Key Points
- Director Elizabeth Bogan purchased 2,700 shares of NYSE:GGT on Feb. 17 at an average price of $4.04, a $10,908 transaction that now leaves her owning 2,700 shares.
- Gabelli Multimedia Trust raised its monthly dividend from $0.07 to $0.08 (payable June 23, record date June 15), an increase that the article reports as implying an annualized yield of 23.6%.
- Institutional investors have been active—Kestra Advisory boosted its position by 84.1% and Gamco increased holdings—leaving roughly 10.63% of the stock owned by hedge funds and institutions.
Gabelli Multimedia Trust Inc. (NYSE:GGT - Get Free Report) Director Elizabeth Bogan purchased 2,700 shares of the stock in a transaction on Tuesday, February 17th. The shares were acquired at an average cost of $4.04 per share, for a total transaction of $10,908.00. Following the transaction, the director owned 2,700 shares of the company's stock, valued at approximately $10,908. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.
Gabelli Multimedia Trust Price Performance
GGT stock opened at $4.08 on Thursday. The business's 50 day simple moving average is $4.18 and its 200 day simple moving average is $4.17. Gabelli Multimedia Trust Inc. has a 1-year low of $3.75 and a 1-year high of $4.94.
Gabelli Multimedia Trust Increases Dividend
The company also recently disclosed a monthly dividend, which will be paid on Tuesday, June 23rd. Shareholders of record on Monday, June 15th will be given a dividend of $0.08 per share. This represents a c) annualized dividend and a yield of 23.6%. The ex-dividend date is Monday, June 15th. This is a positive change from Gabelli Multimedia Trust's previous monthly dividend of $0.07.
Hedge Funds Weigh In On Gabelli Multimedia Trust
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Kestra Advisory Services LLC lifted its position in Gabelli Multimedia Trust by 84.1% during the fourth quarter. Kestra Advisory Services LLC now owns 603,991 shares of the financial services provider's stock worth $2,537,000 after purchasing an additional 275,955 shares during the period. Balyasny Asset Management L.P. acquired a new position in Gabelli Multimedia Trust in the 2nd quarter worth about $537,000. Wolverine Asset Management LLC acquired a new position in shares of Gabelli Multimedia Trust in the second quarter valued at approximately $363,000. PMG Family Office LLC acquired a new position in Gabelli Multimedia Trust in the 3rd quarter valued at approximately $301,000. Finally, Gamco Investors INC. ET AL raised its position in Gabelli Multimedia Trust by 4.3% during the 4th quarter. Gamco Investors INC. ET AL now owns 1,250,447 shares of the financial services provider's stock worth $5,252,000 after purchasing an additional 51,500 shares during the last quarter. 10.63% of the stock is owned by institutional investors and hedge funds.
About Gabelli Multimedia Trust
(
Get Free Report)
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.
Featured Articles
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
