Gabelli Multimedia Trust Inc. (NYSE:GGT) Shares Sold by Absolute Investment Advisers LLC

Absolute Investment Advisers LLC trimmed its holdings in shares of Gabelli Multimedia Trust Inc. (NYSE:GGT - Free Report) by 70.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 147,052 shares of the financial services provider's stock after selling 351,177 shares during the quarter. Absolute Investment Advisers LLC owned 0.44% of Gabelli Multimedia Trust worth $681,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Gabelli Multimedia Trust by 33.9% in 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 during the period. Citadel Advisors LLC purchased a new position in Gabelli Multimedia Trust during the 4th quarter worth $77,000. Jane Street Group LLC bought a new stake in Gabelli Multimedia Trust during the 4th quarter valued at $49,000. Commonwealth Equity Services LLC raised its position in Gabelli Multimedia Trust by 2.9% during 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 purchasing an additional 16,656 shares in the last quarter. Finally, GABELLI & Co INVESTMENT ADVISERS INC. purchased a new stake in shares of Gabelli Multimedia Trust in the 4th quarter worth $1,929,000. 10.63% of the stock is owned by hedge funds and other institutional investors.

Gabelli Multimedia Trust Price Performance

Shares of GGT traded up $0.04 during midday trading on Friday, reaching $4.26. 65,580 shares of the stock were exchanged, compared to its average volume of 121,236. Gabelli Multimedia Trust Inc. has a 52 week low of $3.75 and a 52 week high of $5.25. The company's 50 day moving average is $4.16 and its two-hundred day moving average is $4.50.

Gabelli Multimedia Trust Dividend Announcement

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

Insider Buying and Selling

In other Gabelli Multimedia Trust news, insider Mario J. Gabelli purchased 40,000 shares of Gabelli Multimedia Trust stock in a transaction dated Tuesday, May 13th. The stock was acquired at an average price of $4.34 per share, for a total transaction of $173,600.00. Following the acquisition, the insider owned 1,020,502 shares in the company, valued at $4,428,978.68. This trade represents a 4.08% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 9.59% of the company's stock.

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.