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

The Gabelli Multimedia Trust Inc. (NYSE:GGT) was the recipient of a significant decrease in short interest in October. As of October 31st, there was short interest totalling 105,500 shares, a decrease of 5.7% from the October 15th total of 111,900 shares. Based on an average trading volume of 74,900 shares, the days-to-cover ratio is presently 1.4 days.

The Gabelli Multimedia Trust Trading Down 0.4 %

GGT stock opened at $4.76 on Monday. The Gabelli Multimedia Trust has a 52 week low of $4.56 and a 52 week high of $6.25. The firm has a 50 day moving average of $4.82 and a 200 day moving average of $5.14.

The Gabelli Multimedia Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, December 13th will be paid a dividend of $0.22 per share. The ex-dividend date is Friday, December 13th. This represents a $0.88 annualized dividend and a dividend yield of 18.49%.

Hedge Funds Weigh In On The Gabelli Multimedia Trust

Hedge funds have recently made changes to their positions in the company. Quarry LP lifted its position in 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 worth $1,700,000 after acquiring an additional 263,269 shares during the period. Wolverine Asset Management LLC acquired a new stake in shares of The Gabelli Multimedia Trust during the third quarter worth about $537,000. Atomi Financial Group Inc. boosted its position in The Gabelli Multimedia Trust by 7.7% in the third quarter. Atomi Financial Group Inc. now owns 53,947 shares of the financial services provider’s stock valued at $266,000 after buying an additional 3,854 shares during the last quarter. PFG Investments LLC acquired a new position in The Gabelli Multimedia Trust in the 3rd quarter worth approximately $53,000. Finally, NBC Securities Inc. purchased a new position in The Gabelli Multimedia Trust during the 3rd quarter worth approximately $29,000. 10.63% of the stock is owned by institutional investors and hedge funds.

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.