Gabelli Multimedia Trust (NYSE:GGT) Share Price Passes Above Two Hundred Day Moving Average - Time to Sell?

Key Points

• Gabelli Multimedia Trust (NYSE:GGT) shares moved above their 200-day moving average, trading as high as $4.24 before last changing hands at $4.1950.
• The trust raised its monthly dividend to $0.08 per share from $0.07, with payment scheduled for September 23 and a reported annualized yield of 22.9%.
• Institutional investors have recently increased or initiated positions in the stock, though ownership by institutions and hedge funds remains relatively modest at 10.63%.

Gabelli Multimedia Trust Inc. (NYSE:GGT - Get Free Report) shares passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $4.16 and traded as high as $4.24. Gabelli Multimedia Trust shares last traded at $4.1950, with a volume of 516,289 shares changing hands.

Gabelli Multimedia Trust Stock Performance

The company's 50 day simple moving average is $4.22 and its two-hundred day simple moving average is $4.16.

Gabelli Multimedia Trust Increases Dividend

The business also recently announced a monthly dividend, which will be paid on Wednesday, September 23rd. Investors of record on Wednesday, September 16th will be issued a $0.08 dividend. This is a boost from Gabelli Multimedia Trust's previous monthly dividend of $0.07. The ex-dividend date is Wednesday, September 16th. This represents a c) annualized dividend and a yield of 22.9%.

Institutional Investors Weigh In On Gabelli Multimedia Trust

Institutional investors have recently modified their holdings of the company. Arax Advisory Partners lifted its stake in Gabelli Multimedia Trust by 90.0% during the 4th 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. Raymond James Financial Inc. purchased a new stake in Gabelli Multimedia Trust during the second quarter worth about $27,000. Ameriprise Financial Inc. acquired a new stake in shares of Gabelli Multimedia Trust during the third quarter worth about $49,000. Geneos Wealth Management Inc. boosted its stake in shares of Gabelli Multimedia Trust by 141.4% in the first quarter. Geneos Wealth Management Inc. now owns 16,900 shares of the financial services provider's stock valued at $66,000 after purchasing an additional 9,900 shares during the period. Finally, Cetera Investment Advisers boosted its stake in shares of Gabelli Multimedia Trust by 27.5% in the first quarter. Cetera Investment Advisers now owns 21,390 shares of the financial services provider's stock valued at $84,000 after purchasing an additional 4,616 shares during the period. 10.63% of the stock is owned by institutional investors and hedge funds.

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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