The Gabelli Multimedia Trust (NYSE:GGT) Shares Cross Above 200 Day Moving Average – Here’s Why

The Gabelli Multimedia Trust Inc. (NYSE:GGT)’s share price passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $4.82 and traded as high as $4.82. The Gabelli Multimedia Trust shares last traded at $4.79, with a volume of 193,002 shares.

The Gabelli Multimedia Trust Price Performance

The company’s 50-day simple moving average is $4.79 and its 200-day simple moving average is $4.82.

The Gabelli Multimedia Trust Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Monday, March 17th will be given a $0.22 dividend. The ex-dividend date of this dividend is Monday, March 17th. This represents a $0.88 annualized dividend and a yield of 18.39%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in GGT. Quarry LP grew its position in The Gabelli Multimedia Trust by 322.5% in the third quarter. Quarry LP now owns 344,902 shares of the financial services provider’s stock worth $1,700,000 after buying an additional 263,269 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in The Gabelli Multimedia Trust by 94.2% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 44,320 shares of the financial services provider’s stock worth $218,000 after purchasing an additional 21,501 shares during the period. Absolute Investment Advisers LLC acquired a new position in The Gabelli Multimedia Trust in the 4th quarter worth approximately $2,222,000. Wolverine Asset Management LLC boosted its stake in The Gabelli Multimedia Trust by 24.2% in the 4th quarter. Wolverine Asset Management LLC now owns 135,365 shares of the financial services provider’s stock worth $604,000 after purchasing an additional 26,388 shares during the period. Finally, One Capital Management LLC acquired a new position in The Gabelli Multimedia Trust in the 4th quarter worth approximately $50,000. Institutional investors and hedge funds 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.