This article discusses the top 5 stock picks of Mario Gabelli’s GAMCO Investors at the end of June 2022. If you want to learn about Mr. Gabelli’s journey of founding GAMCO Investors, building it over time, and the firm’s other top stock picks, please go to 10 Best Stocks to Buy According to Billionaire Mario Gabelli.
5. Crane Holdings Co. (NYSE:CR)
GAMCO Investors’ Stake Value: $129,581,000
Percentage of GAMCO Investors’ 13F Portfolio: 1.42%
Number of Hedge Fund Holders: 22
Crane Holdings Co. (NYSE:CR) is a Stamford, Connecticut-based engineered industrial products manufacturer that traces its history all the way back to the mid-19th century. At the end of June, 22 funds tracked by Insider Monkey disclosed a stake in Crane Holdings Co. (NYSE:CR), down from 26 that reported a stake at the end of March.
On August 15, Crane Holdings Co. (NYSE:CR) announced that it had divested its stake in subsidiary Redco Corporation, which holds the former’s asbestos liabilities and related insurance assets, to Spruce Lake Liability Management, a long-term liability management company. Under the terms of the deal, Crane Holdings Co. (NYSE:CR) contributed $550 million in cash to Redco Corporation, and Spruce Lake Liability Management made an $83 million contribution to the same. This deal removes all asbestos-related liabilities, deferred tax assets, and other obligations from Crane Holdings Co.’s (NYSE:CR) balance sheet. However, the company will report an estimated $173 million loss associated with this transaction in its fiscal 2022 third-quarter results.