The Gabelli Multimedia Trust Inc. (NYSE:GGT) Short Interest Up 9.5% in June

The Gabelli Multimedia Trust Inc. (NYSE:GGT) was the target of a significant growth in short interest in June. As of June 15th, there was short interest totalling 226,000 shares, a growth of 9.5% from the May 31st total of 206,300 shares. Based on an average daily trading volume, of 72,800 shares, the days-to-cover ratio is presently 3.1 days.

The Gabelli Multimedia Trust Stock Down 1.3 %

GGT stock traded down $0.07 during mid-day trading on Wednesday, reaching $5.25. The company’s stock had a trading volume of 120,014 shares, compared to its average volume of 68,909. The company’s 50 day moving average is $5.61 and its two-hundred day moving average is $5.58. The Gabelli Multimedia Trust has a fifty-two week low of $4.32 and a fifty-two week high of $6.80.

The Gabelli Multimedia Trust Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 21st. Investors of record on Thursday, June 13th were issued a $0.22 dividend. The ex-dividend date was Thursday, June 13th. This represents a $0.88 annualized dividend and a dividend yield of 16.76%.

Hedge Funds Weigh In On The Gabelli Multimedia Trust

Institutional investors have recently added to or reduced their stakes in the stock. Telos Capital Management Inc. acquired a new stake in shares of The Gabelli Multimedia Trust in the 4th quarter worth $149,000. Belpointe Asset Management LLC purchased a new stake in shares of The Gabelli Multimedia Trust in the third quarter valued at about $82,000. Beacon Capital Management LLC acquired a new stake in The Gabelli Multimedia Trust during the first quarter worth about $32,000. Finally, Commonwealth Equity Services LLC raised its stake in The Gabelli Multimedia Trust by 11.3% during the first quarter. Commonwealth Equity Services LLC now owns 505,595 shares of the financial services provider’s stock worth $2,862,000 after purchasing an additional 51,151 shares during the period. Hedge funds and other institutional investors own 10.63% of the company’s stock.

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.