Mario Gabelli’s GAMCO Investors Raises Stake in HC2 Holdings Inc (HCHC)

Mario Gabelli’s GAMCO Investors has disclosed a new 4.37% stake in HC2 Holdings Inc (OTCMKTS:HCHC), which operated as Primus Telecommunications Group Inc. until April 2014. A newly amended filing with the U.S. Securities and Exchange Commission showed that GAMCO holds 685,978 shares of the company, up from 567,136 shares the fund held previously. According to the filing, GAMCO, along with others Gabelli Funds, Teton Advisors and GSI, owns an aggregate 1.09 million shares, representing 6.94% of the stock outstanding.

Mario Gabelli

HC2 Holdings Inc. (OTCMKTS:HCHC) is a holding company of operating subsidiaries primarily in the United States and the United Kingdom. Its subsidiary PTGi International Carrier Services Inc. is the leading international wholesale service providers to fixed and mobile network operators worldwide. HC2 Holdings has a market cap of $70.7 million.

In May, HC2 Holdings Inc. announced that it has signed a definitive agreement with SAS Venture LLC to acquire SAS’s 2.5 million shares of common stock of Schuff International, Inc., representing about a 60% interest in the company. At the end of May, the company said that it completed its acquisition of 2.5 million shares of common stock of Schuff International Inc. In addition, the company said it negotiated an agreement to purchase an additional 200,000 shares of Schuff, equal to about 65% interest in the company. The aggregate consideration for the acquisition of the shares was about $85 million, according to a press release.

Last month, HC2 Holdings announced that it appointed Rustin Roach as new CEO and president of Schuff International and Schuff Steel Co.  Roach’s appointment became effective June 4, 2014. He replaces Scott Schuff, who will provide advisory services to Schuff over the next three years.

In recent move GAMCO trimmed its stake in Superior Industries International Inc. (NYSE:SUP) to 2.28 million shares from 2.34 million shares held previously. At the same time, the fund revealed raising its exposure to The Pep Boys – Manny, Moe & Jack (NYSE:PBY) to 5.58 million shares from 5.27 million shares the fund reported in its latest 13F filing.

Disclosure: none

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