Cst Brands Inc. (CST): Billionaire Mario Gabelli’s GAMCO Investors Ups Stake

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A recent 13D filing with the Securities and Exchange Commission revealed that billionaire Mario Gabelli‘s GAMCO Investors and its affiliates own in aggregate 3.76 million shares of Cst Brands Inc. (NYSE:CST), which account for 5.0% of the company’s outstanding stock. Out of the aggregate amount, GAMCO solely owns 2.04 million shares, which amass 2.70% of the float. This represents a slight increase to GAMCO’s stake, as it disclosed holding just under 2.00 million shares in its latest 13F filing for the end of March, while Gabelli Funds reported holding 1.65 million shares.

Mario Gabelli

Cst Brands (NYSE:CST) is a holding company that sells motor fuel, food, and convenience merchandise. Over the past 12 months, the company’s shares have gained 13.08%. For the first quarter of 2016, Cst Brands (NYSE:CST) reported earnings per share of $0.27 and revenue of $2.03 billion, versus estimates of $0.22 and $2.30 billion, respectively. Recently, the company announced that it has signed an agreement for selling its California and Wyoming-based stores and its subsidiary, SEI Fuel Services, Inc, to 7-Eleven, at a price of $408 million.

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The number of hedge funds in our database long Cst Brands (NYSE:CST) increased by five in the first quarter; at the end of March, the company was in 28 hedge funds’ portfolios. David Cohen and Harold Levy’s Iridian Asset Management held the most valuable position, worth around $287.9 million, while the second-largest position was reported by Alan Fournier’s Pennant Capital Management, worth around $115.2 million. Other investors with long positions in the stock were D E Shaw, founded by David E. Shaw, Paul Marshall and Ian Wace’s Marshall Wace LLP, and  Jim Simons’ Renaissance Technologies.

Among investors who initiated new positions in Cst Brands (NYSE:CST) during the quarter were Andrew Goldman’s Seven Locks Capital Management and Isaac Corre’s Governors Lane, which invested $16.2 million and $15.7 million, respectively. Other investors with similar fresh bullishness on this stock during the quarter were Curtis Schenker and Craig Effron’s Scoggin, Jamie Zimmerman’s Litespeed Management, and Steve Cohen’s Point72 Asset Management.

You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Gabelli Funds 1,567,500 1,567,500 1,567,500 2.07%
GAMCO Asset Management Inc. I.D. No. 13-40445 1,947,388 2,040,588 2,040,588 2.7%
Gabelli Securities, Inc. I.D. No. 13-3379374 68,970 68,970 68,970 0.09%
Gabelli Foundation, Inc. I.D. No. 94 15,000 15,000 15,000 0.02%
GGCP, Inc. I.D. No. 13-3056041 0.00%
GAMCO Investors, Inc. I.D. No. 13-400786 2,075 2,075 2,075 0.00%
Associated Capital Group, Inc. I.D. No. 47-3965991 Check the appropriate box if a member of a group (SEE INSTRUCTIONS) (a) (b) 0.00%
Mario J. Gabelli 65,709 65,709 65,709 0.09%

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Page 1 of 18 – SEC Filing

Washington, D.C. 20549
Under the Securities Exchange Act of 1934
CST Brands, Inc.
(Name of Issuer)
Common Shares
(Title of Class of Securities)
(CUSIP Number)
David Goldman
GAMCO Investors, Inc.
One Corporate Center
Rye, New York 10580-1435
(914) 921-5000
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
______________________ June 2, 2016________________________
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box .

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