Short Interest in The Gabelli Multimedia Trust Inc. (NYSE:GGT) Expands By 9.5%

The Gabelli Multimedia Trust Inc. (NYSE:GGT) was the target of a significant increase in short interest in the month of June. As of June 15th, there was short interest totalling 226,000 shares, an increase of 9.5% from the May 31st total of 206,300 shares. Based on an average daily trading volume, of 72,800 shares, the short-interest ratio is currently 3.1 days.

Hedge Funds Weigh In On The Gabelli Multimedia Trust

A number of institutional investors and hedge funds have recently made changes to their positions in GGT. Beacon Capital Management LLC bought a new stake in shares of The Gabelli Multimedia Trust during the first quarter worth about $32,000. Commonwealth Equity Services LLC lifted its holdings in shares of The Gabelli Multimedia Trust by 11.3% in the first quarter. Commonwealth Equity Services LLC now owns 505,595 shares of the financial services provider’s stock valued at $2,862,000 after purchasing an additional 51,151 shares in the last quarter. Telos Capital Management Inc. purchased a new position in shares of The Gabelli Multimedia Trust during the fourth quarter valued at approximately $149,000. Finally, Belpointe Asset Management LLC bought a new stake in The Gabelli Multimedia Trust during the third quarter worth $82,000. Institutional investors own 10.63% of the company’s stock.

The Gabelli Multimedia Trust Stock Performance

Shares of NYSE:GGT traded down $0.07 during mid-day trading on Wednesday, hitting $5.25. The company had a trading volume of 120,014 shares, compared to its average volume of 68,909. The Gabelli Multimedia Trust has a one year low of $4.32 and a one year high of $6.80. The firm has a fifty day moving average price of $5.61 and a 200 day moving average price of $5.58.

The Gabelli Multimedia Trust Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 21st. Shareholders of record on Thursday, June 13th were paid a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 16.76%. The ex-dividend date was Thursday, June 13th.

About The 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.