Gabelli Multimedia Trust (NYSE:GGT) Stock Price Up 2.6% – Should You Buy?

Gabelli Multimedia Trust Inc. (NYSE:GGT) shares were up 2.6% during trading on Friday. The company traded as high as $3.58 and last traded at $3.57. 151,772 shares traded hands 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 moving average price is $3.83 and its two-hundred day moving average price is $4.07.

Gabelli Multimedia Trust Increases Dividend

The firm also recently declared a monthly dividend, which will be paid on Friday, December 18th. Shareholders of record on Friday, December 11th will be given a dividend of $0.08 per share. This represents a $0.96 dividend on an annualized basis and a yield of 26.9%. This is a boost from Gabelli Multimedia Trust’s previous monthly dividend of $0.07. The ex-dividend date of this dividend is Friday, December 11th.

Institutional Trading of Gabelli Multimedia Trust

A number of hedge funds have recently made changes to their positions in GGT. Gamco Investors INC. ET AL boosted its stake in shares of Gabelli Multimedia Trust by 2.0% during the 1st quarter. Gamco Investors INC. ET AL now owns 1,275,447 shares of the financial services provider’s stock worth $5,013,000 after acquiring an additional 25,000 shares during the period. Kestra Advisory Services LLC increased its holdings in shares of Gabelli Multimedia Trust by 3.0% during the 3rd quarter. Kestra Advisory Services LLC now owns 657,624 shares of the financial services provider’s stock worth $2,617,000 after acquiring an additional 19,053 shares during the last quarter. Advisory Solutions Group LLC bought a new stake in Gabelli Multimedia Trust in the 2nd quarter valued at $631,000. Landscape Capital Management L.L.C. bought a new stake in Gabelli Multimedia Trust in the 2nd quarter valued at $512,000. Finally, Baird Financial Group Inc. raised its stake in Gabelli Multimedia Trust by 2.9% in the 2nd quarter. Baird Financial Group Inc. now owns 110,826 shares of the financial services provider’s stock valued at $467,000 after acquiring an additional 3,121 shares during the period. 10.63% of the stock is owned by institutional investors and hedge funds.

About Gabelli Multimedia Trust

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.