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

Key Points

• Gabelli Multimedia Trust (GGT) shares recently crossed above their 200-day moving average
• The trust increased its monthly dividend from $0.07 to $0.08 (ex-dividend date June 15, payable June 23), implying an annualized yield of about 23.0%.
• Insider Mario J. Gabelli bought 25,000 shares at $4.06 in February and now owns 1,158,396 shares; insiders hold roughly 9.6% of the stock while institutions own about 10.6%.

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 $4.25. Gabelli Multimedia Trust shares last traded at $4.1750, with a volume of 215,404 shares traded.

Gabelli Multimedia Trust Stock Performance

The business has a 50 day simple moving average of $4.18 and a 200-day simple moving average of $4.16.

Gabelli Multimedia Trust Increases Dividend

The business also recently announced a monthly dividend, which will be paid on Tuesday, June 23rd. Stockholders of record on Monday, June 15th will be issued a $0.08 dividend. This is a boost 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 23.0%. The ex-dividend date is Monday, June 15th.

Insider Activity

In related news, insider Mario J. Gabelli purchased 25,000 shares of the firm's stock in a transaction that occurred on Tuesday, February 24th. The stock was acquired at an average price of $4.06 per share, for a total transaction of $101,500.00. Following the completion of the acquisition, the insider owned 1,158,396 shares of the company's stock, valued at $4,703,087.76. This represents a 2.21% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 9.59% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Gabelli Multimedia Trust

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Arax Advisory Partners boosted its holdings 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 during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Gabelli Multimedia Trust in the second quarter valued at about $27,000. Geneos Wealth Management Inc. bought a new position in shares of Gabelli Multimedia Trust during the third quarter valued at about $30,000. Allworth Financial LP bought a new position in shares of Gabelli Multimedia Trust during the second quarter valued at about $49,000. Finally, Ameriprise Financial Inc. purchased a new position in Gabelli Multimedia Trust during the third quarter worth about $49,000. 10.63% of the stock is owned by hedge funds and other institutional investors.

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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