Gamco Investors Raises Stake in Ampco Pittsburg Corporation (AP) and Nominates Directors to the Board

Mario Gabelli’s Gamco Investors and their affiliates revealed holding in aggregate 1.80 million shares of Ampco Pittsburg Corporation (NYSE:AP), the stake representing 17.39% of the company’s common stock. In its latest 13F, Gamco disclosed holding around 1.11 million shares.

Mario Gabelli with cereal box

  Out of the aggregate position, Gamco Investors holds around 1.10 million shares, while Gabelli Funds and Teton Advisors hold each 418,000 shares and 253,340. While the stake held by Gabelli Funds remained unchanged, in its latest 13F, Teton Advisors disclosed ownership of 245,300 shares of Ampco Pittsburg Corporation (NYSE:AP). Ampco Pittsburg Corporation (NYSE:AP) operates in two segments: Forged and Cast Rolls, and Air and Liquid Processing. Recently, the company announced that in order to support the nominees recommended by GAMCO, the Corporation would expand its Board of Directors to eleven members from the existing nine members. Last month, Ampco Pittsburg Corporation (NYSE:AP) paid a regular dividend of $0.18 per share to its shareholders. Chuck Royce’s Royce & Associates is another major shareholder, which held around 1.03 million shares at the end of the third quarter of 2013. According to the fund’s filing with the Securities and Exchange Commission, the value of Gamco's equity portfolio has increased to $18.65 billion at the end of the year, from $17.02 billion in the third quarter. Late last month, Gamco Investors, upped its position to 1.86 million shares from 1.67 million shares it held earlier in The Bon-Ton Stores, Inc (NASDAQ:BONT), a department store operator. Earlier, the fund reported initiating a position in Coleman Cable, Inc. (NASDAQ:CCIX). Currently, it holds 1.14 million shares of the company. Gamco Investors fund had the largest investment in DIRECTV (NASDAQ:DTV). At the end of December 2013, it held 4.53 million shares of the company. The next big holding in its equity portfolio is American Express Company (NYSE:AXP), in which the fund reported 3.49 million shares. Another significant investment of the fund is in Viacom Inc. (NASDAQ: VIAB) with a reported holding of 3.46 million shares. Disclosure:none Recommended Reading: Weiss Asset Management Top Picks Include HF2 Financial Management Inc (HTWO), Seabridge Gold, Inc. (USA) (SA) & More Prescott Group Capital Top Picks: Air Transport Services Group Inc. (ATSG), Nature’s Sunshine Prod. (NATR) & More Park West Asset Management Boosts Its Stake in Outerwall Inc (OUTR)
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