Gabelli Multimedia Trust Inc. (NYSE:GGT – Get Free Report)’s share price shot up 2.6% on Friday. The stock traded as high as $3.58 and last traded at $3.57. Approximately 151,772 shares were traded during mid-day trading, a decline of 68% from the average session volume of 479,709 shares. The stock had previously closed at $3.48.
Gabelli Multimedia Trust Stock Performance
The firm’s 50 day simple moving average is $3.83 and its 200-day simple moving average is $4.07.
Gabelli Multimedia Trust Increases Dividend
The company also recently announced a monthly dividend, which will be paid on Friday, December 18th. Investors of record on Friday, December 11th will be paid a $0.08 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 26.9%. The ex-dividend date is Friday, December 11th. This is a boost from Gabelli Multimedia Trust’s previous monthly dividend of $0.07.
Institutional Inflows and Outflows
A number of large investors have recently modified their holdings of the business. Advisory Solutions Group LLC bought a new position in Gabelli Multimedia Trust during the 2nd quarter worth about $631,000. Landscape Capital Management L.L.C. bought a new stake in shares of Gabelli Multimedia Trust in the second quarter valued at about $512,000. Gamco Investors INC. ET AL lifted its holdings in shares of Gabelli Multimedia Trust by 2.0% in the first quarter. Gamco Investors INC. ET AL now owns 1,275,447 shares of the financial services provider’s stock valued at $5,013,000 after purchasing an additional 25,000 shares in the last quarter. StoneX Group Inc. boosted its position in shares of Gabelli Multimedia Trust by 111.7% during the third quarter. StoneX Group Inc. now owns 44,058 shares of the financial services provider’s stock worth $179,000 after buying an additional 23,251 shares during the period. Finally, Kestra Advisory Services LLC boosted its position in shares of Gabelli Multimedia Trust by 3.0% during the third quarter. Kestra Advisory Services LLC now owns 657,624 shares of the financial services provider’s stock worth $2,617,000 after buying an additional 19,053 shares during the period. 10.63% of the stock is currently owned by institutional investors and hedge funds.
Gabelli Multimedia Trust Company Profile
Gabelli Multimedia Trust (NYSE:GGT) is a diversified closed-end management investment company. The fund seeks long-term growth of capital and current income by investing primarily in companies involved in the multimedia, communications and entertainment industries.
Its portfolio may include businesses engaged in broadcasting, cable and satellite services, telecommunications, publishing, entertainment, digital media and related technologies. The trust invests in publicly traded securities and may consider opportunities in both U.S.
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