498,229 Shares in The Gabelli Multimedia Trust Inc. (NYSE:GGT) Bought by Absolute Investment Advisers LLC

Absolute Investment Advisers LLC purchased a new position in shares of The Gabelli Multimedia Trust Inc. (NYSE:GGT) in the 4th quarter, Holdings Channel reports. The institutional investor purchased 498,229 shares of the financial services provider’s stock, valued at approximately $2,222,000.

A number of other large investors have also recently added to or reduced their stakes in the business. NBC Securities Inc. acquired a new stake in shares of The Gabelli Multimedia Trust in the third quarter valued at approximately $29,000. PFG Investments LLC acquired a new stake in The Gabelli Multimedia Trust during the 3rd quarter valued at $53,000. Wealth Enhancement Advisory Services LLC raised its holdings in shares of The Gabelli Multimedia Trust by 94.2% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 44,320 shares of the financial services provider’s stock worth $218,000 after acquiring an additional 21,501 shares during the last quarter. Atomi Financial Group Inc. lifted its position in shares of The Gabelli Multimedia Trust by 7.7% in the third quarter. Atomi Financial Group Inc. now owns 53,947 shares of the financial services provider’s stock valued at $266,000 after acquiring an additional 3,854 shares in the last quarter. Finally, Wolverine Asset Management LLC acquired a new stake in shares of The Gabelli Multimedia Trust during the third quarter valued at $537,000. 10.63% of the stock is owned by institutional investors and hedge funds.

The Gabelli Multimedia Trust Price Performance

Shares of GGT stock opened at $4.89 on Monday. The Gabelli Multimedia Trust Inc. has a twelve month low of $4.45 and a twelve month high of $6.12. The firm has a 50-day moving average price of $4.79 and a 200 day moving average price of $4.85.

The Gabelli Multimedia Trust Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, December 20th. Investors of record on Friday, December 13th were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a yield of 18.00%.

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.