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

Key Points

• Gabelli Multimedia Trust (NYSE:GGT) stock has recently exceeded its 200-day moving average, trading at $4.34, which could indicate potential momentum in the stock's performance.
• The company declared a monthly dividend of $0.07 per share, which translates to an impressive annualized dividend yield of 19.4%.
• Institutional investors have shown increasing interest in Gabelli Multimedia Trust, acquiring new stakes and increasing holdings, with institutional ownership now at 10.63%.

Gabelli Multimedia Trust Inc. (NYSE:GGT - ) crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $4.30 and traded as high as $4.34. Gabelli Multimedia Trust shares last traded at $4.33, with a volume of 233,834 shares traded.

Gabelli Multimedia Trust Stock Performance

The company has a 50-day simple moving average of $4.25 and a 200-day simple moving average of $4.30.

Gabelli Multimedia Trust Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Thursday, November 20th. Investors of record on Thursday, November 13th will be issued a $0.07 dividend. The ex-dividend date is Thursday, November 13th. This represents a c) dividend on an annualized basis and a dividend yield of 19.4%.

Institutional Investors Weigh In On Gabelli Multimedia Trust

Institutional investors and hedge funds have recently modified their holdings of the company. Raymond James Financial Inc. acquired a new stake in shares of Gabelli Multimedia Trust in the 2nd quarter worth approximately $27,000. Jane Street Group LLC acquired a new stake in shares of Gabelli Multimedia Trust in the 4th quarter worth approximately $49,000. Allworth Financial LP acquired a new stake in shares of Gabelli Multimedia Trust in the 2nd quarter worth approximately $49,000. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Gabelli Multimedia Trust by 30.5% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 14,030 shares of the financial services provider's stock worth $60,000 after acquiring an additional 3,282 shares during the period. Finally, Citadel Advisors LLC acquired a new stake in shares of Gabelli Multimedia Trust in the 4th quarter worth approximately $77,000. Institutional investors and hedge funds own 10.63% of the company's stock.

About Gabelli Multimedia Trust

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.

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