Telephone & Data Systems, Inc. (TDS) And Two Other Moves From Mario Gabelli and GAMCO Investors

GAMCO Investors and its legendary manager, Mario Gabelli, have been busy this week as well. In a series of filings with the Securities and Exchange Commission, GAMCO has revealed 3 important changes to its equity portfolio. Gabelli and GAMCO have reported an increase in their holding of Chemtura Corp (NYSE:CHMT) to more than 5 million shares, which accounts for 5.28% of the company’s common stock. Another notable change is the increase in their holding of Lennar Corporation(NYSE:LEN.B) stock. Gabelli and Gamco, together with its subsidiaries, now hold 2.24 million Class B shares, or 7.17% of the number of shares outstanding. Last, but not least, they have reported a decrease in their stake in Telephone & Data Systems, Inc. (NYSE:TDS) from 8.26 million to 8.23 million shares, which accounts for 8.11% of the total number of shares outstanding.

Mario Gabelli with cereal box

Chemtura Corp (NYSE:CHMT) has also attracted the attention of Gilchrist Berg, the manager of Water Street Capital. During the previous quarter, Dinan has increased his fund’s stake by 18% to 4.7 million shares valued at $131 million. David Gallo of Valinor Management has, on the other hand, decided to limit his fund’s exposure to the stock by 28% to approximately 1.5 million shares valued at $41.7 million.

A specialty chemicals manufacturer, Chemtura Corp (NYSE:CHMT) has a market cap of $2.43 billion and does not pay a dividend. The stock has been in an uptrend since October 2011, but has suffered a correction in the beginning of 2014. It is traded at a forward Price to Earnings (P/E) ratio of 14.xx and has a beta of 2.37. For the three months ending December 31, 2013, Chemtura reported revenues of $544 million and earnings of $0.23 per share. Current quarter is expected to bring $553 million in revenues and EPS of $0.19. The company is set to release the earnings report on April 30, after market close.

Billionaire investor Ken Griffin is also bullish on Lennar Corporation (NYSE:LEN.B), with his fund, Citadel Investment Group, having increased its stake by 37% to 2.86 million shares valued at $113 million during the previous quarter. Ricky Sandler and Eminence Capital have also increased their stake to 2.47 million shares reportedly worth in excess of $98 million.

Lennar Corporation (NYSE:LEN.B) engages in home building and is active only in the United States. The company has a market cap of $7.84 billion and pays an annual dividend of $0.16, which represents a yield of 0.5%. For the three months ending November 30, 2013, Lennar posted revenues of $1.9 billion and earnings of $0.73. Analysts expect the company to register revenues of $1.67 billion and EPS of $0.51 for the current quarter.

Hedge fund guru, Jim Simmons is also a fan of Telephone & Data Systems, Inc. (NYSE:TDS). During the previous quarter, Renaissance Technologies has increased its holding of the stock to 1.87 million shares reportedly worth $48.4 million. Chuck Royce is also keeping tabs, as his fund, Royce & Associates owns approximately 1.4 million shares valued at $36.3 million.

A provider of wireless and wireline telecommunications services, Telephone & Data Systems, Inc. (NYSE:TDS) has a market cap of $2.77 billion and pays an annual dividend of $0.51, which carries a yield of 2%. The company reported revenues of $1.18 billion and a loss per share of $1.51 for the 2013 fourth quarter. Market participants expect Telephone & Data Systems to post $1.2 billion in revenues and a loss of $0.32 per share for the Q1 of 2014. The stock has been in a continuous slide since the start of the last decade, when it reached its all time high of $125.77 per share. So far this year, it has been trending sideways and has fallen 1.4% to a current value of $25.41 per share.

Disclosure: none.

Recommended reading:

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