Absolute Investment Advisers LLC Reduces Position in Gabelli Multimedia Trust Inc. (NYSE:GGT)

Absolute Investment Advisers LLC reduced its stake in Gabelli Multimedia Trust Inc. (NYSE:GGT - Free Report) by 70.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 147,052 shares of the financial services provider's stock after selling 351,177 shares during the period. Absolute Investment Advisers LLC owned 0.44% of Gabelli Multimedia Trust worth $681,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC increased its stake in shares of Gabelli Multimedia Trust by 33.9% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 30,561 shares of the financial services provider's stock valued at $136,000 after purchasing an additional 7,742 shares in the last quarter. Citadel Advisors LLC bought a new position in shares of Gabelli Multimedia Trust during the fourth quarter valued at approximately $77,000. Jane Street Group LLC bought a new position in shares of Gabelli Multimedia Trust during the fourth quarter valued at approximately $49,000. Commonwealth Equity Services LLC increased its stake in shares of Gabelli Multimedia Trust by 2.9% during the fourth quarter. Commonwealth Equity Services LLC now owns 594,648 shares of the financial services provider's stock valued at $2,652,000 after purchasing an additional 16,656 shares in the last quarter. Finally, GABELLI & Co INVESTMENT ADVISERS INC. bought a new position in shares of Gabelli Multimedia Trust during the fourth quarter valued at approximately $1,929,000. 10.63% of the stock is owned by institutional investors.

Insider Activity at Gabelli Multimedia Trust

In other news, insider Mario J. Gabelli purchased 40,000 shares of the business's stock in a transaction dated Tuesday, May 13th. The shares were purchased at an average price of $4.34 per share, for a total transaction of $173,600.00. Following the completion of the acquisition, the insider directly owned 1,020,502 shares in the company, valued at $4,428,978.68. This represents a 4.08% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 8.00% of the stock is currently owned by insiders.

Gabelli Multimedia Trust Stock Performance

Shares of NYSE GGT remained flat at $4.26 on Monday. 114,387 shares of the company's stock were exchanged, compared to its average volume of 121,217. Gabelli Multimedia Trust Inc. has a fifty-two week low of $3.75 and a fifty-two week high of $5.20. The company has a 50 day moving average of $4.15 and a 200 day moving average of $4.49.

Gabelli Multimedia Trust Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Tuesday, September 23rd. Stockholders of record on Tuesday, September 16th will be issued a dividend of $0.07 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 19.72%. The ex-dividend date is Tuesday, September 16th.

About Gabelli Multimedia Trust

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.