Gabelli Multimedia Trust Inc. (NYSE:GGT) Sees Large Decrease in Short Interest

Key Points

• Short interest fell 32.7% to 201,492 shares as of August 14, representing about 0.7% of outstanding shares and a days-to-cover ratio of 0.8.
• GGT shares traded at approximately $4.05, near the lower end of their 52-week range of $3.87 to $4.39, while trading volume exceeded its average.
• The trust raised its monthly dividend to $0.08 per share from $0.07, implying a reported annualized yield of 23.7%; institutional investors own 10.63% of the stock.

Gabelli Multimedia Trust Inc. (NYSE:GGT - Get Free Report) was the recipient of a significant decrease in short interest during the month of August. As of August 14th, there was short interest totaling 201,492 shares, a decrease of 32.7% from the July 30th total of 299,206 shares. Approximately 0.7% of the company's shares are sold short. Based on an average daily trading volume, of 254,311 shares, the days-to-cover ratio is currently 0.8 days.

Gabelli Multimedia Trust Price Performance

Shares of GGT stock traded down $0.01 on Tuesday, reaching $4.05. 547,378 shares of the company's stock were exchanged, compared to its average volume of 308,465. Gabelli Multimedia Trust has a 52 week low of $3.87 and a 52 week high of $4.39. The company's fifty day simple moving average is $4.13 and its 200 day simple moving average is $4.15.

Gabelli Multimedia Trust Increases Dividend

The firm also recently announced a monthly dividend, which will be paid on Friday, December 18th. Shareholders of record on Friday, December 11th will be paid a $0.08 dividend. The ex-dividend date 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 yield of 23.7%.

Institutional Trading of Gabelli Multimedia Trust

Several institutional investors and hedge funds have recently made changes to their positions in GGT. Kestra Advisory Services LLC grew its holdings in shares of Gabelli Multimedia Trust by 84.1% in 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 last quarter. Advisory Solutions Group LLC bought a new stake in Gabelli Multimedia Trust during the 2nd quarter valued at about $631,000. Balyasny Asset Management L.P. bought a new stake in Gabelli Multimedia Trust during the 2nd quarter valued at about $537,000. Landscape Capital Management L.L.C. purchased a new stake in Gabelli Multimedia Trust in the 2nd quarter valued at about $512,000. Finally, Gamco Investors INC. ET AL grew its stake in Gabelli Multimedia Trust by 4.3% in 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 acquiring an additional 51,500 shares in the last quarter. 10.63% of the stock is currently owned by 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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