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 large growth in short interest during the month of 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 trading volume of 116,200 shares, the days-to-cover ratio is currently 1.4 days.

The Gabelli Multimedia Trust Stock Performance

The Gabelli Multimedia Trust stock traded up $0.06 during midday trading on Monday, reaching $4.91. 44,780 shares of the stock traded hands, compared to its average volume of 78,118. The company has a 50-day simple moving average of $5.02 and a two-hundred day simple moving average of $5.39. The Gabelli Multimedia Trust has a 12-month low of $4.32 and a 12-month high of $6.40.

The Gabelli Multimedia Trust Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 23rd. Stockholders of record on Monday, September 16th will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 17.92%. The ex-dividend date of this dividend is Monday, September 16th.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Atomi Financial Group Inc. increased its holdings in shares of The Gabelli Multimedia Trust by 15.9% during the 2nd quarter. Atomi Financial Group Inc. now owns 50,093 shares of the financial services provider’s stock worth $268,000 after buying an additional 6,864 shares during the last quarter. Beacon Capital Management LLC bought a new position in shares of The Gabelli Multimedia Trust in the 1st quarter worth about $32,000. Commonwealth Equity Services LLC boosted its stake in 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 acquiring an additional 51,151 shares during the period. Finally, Quarry LP acquired a new position in shares of The Gabelli Multimedia Trust during the second quarter valued at $438,000. 10.63% of the stock is currently owned by institutional investors and hedge funds.

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.