The Gabelli Multimedia Trust Inc. (NYSE:GGT) Sees Significant Increase in Short Interest

The Gabelli Multimedia Trust Inc. (NYSE:GGT) was the target of a significant growth in short interest in August. As of August 31st, there was short interest totalling 159,600 shares, a growth of 12.6% from the August 15th total of 141,700 shares. Based on an average daily trading volume, of 116,200 shares, the days-to-cover ratio is presently 1.4 days.

The Gabelli Multimedia Trust Stock Performance

Shares of NYSE:GGT opened at $4.84 on Wednesday. The business has a fifty day moving average price of $5.01 and a two-hundred day moving average price of $5.39. The Gabelli Multimedia Trust has a 1 year low of $4.32 and a 1 year high of $6.40.

The Gabelli Multimedia Trust Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 23rd. Shareholders of record on Monday, September 16th will be paid a $0.22 dividend. The ex-dividend date is Monday, September 16th. This represents a $0.88 dividend on an annualized basis and a yield of 18.18%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Beacon Capital Management LLC bought a new position in The Gabelli Multimedia Trust in the 1st quarter valued at $32,000. Atomi Financial Group Inc. grew its stake in The Gabelli Multimedia Trust by 15.9% in the 2nd quarter. Atomi Financial Group Inc. now owns 50,093 shares of the financial services provider’s stock valued at $268,000 after purchasing an additional 6,864 shares during the period. Quarry LP purchased a new position in shares of The Gabelli Multimedia Trust during the 2nd quarter valued at $438,000. Finally, Commonwealth Equity Services LLC lifted its position in shares of The Gabelli Multimedia Trust by 11.3% during the 1st quarter. Commonwealth Equity Services LLC now owns 505,595 shares of the financial services provider’s stock valued at $2,862,000 after buying an additional 51,151 shares during the last quarter. Institutional investors own 10.63% of the company’s stock.

The Gabelli Multimedia Trust Company Profile

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.