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GAMCO Investors and Clinton Group Update Positions in Two Stocks

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In a recent filing with the Securities and Exchange Commission, GAMCO Investors has disclosed an increase in its stake in Blyth, Inc. (NYSE:BTH), a direct-to-consumer marketing company. Mario Gabelli‘s fund has acquired 230,500 shares, taking its investment to 2.49 million shares or 15.45% of the company’s common stock. In another filing with the SEC, George Hall and Clinton Group have reiterated their stake in Porter Bancorp, Inc. (NASDAQ:PBIB), following the expiry of warrants held by Clinton Group, that were not exercised. The fund holds 579,142 shares of the bank holding company, which account for approximately 3% of the total number of shares outstanding.

Mario Gabelli with cereal box

Billionaire Mario Gabelli founded GAMCO Investors in 1977 as a broker/dealer and has since developed it into a complex financial services company, which manages more than $30 billion in assets. He is known for his unusual compensation scheme, having no salary and receiving no bonus or stock options; instead he takes a 10% of the company’s pre-tax profit. Having a soft spot for media companies, Gabelli continues to hold a major position in DIRECTV (NASDAQ:DTV), having slightly reduced it during the second quarter to 3.43 million shares. He is still bullish on Bank of New York Mellon Corp (NYSE:BK) and has increased his stake by 2% during the second quarter to amass 6.68 million shares, according to GAMCO’s latest 13F filing. Cablevision Systems Corporation (NYSE:CVC) ends GAMCO’s top three stock holdings, with Gabelli having trimmed his stake to some 11.5 million shares.

Mario Gabelli
Mario Gabelli
GAMCO Investors

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