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

The Gabelli Multimedia Trust Inc. (NYSE:GGT) was the recipient of a large increase in short interest during the month of March. As of March 15th, there was short interest totalling 155,600 shares, an increase of 37.1% from the February 28th total of 113,500 shares. Approximately 0.6% of the company’s shares are sold short. Based on an average daily volume of 97,200 shares, the days-to-cover ratio is presently 1.6 days.

The Gabelli Multimedia Trust Stock Down 1.8 %

NYSE:GGT opened at $4.64 on Monday. The Gabelli Multimedia Trust has a 52 week low of $4.45 and a 52 week high of $5.98. The firm’s fifty day moving average is $4.80 and its 200-day moving average is $4.79.

The Gabelli Multimedia Trust Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Monday, March 17th were issued a dividend of $0.22 per share. The ex-dividend date was Monday, March 17th. This represents a $0.88 dividend on an annualized basis and a yield of 18.99%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Absolute Investment Advisers LLC acquired a new stake in The Gabelli Multimedia Trust during the fourth quarter worth approximately $2,222,000. GABELLI & Co INVESTMENT ADVISERS INC. bought a new stake in shares of The Gabelli Multimedia Trust in the 4th quarter valued at $1,929,000. Quarry LP lifted its position in shares of The Gabelli Multimedia Trust by 322.5% during the 3rd quarter. Quarry LP now owns 344,902 shares of the financial services provider’s stock valued at $1,700,000 after acquiring an additional 263,269 shares during the period. Gamco Investors INC. ET AL boosted its stake in The Gabelli Multimedia Trust by 4.3% during the fourth quarter. Gamco Investors INC. ET AL now owns 1,249,218 shares of the financial services provider’s stock worth $5,572,000 after acquiring an additional 51,591 shares in the last quarter. Finally, Wolverine Asset Management LLC grew its holdings in The Gabelli Multimedia Trust by 24.2% in the fourth quarter. Wolverine Asset Management LLC now owns 135,365 shares of the financial services provider’s stock worth $604,000 after purchasing an additional 26,388 shares during the period. 10.63% of the stock is owned by institutional investors.

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.