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

Key Points

• Short interest dropped 44.8% to 88,496 shares as of April 15, leaving a short-interest ratio of 0.4 days and about 0.3% of shares short.
• Insider Mario J. Gabelli bought 25,000 shares at ~$4.06 on Feb. 24, increasing his holding to 1,158,396 shares (a 2.21% rise); insiders now own roughly 8.0% of the company.
• Gabelli Multimedia Trust raised its monthly dividend to $0.08 (from $0.07), payable June 23 to holders of record June 15, implying a reported yield of 23.3%.

Gabelli Multimedia Trust Inc. (NYSE:GGT - Get Free Report) saw a significant decrease in short interest in April. As of April 15th, there was short interest totaling 88,496 shares, a decrease of 44.8% from the March 31st total of 160,392 shares. Based on an average trading volume of 242,082 shares, the short-interest ratio is currently 0.4 days. Currently, 0.3% of the shares of the company are short sold.

Insider Activity

In other news, insider Mario J. Gabelli acquired 25,000 shares of the company'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 completion of the acquisition, the insider owned 1,158,396 shares in the company, valued at $4,703,087.76. This trade represents a 2.21% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 8.00% of the company's stock.

Institutional Investors Weigh In On Gabelli Multimedia Trust

Several hedge funds have recently modified their holdings of the stock. Raymond James Financial Inc. lifted its stake in shares of Gabelli Multimedia Trust by 122.4% in the 3rd quarter. Raymond James Financial Inc. now owns 14,348 shares of the financial services provider's stock worth $62,000 after acquiring an additional 7,897 shares during the period. Ameriprise Financial Inc. purchased a new position in Gabelli Multimedia Trust in the third quarter worth $49,000. Arax Advisory Partners raised its position in Gabelli Multimedia Trust by 90.0% in the fourth quarter. Arax Advisory Partners now owns 6,152 shares of the financial services provider's stock worth $26,000 after acquiring an additional 2,914 shares in the last quarter. Kestra Private Wealth Services LLC lifted its holdings in Gabelli Multimedia Trust by 37.9% in the first quarter. Kestra Private Wealth Services LLC now owns 50,668 shares of the financial services provider's stock valued at $199,000 after acquiring an additional 13,920 shares during the period. Finally, Decision Investments Inc. purchased a new stake in shares of Gabelli Multimedia Trust during the 1st quarter worth $92,000. 10.63% of the stock is owned by institutional investors and hedge funds.

Gabelli Multimedia Trust Stock Down 0.8%

Shares of NYSE GGT traded down $0.04 during trading hours on Monday, reaching $4.12. The stock had a trading volume of 89,785 shares, compared to its average volume of 225,953. Gabelli Multimedia Trust has a fifty-two week low of $3.75 and a fifty-two week high of $4.72. The firm has a 50-day moving average of $4.08 and a 200-day moving average of $4.11.

Gabelli Multimedia Trust Increases Dividend

The firm also recently declared a monthly dividend, which will be paid on Tuesday, June 23rd. Investors of record on Monday, June 15th will be given a $0.08 dividend. This is a positive change from Gabelli Multimedia Trust's previous monthly dividend of $0.07. The ex-dividend date is Monday, June 15th. This represents a c) annualized dividend and a yield of 23.3%.

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.

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