Gabelli Multimedia Trust (NYSE:GGT) Stock Price Passes Above 200 Day Moving Average – Here’s Why

Gabelli Multimedia Trust Inc. (NYSE:GGT) shares passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $4.16 and traded as high as $4.24. Gabelli Multimedia Trust shares last traded at $4.1950, with a volume of 516,289 shares changing hands.

Gabelli Multimedia Trust Stock Down 0.4%

The company has a 50-day simple moving average of $4.22 and a 200 day simple moving average of $4.16.

Gabelli Multimedia Trust Increases Dividend

The business also recently declared a monthly dividend, which will be paid on Wednesday, September 23rd. Shareholders of record on Wednesday, September 16th will be issued a $0.08 dividend. This is a boost from Gabelli Multimedia Trust’s previous monthly dividend of $0.07. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a c) dividend on an annualized basis and a yield of 22.9%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in GGT. Gamco Investors INC. ET AL increased its position in shares of Gabelli Multimedia Trust by 2.0% during 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 acquiring an additional 25,000 shares in the last quarter. Cetera Investment Advisers grew its stake in Gabelli Multimedia Trust by 27.5% in the first quarter. Cetera Investment Advisers now owns 21,390 shares of the financial services provider’s stock valued at $84,000 after purchasing an additional 4,616 shares during the last quarter. Geneos Wealth Management Inc. raised its holdings in Gabelli Multimedia Trust by 141.4% in the first quarter. Geneos Wealth Management Inc. now owns 16,900 shares of the financial services provider’s stock worth $66,000 after purchasing an additional 9,900 shares in the last quarter. Kestra Advisory Services LLC raised its holdings in Gabelli Multimedia Trust by 2.1% in the first quarter. Kestra Advisory Services LLC now owns 616,809 shares of the financial services provider’s stock worth $2,424,000 after purchasing an additional 12,818 shares in the last quarter. Finally, Decision Investments Inc. purchased a new stake in shares of Gabelli Multimedia Trust during the first quarter valued at about $92,000. Institutional investors own 10.63% of the company’s stock.

About Gabelli Multimedia Trust

Gabelli Multimedia Trust Inc (NYSE: GGT) is a closed-end management investment company that seeks long-term capital appreciation by investing primarily in the common stocks of companies engaged in the multimedia and communications sectors. The trust’s portfolio is concentrated in industries such as cable and satellite television, wireless and wireline telecommunications, radio and broadcasting, print and digital publishing, and internet services. Through selective security selection, Gabelli Multimedia Trust aims to capture growth opportunities driven by evolving content delivery platforms and technological innovation.

Since its initial public offering in December 1987, the trust has been managed by Gabelli Funds, LLC, an affiliate of GAMCO Investors, Inc, under the direction of veteran investors led by Mario J.