Gabelli Multimedia Trust Inc. (NYSE:GGT) Short Interest Up 97.1% in March

Key Points

• Short interest up 97.1% in March to 142,710 shares, equal to about 0.5% of shares outstanding and a short-interest ratio of 0.5 days based on average daily volume.
• Insider purchase: Mario J. Gabelli bought 25,000 shares at $4.06 on Feb. 24, raising his direct stake to roughly 1,158,396 shares; insiders own 9.59% of the company.
• Dividend increase: the trust raised its monthly dividend to $0.08 (from $0.07) with mid‑June record/ex‑dividend timing, which the report cites as implying an approximately 24.0% annualized yield.

Gabelli Multimedia Trust Inc. (NYSE:GGT - Get Free Report) was the target of a significant growth in short interest in March. As of March 13th, there was short interest totaling 142,710 shares, a growth of 97.1% from the February 26th total of 72,391 shares. Based on an average trading volume of 287,569 shares, the short-interest ratio is currently 0.5 days. Currently, 0.5% of the shares of the stock are short sold.

Insider Activity at Gabelli Multimedia Trust

In other Gabelli Multimedia Trust news, insider Mario J. Gabelli acquired 25,000 shares of the company's stock in a transaction dated Tuesday, February 24th. The stock was purchased at an average price of $4.06 per share, with a total value of $101,500.00. Following the completion of the purchase, the insider directly owned 1,158,396 shares in the company, valued at approximately $4,703,087.76. The trade was a 2.21% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 9.59% of the stock is owned by insiders.

Hedge Funds Weigh In On Gabelli Multimedia Trust

Several hedge funds have recently modified their holdings of GGT. Kestra Private Wealth Services LLC boosted its position in shares of Gabelli Multimedia Trust by 8.5% during the fourth quarter. Kestra Private Wealth Services LLC now owns 36,748 shares of the financial services provider's stock worth $154,000 after acquiring an additional 2,882 shares during the last quarter. Arax Advisory Partners increased its holdings in Gabelli Multimedia Trust by 90.0% in the 4th quarter. Arax Advisory Partners now owns 6,152 shares of the financial services provider's stock valued at $26,000 after acquiring an additional 2,914 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in Gabelli Multimedia Trust in the 2nd quarter worth $27,000. Geneos Wealth Management Inc. purchased a new stake in Gabelli Multimedia Trust in the 3rd quarter worth $30,000. Finally, Cetera Investment Advisers boosted its holdings in shares of Gabelli Multimedia Trust by 73.8% during the 2nd quarter. Cetera Investment Advisers now owns 21,703 shares of the financial services provider's stock valued at $90,000 after purchasing an additional 9,214 shares during the last quarter. Hedge funds and other institutional investors own 10.63% of the company's stock.

Gabelli Multimedia Trust Stock Down 1.4%

GGT traded down $0.06 on Thursday, hitting $4.00. 226,793 shares of the company's stock traded hands, compared to its average volume of 316,852. The company's 50 day simple moving average is $4.14 and its 200-day simple moving average is $4.14. Gabelli Multimedia Trust has a one year low of $3.75 and a one year high of $4.79.

Gabelli Multimedia Trust Increases Dividend

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, June 23rd. Shareholders of record on Monday, June 15th will be issued a dividend of $0.08 per share. This is an increase from Gabelli Multimedia Trust's previous monthly dividend of $0.07. The ex-dividend date of this dividend is Monday, June 15th. This represents a c) dividend on an annualized basis and a yield of 24.0%.

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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