Gabelli Multimedia Trust Inc. (NYSE:GGT) Short Interest Update

Key Points

• Short interest surged 66.7% to 299,206 shares as of July 31, representing 1.0% of outstanding shares and a days-to-cover ratio of 0.8.
• Institutional investors adjusted their positions, with Kestra Advisory Services increasing its holdings by 84.1% and several other firms initiating new stakes. Institutions collectively own 10.63% of Gabelli Multimedia Trust.
• The stock fell 1.2% to $4.14, while the trust announced an increased monthly dividend of $0.08 per share, up from $0.07, implying a reported yield of 23.2%.

Gabelli Multimedia Trust Inc. (NYSE:GGT - Get Free Report) was the target of a large growth in short interest in the month of July. As of July 31st, there was short interest totaling 299,206 shares, a growth of 66.7% from the July 15th total of 179,493 shares. Currently, 1.0% of the shares of the company are short sold. Based on an average trading volume of 368,135 shares, the days-to-cover ratio is currently 0.8 days.

Hedge Funds Weigh In On Gabelli Multimedia Trust

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Kestra Advisory Services LLC lifted its holdings in shares of Gabelli Multimedia Trust by 84.1% during the fourth quarter. Kestra Advisory Services LLC now owns 603,991 shares of the financial services provider's stock worth $2,537,000 after purchasing an additional 275,955 shares during the period. Balyasny Asset Management L.P. acquired a new position in Gabelli Multimedia Trust in the 2nd quarter valued at $537,000. Landscape Capital Management L.L.C. acquired a new position in Gabelli Multimedia Trust in the 2nd quarter valued at $512,000. Gamco Investors INC. ET AL raised its position in Gabelli Multimedia Trust by 4.3% during the 4th quarter. Gamco Investors INC. ET AL now owns 1,250,447 shares of the financial services provider's stock worth $5,252,000 after buying an additional 51,500 shares during the last quarter. Finally, Kovack Advisors Inc. purchased a new position in Gabelli Multimedia Trust during the 4th quarter worth $117,000. Hedge funds and other institutional investors own 10.63% of the company's stock.

Gabelli Multimedia Trust Stock Down 1.2%

NYSE:GGT traded down $0.05 during trading hours on Monday, reaching $4.14. 390,333 shares of the company's stock were exchanged, compared to its average volume of 299,438. The company has a 50-day moving average of $4.16 and a 200 day moving average of $4.15. Gabelli Multimedia Trust has a 1-year low of $3.87 and a 1-year high of $4.39.

Gabelli Multimedia Trust Increases Dividend

The firm also recently announced a monthly dividend, which will be paid on Friday, December 18th. Stockholders of record on Friday, December 11th will be issued a $0.08 dividend. The ex-dividend date of this dividend is Friday, December 11th. This is a positive change from Gabelli Multimedia Trust's previous monthly dividend of $0.07. This represents a c) dividend on an annualized basis and a dividend yield of 23.2%.

Gabelli Multimedia Trust Company Profile

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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