Glenhill Advisors Backs Off As GAMCO Gets Its Way With Pep Boys-Manny Moe and Jack (PBY)

Let’s briefly look at Glenhill’s other top picks. The fund boosted its holding in Sinclair Broadcast Group Inc (NASDAQ:SBGI) by 4% during the first quarter to 2.59 million shares valued at $81.48 million. The stake represented 3.72% of the $2.8 billion television broadcasting company’s outstanding shares and 6.42% of the fund’s portfolio value. While the TV broadcasting industry has risen by about 2.7% year-to-date, Sinclair Broadcast Group Inc (NASDAQ:SBGI)’s stock has outperformed its peers, appreciating by 7.5% during the same period. David Amy, the company’s COO has been proclaiming Sinclair an undervalued stock in an undervalued industry. Given that the company is the country’s largest local broadcaster, it is expecting an even larger windfall from the upcoming political season than the last one, which contributed $258 million to its top line. Among the funds that we track, Richard Barrera‘s Roystone Capital Partners is the largest stockholder of Sinclair Broadcast Group Inc (NASDAQ:SBGI) holding 4.35 million shares valued at $136.64 million.

During the first three months of the year, Glenhill added some 454,300 shares of Air Products & Chemicals, Inc. (NYSE:APD) to its portfolio, taking the total stake to 498,400 shares valued at $75.40 million. The fund has held a position in the company since the first quarter of 2014. Over the past year, Air Products & Chemicals, Inc. (NYSE:APD)’s stock has risen by more than 20%. The hedge fund interest in the company, among those that we track, has increased slightly over the last quarter as 83 firms had an aggregate investment of $9.93 billion in the company at the end of March, as compared to 82 funds with $8.92 billion invested at the end of the previous quarter. Activist investor Bill Ackman‘s Pershing Square is the largest stockholder among them, owning some 20.55 million shares valued at $3.11 billion.

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