Mario Gabelli’s GAMCO Investors has been particularly active over the past few days. Since the October 1, the mutual fund filed 8 Schedule 13D forms, disclosing changes it its equity positions. Amongst them, four transactions seemed especially interesting. According to the filings, GAMCO Investors boosted its exposure to Tennant Company (NYSE:TNC), Edgewater Technology Inc. (NASDAQ:EDGW), and Clear Channel Outdoor Holdings, Inc. (NYSE:CCO), and trimmed its stake in Layne Christensen Company (NASDAQ:LAYN). Let’s take a closer look at these moves.
Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) is a $2.44 billion market cap company that provides clients with advertising opportunities through billboards, street furniture displays, transit displays and other out-of-home advertising displays. According to the latest SEC filing, GAMCO Investors owns (directly, and through its subsidiaries) 4.8 million shares of Common Stock, which represent more than 10.7% of the company’s shares outstanding. This implies that the fund almost doubled its bet on Clear Channel Outdoor Holdings, Inc. (NYSE:CCO), since it had disclosed ownership of 2.43 million shares in its last 13F filing –for the second quarter of 2014.
Another company that felt Mr. Gabelli’s bullishness is Edgewater Technology Inc. (NASDAQ:EDGW), an $81.3 million market cap consulting firm that provides specialty services in the areas of business advisory, analytics, data management and technology. The fund more than doubled its participation in the company, and now owns 2.21 million shares of Common Stock, which account for almost 19.5% of Edgewater Technology Inc. (NASDAQ:EDGW) outstanding stock.
Finally, Tennant Company (NYSE:TNC) also witnessed a marked upsurge in GAMCO Investors’ involvement. Following a 66% increase in its stake, the fund holds 744,946 shares of Tennant Company (NYSE:TNC)’s Common Stock, which represent more than 4% of its total shares outstanding.
Tennant Company (NYSE:TNC) is a $1.2 billion market cap company engaged in designing, manufacturing and marketing solutions that help create a cleaner, safer, healthier world
On the opposite sidewalk, there’s Layne Christensen Company (NASDAQ:LAYN), a $187.2 million market cap a water management, construction and drilling company that witnessed another decrease in GAMCO’s stake (the fund had already reduced its exposure in late-September). According to the filing, the fund owns 2.66 million shares of Common Stock, down from 2.88 million disclosed in late-September, and 3.1 million declared in mid-July, but up in relation to the 1.94 million shares held by the end of the second quarter of 2014. The current stake in Layne Christensen Company (NASDAQ:LAYN) comprises about 13.5% of the company’s total shares outstanding.
Disclosure: Javier Hasse holds no positions in any stocks or funds mentioned
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