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Mario Gabelli Increases Holding in Layne Christensen Company (LAYN)

Mario Gabelli and his fund GAMCO Investors revealed holding a total of 2.9 million shares of Layne Christensen Company (NASDAQ:LAYN). The position amasses 14.64% of the company’s stock. Out of the aggregate amount, GAMCO owns almost 1.9 million shares, equal to 9.4% of the company’s stock. GAMCO upped its stake from around 1.8 million shares held at the end of September.

Mario Gabelli

At the same time, Gabelli Funds holds some 681,100 shares of Layne Christensen Company (NASDAQ:LAYN), the holding advancing from 637,600 shares revealed in its latest 13F. A significant amount of shares is also held by Teton Advisors: approximately 350,800 shares, up from 312,900 shares owned at the end of September.

Layne Christensen Company (NASDAQ:LAYN) posted a revenue of $216.5 million, for the third quarter of its fiscal 2014, down from $281.3 million in the same period of last year. The net loss from continuing operations amounted to $15.8 million, equal to $0.8 per share, versus a net income of $8.5 million reported for the third quarter of fiscal 2013. Layne Christensen Company (NASDAQ:LAYN) also revealed holding cash and cash equivalents of $29 million as of October 31. Long-term debt of the company amounts to $102.7 million, and it has equity worth $304.3 million, Layne said in a statement.

Another hedge fund from our database that revealed holding shares of Layne Christensen Company (NASDAQ:LAYN) in the latest round of 13F filings is Royce & Associates, managed by Chuck Royce, which disclosed a $28 million stake, which amasses 1.4 million shares. John I. Dickerson’s Summit Global Management cut its position in the company by 41% during the third quarter. The holding amasses 167,700 shares, with a reported value of $3.3 million.

A couple of days ago, Gabelli and GAMCO revealed activist moves in several of its holdings. GAMCO sent a letter to Superior Industries International Inc. (NYSE:SUP) requesting that the company’s board should initiate a vote regarding the authorization of a “Dutch Auction” tender offer. The fund also sent another letter to Telephone & Data Systems, Inc. (NYSE:TDS) stating that it intends to propose candidates to be nominated on the company’s board.

Disclosure: none

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