Beacon Capital Management LLC Takes $32,000 Position in The Gabelli Multimedia Trust Inc. (NYSE:GGT)

Beacon Capital Management LLC purchased a new position in shares of The Gabelli Multimedia Trust Inc. (NYSE:GGT) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 5,646 shares of the financial services provider’s stock, valued at approximately $32,000.

Separately, Telos Capital Management Inc. purchased a new stake in The Gabelli Multimedia Trust during the fourth quarter worth approximately $149,000. Hedge funds and other institutional investors own 10.63% of the company’s stock.

The Gabelli Multimedia Trust Price Performance

GGT remained flat at $5.01 during trading on Friday. 39,284 shares of the company’s stock traded hands, compared to its average volume of 78,292. The Gabelli Multimedia Trust Inc. has a 12 month low of $4.32 and a 12 month high of $6.65. The stock’s 50-day moving average is $5.38 and its 200 day moving average is $5.49.

The Gabelli Multimedia Trust Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 21st. Shareholders of record on Thursday, June 13th were paid a dividend of $0.22 per share. The ex-dividend date was Thursday, June 13th. This represents a $0.88 annualized dividend and a yield of 17.56%.

The Gabelli Multimedia Trust Profile

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.