Short Interest in Gabelli Multimedia Trust Inc. (NYSE:GGT) Decreases By 40.3%

Key Points

• Gabelli Multimedia Trust Inc. saw a 40.3% decrease in short interest, dropping from 150,700 shares to 90,000 shares as of September 15th.
• Several institutional investors have increased their stakes in Gabelli Multimedia Trust, with notable increases from Wealth Enhancement Advisory Services and Cetera Investment Advisers, raising their holdings by 30.5% and 73.8%, respectively.
• The company will pay a monthly dividend of $0.07 per share on November 20th, with an annualized yield of 19.8%.

Gabelli Multimedia Trust Inc. (NYSE:GGT - ) was the recipient of a significant decrease in short interest during the month of September. As of September 15th, there was short interest totaling 90,000 shares, a decrease of 40.3% from the August 31st total of 150,700 shares. Based on an average daily trading volume, of 152,700 shares, the days-to-cover ratio is currently 0.6 days. Based on an average daily trading volume, of 152,700 shares, the days-to-cover ratio is currently 0.6 days.

Hedge Funds Weigh In On Gabelli Multimedia Trust

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Belpointe Asset Management LLC lifted its stake in shares of Gabelli Multimedia Trust by 18.8% in the first quarter. Belpointe Asset Management LLC now owns 18,992 shares of the financial services provider's stock worth $88,000 after buying an additional 3,000 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in 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. Kestra Private Wealth Services LLC lifted its position in Gabelli Multimedia Trust by 16.7% during the 1st quarter. Kestra Private Wealth Services LLC now owns 38,450 shares of the financial services provider's stock worth $178,000 after acquiring an additional 5,512 shares during the last quarter. Raymond James Financial Inc. bought a new stake in Gabelli Multimedia Trust during the second quarter valued at about $27,000. Finally, Cetera Investment Advisers grew its position in shares of Gabelli Multimedia Trust by 73.8% in the second quarter. Cetera Investment Advisers now owns 21,703 shares of the financial services provider's stock valued at $90,000 after purchasing an additional 9,214 shares during the last quarter. Institutional investors and hedge funds own 10.63% of the company's stock.

Gabelli Multimedia Trust Price Performance

Shares of NYSE:GGT traded up $0.01 on Friday, reaching $4.24. The company had a trading volume of 202,007 shares, compared to its average volume of 196,957. The stock has a 50-day moving average price of $4.25 and a 200 day moving average price of $4.27. Gabelli Multimedia Trust has a twelve month low of $3.75 and a twelve month high of $5.13.

Gabelli Multimedia Trust Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Thursday, November 20th. Shareholders of record on Thursday, November 13th will be given a dividend of $0.07 per share. The ex-dividend date of this dividend is Thursday, November 13th. This represents a c) dividend on an annualized basis and a yield of 19.8%.

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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