GAMCO Trims Stake in Superior Industries International Inc. (SUP); Boosts Exposure To The Pep Boys – Manny, Moe & Jack (PBY)

In a newly amended filing with the U.S. Securities and Exchange Commission, GAMCO Investors, managed by Mario Gabelli, has disclosed trimming its stake in Superior Industries International Inc. (NYSE:SUP) to 2.28 million shares from 2.34 million shares held previously. The stake amasses 8.40% of common stock outstanding. At the same time, in another filing, GAMCO has revealed raising its exposure to The Pep Boys – Manny, Moe & Jack (NYSE:PBY).

Superior Industries International Inc. (NYSE:SUP) is engaged in manufacturing of aluminum wheels for passenger cars and light-duty vehicles in North America. The company, which has five plants in both the U.S. and Mexico, has a market cap of $556.5 million.

At the end of last week, GAMCO filed a preliminary proxy statement with the SEC pursuant to which the fund intends to solicit proxies to elect Philip T. Blazek, Ryan J. Morris and Walter M. Schenker to the board of directors of Superior Industries International Inc. (NYSE:SUP). In addition, GAMCO sent notice to the company withdrawing the shareholder proposal it submitted in December 2013, requesting that the company’s board to authorize a “Dutch Auction” tender offer, according to the filing.

For the first quarter of 2014, Superior Industries International Inc. (NYSE:SUP) reported net income of $4.8 million, or $0.18 per diluted share, compared to net income of $4.9 million, or $0.18 per diluted share, in the same period of 2013, according to a statement. Two months ago, Superior Industries International Inc. (NYSE:SUP) appointed Donald J. Stebbins as president and CEO. Stebbins replaces Steven J. Borick, who retired in March this year.

Aside from GAMCO, Chuck Royce’s Royce & Associates holds 488,000 shares and John W. Rogers’ Ariel Investments owns 110,150 shares of the company.

GAMCO revealed ownership of a 10.47% stake in The Pep Boys – Manny, Moe & Jack (NYSE:PBY). The position contains 5.58 million shares, up from 5.27 million shares the fund reported in its latest 13F filing. The Pep Boys – Manny, Moe & Jack (NYSE:PBY) is an automotive aftermarket service and retail chain, and has a market cap of $610.8 million.

The company posted net earnings of $1.6 million, or $0.03 per share, for the first quarter of fiscal 2014, compared to net earnings of $3.9 million, or $0.07 per share, in the first quarter of fiscal 2013.

Disclosure: none