Insider Buying: Gabelli Multimedia Trust (NYSE:GGT) Director Buys 2,700 Shares of Stock

Gabelli Multimedia Trust Inc. (NYSE:GGT) Director Elizabeth Bogan purchased 2,700 shares of the business’s stock in a transaction on Tuesday, February 17th. The shares were acquired at an average price of $4.04 per share, for a total transaction of $10,908.00. Following the completion of the acquisition, the director directly owned 2,700 shares in the company, valued at approximately $10,908. This represents a ∞ increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

Gabelli Multimedia Trust Stock Performance

Shares of NYSE:GGT traded up $0.04 during mid-day trading on Wednesday, hitting $4.08. The company had a trading volume of 173,194 shares, compared to its average volume of 274,679. Gabelli Multimedia Trust Inc. has a one year low of $3.75 and a one year high of $4.94. The firm has a fifty day moving average price of $4.18 and a 200 day moving average price of $4.17.

Gabelli Multimedia Trust Increases Dividend

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, June 23rd. Stockholders of record on Monday, June 15th will be given a dividend of $0.08 per share. This is a boost from Gabelli Multimedia Trust’s previous monthly dividend of $0.07. The ex-dividend date of this dividend is Monday, June 15th. This represents a c) dividend on an annualized basis and a dividend yield of 23.6%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Arax Advisory Partners grew its stake in Gabelli Multimedia Trust by 90.0% in the fourth quarter. Arax Advisory Partners now owns 6,152 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 2,914 shares during the period. Raymond James Financial Inc. bought a new position in shares of Gabelli Multimedia Trust in the 2nd quarter worth $27,000. Geneos Wealth Management Inc. acquired a new stake in Gabelli Multimedia Trust in the 3rd quarter valued at $30,000. Allworth Financial LP bought a new stake in Gabelli Multimedia Trust during the 2nd quarter valued at $49,000. Finally, Ameriprise Financial Inc. bought a new stake in Gabelli Multimedia Trust during the 3rd quarter valued at $49,000. Institutional investors own 10.63% of the company’s stock.

Gabelli Multimedia Trust Company Profile

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.