Gabelli Multimedia Trust Inc. (NYSE:GGT) Short Interest Up 82.9% in June

Gabelli Multimedia Trust Inc. (NYSE:GGT) was the target of a significant increase in short interest during the month of June. As of June 15th, there was short interest totaling 185,075 shares, an increase of 82.9% from the May 31st total of 101,192 shares. Based on an average daily volume of 311,797 shares, the short-interest ratio is currently 0.6 days. Approximately 0.6% of the shares of the company are sold short.

Gabelli Multimedia Trust Stock Down 0.1%

Shares of Gabelli Multimedia Trust stock opened at $4.20 on Friday. Gabelli Multimedia Trust has a 1 year low of $3.87 and a 1 year high of $4.39. The stock has a fifty day moving average price of $4.22 and a 200-day moving average price of $4.16.

Gabelli Multimedia Trust Increases Dividend

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Cetera Investment Advisers increased its stake in shares of Gabelli Multimedia Trust by 73.8% during the 2nd quarter. Cetera Investment Advisers now owns 21,703 shares of the financial services provider’s stock worth $90,000 after purchasing an additional 9,214 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in Gabelli Multimedia Trust in the second quarter worth $27,000. Balyasny Asset Management L.P. bought a new stake in shares of Gabelli Multimedia Trust in the second quarter valued at $537,000. Fisher Asset Management LLC bought a new stake in shares of Gabelli Multimedia Trust in the third quarter valued at $100,000. Finally, Ameriprise Financial Inc. purchased a new position in shares of Gabelli Multimedia Trust during the 3rd quarter valued at $49,000. 10.63% of the stock is currently owned by hedge funds and other institutional investors.

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.