GAMCO Boosts Stake in Magnetek Inc (MAG); Trims Position in AMC Networks Inc (AMCX)

In a newly amended filing with the Securities and Exchange Commission, GAMCO Investors, managed by Mario Gabelli, has disclosed owning 150,271 shares of Magnetek Inc (NASDAQ:MAG). The stake is equal to 4.60% of common stock and represents an increase from 138,120 shares the fund disclosed in its latest 13F filing. Overall, GAMCO, together with Gabelli Funds and Teton Advisors, holds an aggregate of 334,522 shares, equal to 10.25% of the stock.

Magnetek Inc (NASDAQ:MAG) is a provider of Energy Engineered digital power and motion control systems used in mobile hydraulic, overhead material handling, elevator, and mining applications. The company has a market cap of $75.10 million. Shares of the company rose 0.48% on Wednesday to $23.00. The stock has a 52 week high of $25.75 and a 52 week low of $16.22.

Aside from Gamco, Chuck Royce’s Royce & Associates holds 209,951 shares of Magnetek Inc (NASDAQ:MAG) and Renaissance Technologies, managed by Jim Simons, owns 164,390 shares of the company.

In another amended filing, Gamco has revealed trimming its stake in AMC Networks Inc (NASDAQ:AMCX) to 2.05 million shares from 2.09 million shares. The position amasses 3.39% of common stock. In aggregate, Gamco, along with Mario Gabelli and others, owns 3.27 million shares, representing 5.39% of the stock.

AMC Networks Inc (NASDAQ:AMCX) is engaged in operating several of cable television’s most recognized brands delivering high quality content to audiences and a valuable platform to distributors and advertisers. The company has a market cap of $4.40 billion.

For the first quarter ended March 31, 2014, the company reported an increase in net income from continuing operations to $72 million, or $0.99 per diluted share, compared with $62 million, or $0.85 per diluted share, in the first quarter of 2013. The company’s net revenues rose $143 million, or 37.3%, to $525 million over the same quarter of last year.

On Wednesday, shares of AMC Networks Inc (NASDAQ:AMCX) edged up by 0.43% to $60.88. The consensus average target price for the company’s stock is $75.36, while the consensus average recommendation is ‘Overweight.’

Disclosure: none