Gabelli Multimedia Trust (NYSE:GGT) Stock Price Crosses Above 200-Day Moving Average - Should You Sell?

Key Points

• Gabelli Multimedia Trust's stock crossed above its 200-day moving average of $4.11, trading as high as $4.19 and last at $4.1750 on the reported day.
• The trust raised its monthly dividend to $0.08 per share (annualized yield ~23.0%), with an ex-dividend/record date of June 15 and payment scheduled for June 23.
• Insider Mario J. Gabelli bought 25,000 shares at about $4.06, increasing his holding to 1,158,396 shares; corporate insiders now own roughly 8.00% of the company.

Gabelli Multimedia Trust Inc. (NYSE:GGT - Get Free Report)'s stock price crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $4.11 and traded as high as $4.19. Gabelli Multimedia Trust shares last traded at $4.1750, with a volume of 284,399 shares traded.

Gabelli Multimedia Trust Stock Performance

The firm's 50-day simple moving average is $4.09 and its two-hundred day simple moving average is $4.11.

Gabelli Multimedia Trust Increases Dividend

The business also recently announced a monthly dividend, which will be paid on Tuesday, June 23rd. Shareholders of record on Monday, June 15th will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, June 15th. This represents a c) annualized dividend and a yield of 23.0%. This is a boost from Gabelli Multimedia Trust's previous monthly dividend of $0.07.

Insiders Place Their Bets

In related news, insider Mario J. Gabelli bought 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 transaction, the insider owned 1,158,396 shares in the company, valued at approximately $4,703,087.76. This trade represents a 2.21% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 8.00% of the company's stock.

Institutional Trading of Gabelli Multimedia Trust

Several large investors have recently bought and sold shares of the stock. Kestra Advisory Services LLC lifted its stake in Gabelli Multimedia Trust by 84.1% during the 4th quarter. Kestra Advisory Services LLC now owns 603,991 shares of the financial services provider's stock valued at $2,537,000 after acquiring an additional 275,955 shares during the period. Balyasny Asset Management L.P. acquired a new stake in Gabelli Multimedia Trust during the 2nd quarter valued at approximately $537,000. PMG Family Office LLC acquired a new stake in Gabelli Multimedia Trust during the 3rd quarter valued at approximately $301,000. Gamco Investors INC. ET AL lifted its stake 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 valued at $5,252,000 after acquiring an additional 51,500 shares during the period. Finally, Kovack Advisors Inc. acquired a new stake in Gabelli Multimedia Trust during the 4th quarter valued at approximately $117,000. Hedge funds and other institutional investors own 10.63% of the company's stock.

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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