Mario Gabelli’s GAMCO Investors presented several 13D filings on Thursday September 18. The famed hedge fund disclosed a new position in Bolt Technology Corp. (NASDAQ:BOLT), an increased stake in Morgans Hotel Group Co. (NASDAQ:MHGC)and a trimmed bet on Skyline Corporation (NYSEMKT:SKY). Let’s take a closed look at these transactions.
According to one of the filings, GAMCO Investors started a new position in Bolt Technology Corp. (NASDAQ:BOLT), with 825,001 shares of Common Stock, held through diverse funds (GAMCO, Gabelli Funds, GSI, Teton). The stake accounts for 9.47% of the company’s stock outstanding, and makes of GAMCO the largest hedge fund shareholder, amongst those we track, at the company. John W. Rogers’ Ariel Investments is the second-largest institutional investor, with 552,106 shares of Common Stock, worth more than $10 million.
Bolt Technology Corp. (NASDAQ:BOLT) is a $190.84 million market cap company that develops, manufactures and sells marine seismic data acquisition equipment and underwater remotely operated robotic vehicles.
Morgans Hotel Group Co. (NASDAQ:MHGC) is a $283 million market cap fully integrated lifestyle hospitality company that operates, owns, acquires and develops boutique hotels, primarily in gateway cities and select resort markets in the United States, Europe and other international locations, and nightclubs, restaurants, bars and other food and beverage venues in many of the hotels it operate, as well as in hotels and casinos operated by MGM Resorts International (NYSE:MGM) in Las Vegas.
On September 18, GAMCO disclosed a steep increase in its position in Morgans Hotel Group Co. (NASDAQ:MHGC). The fund declared ownership of 1.72 million shares of Common Stock (up from 312,300 shares previously held), which account for more than 5% of the company’s shares outstanding.
The largest hedge fund shareholder at Morgans Hotel Group Co. (NASDAQ:MHGC) is Brian Taylor’s Pine River Capital Management. The fund last declared, for the second quarter of 2014, a 17% boost in its stake, which now amounts to 2.78 million shares, worth more than $22 million.
A company that felt Mr. Gabelli’s bearishness is Skyline Corporation (NYSEMKT:SKY), a $22.66 million market cap designer, producer and marketer of manufactured housing, modular housing and recreational vehicles. The fund last disclosed a 14.1% decrease in its exposure to the company, and now owns 780,800 shares of Common Stock (worth more than $2 million), down from 909,931 shares declared in mid-August. This wage accounts for 9.3% of the company’s outstanding Common Stock, and makes of GAMCO, once again, the largest hedge fund shareholder at Skyline Corporation (NYSEMKT:SKY), trailed by Jeffrey Gendell’s Tontine Asset Management, which owns 365,986 shares of the company.
Disclosure: Javier Hasse holds no positions in any stocks or funds mentioned
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