Shares of The Gabelli Multimedia Trust stock opened at $4.64 on Monday. The Gabelli Multimedia Trust has a 52 week low of $4.45 and a 52 week high of $5.98. The stock has a 50 day moving average price of $4.80 and a two-hundred day moving average price of $4.79.

The Gabelli Multimedia Trust Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Monday, March 17th were paid a dividend of $0.22 per share. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.88 dividend on an annualized basis and a yield of 18.99%.

The Gabelli Multimedia Trust Company Profile

The Gabelli Multimedia Trust Inc is a closed-ended equity mutual fund launched by GAMCO Investors, Inc It is managed by Gabelli Funds LLC. The fund invests in the public equity markets across the globe. It invests in stocks, convertible securities, preferred stock, options, and warrants of companies operating across global telecommunications, media, publishing, and entertainment industries.