Tredegar Corporation (TG) and Medical Action Industries (MDCI): GAMCO Investors Ups Stakes

GAMCO Investors, the hedge fund run by Mario Gabelli has announced in a regulatory filing with Security and Exchange Commission that it has increased its stake in Tredegar Corporation (NYSE:TG) and Medical Action Industries (NASDAQ:MDCI).

Mario Gabelli with cereal box

The value investor has acquired additional 732,740 shares in Tredegar Corporation (NYSE:TG), increasing its stake to 4.8 million. The 15% holding has a current market value of $101 million. In February, Gabelli succeeded in convincing Tredegar Corporation (NYSE:TG) to give up on its poison pill. Taking advantage of the new opportunity, the legendary investor has added around 1 million shares to its original 11.7% stake, as the stock continued its decline. Year-to- date Tredegar Corporation (NYSE:TG) has lost more than 26% of its market value on worsening business prospects.

Tredegar Corporation (NYSE:TG) is a plastic films manufacturer that has a market capitalization of close to $700 million and its shares currently trade at $21.21.

In a second move announced today, Gabelli has significantly upped its stake in Medical Action Industries (NASDAQ:MDCI), suggesting it is getting involved in merger arbitrage. The investor has added 1 million shares to the previous stake of 252,164 shares, increasing its holding to 7.86%. In late June, Medical Action Industries (NASDAQ:MDCI) agreed to be acquired by Owens & Minor, Inc.(NYSE:OMI) for $208 million and now the deal is in pending state. The bid price for Medical Action Industries (NASDAQ:MDCI) represents a premium of around 90%. The company’s stock trades now at $13.78 and at this price the medical products manufacturer has a market capitalization of $227 million, which is $19 million above the bid offer.

Mario Gabelli’s GAMCO Investors has beaten the S&P 500 by around 2% a year since its inception in 1986. At the moment, his equity portfolio is worth $19 billion and is extremely diversified across sectors and stocks. Gabelli’s top stock picks for the second quarter are DIRECTV (NASDAQ:DTV), American Express Company (NYSE:AXP) and Viacom, Inc. (NASDAQ:VIA).

Disclosure: none

blog comments powered by Disqus
Insider Monkey Headlines
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months Click to see monthly returns in table format!

Lists

The 10 Countries with the Highest Suicide Rates

The 10 Most Technologically Advanced Countries in the World

The 10 Safest Countries in the World to Live in Peace

The 10 Top Selling Smartphones in the World 2014

The 12 Biggest Shopping Centers in the World

The 10 Friendliest Countries in the World

Qihoo 360 Technology Co Ltd (QIHU), Actavis plc (ACT), Yahoo! Inc. (YHOO) Among 20 Long Ideas from Sohn Canada

The 10 Laziest Countries in the World

The 10 Most Polluted Countries in the World

The 10 Most Dangerous Cities in America 2014

The Top 10 Gold Producing Countries in the World

The 10 Tallest Buildings in the World

The 10 Richest Stand Up Comedians in the World

The 10 Fattest Countries in the World

The 5 Best Summer Jobs for Teens

The 10 Most Religious Countries in the World Keeping the Faith

The 10 Most Educated Countries in the World

The 10 Most Popular Cell Phones in the World

The 10 Drunkest Countries in the World

The 10 Most Expensive Private Schools in the World

The 10 Smallest Countries in the World

Walking Dead Season 5 Spoilers You’ll Wish You Didn’t Know

The 10 Poorest Countries in the World

The 10 Greenest Countries in the World

The Top 10 Countries with the Highest Population in the World

The 10 Most Visited Countries in the World

The Top 10 Star Wars Characters in the Iconic Series

The 10 Most Expensive Android Phones in the World

5 Reasons Why The Illuminati Is Real and a Threat to Society

The 6 Scariest Halloween Costumes Ever Screamed At

The 4 Biggest Hedge Fund Managers in the World Today

The 15 Most Densely Populated Countries in the World

The 10 Biggest Tea Drinking Countries in the World

Top 6 Ways to Improve Your Checkout Process and Close Sales

The 5 Most Profitable Online Businesses You Can Start Today

The 20 Most Profitable Hospitals in the US

The 5 Most Profitable Home Businesses to Start

The 7 Teams that Will Win the Stanley Cup in 2015

The Top 10 Most Expensive Digital Cameras to Snap Stunning Shots With

The 10 Highest Quality Fast Food Restaurants In America Today

The 8 Best Halloween Decorating Ideas to Spook Up Your House

10 Marvel Women that Should Get a Movie Right Now

The 20 Best Remixes of Popular Songs that Will Make You Forget the Originals

7 Most Expensive Cities in the World

5 Least Expensive Cities in the World

10 Celebrities Who Believe In Scientology

10 High Margin Food Products to Build a Business Around

The 10 Most Expensive Clothing Stores in the United States to Get Decked Out At

The 5 Biggest Kickstarter Scams That Swindled Backers’ Donations

The 10 Most Expensive Boarding Schools In the World

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!