The restless Mario Gabelli has disclosed his latest play: Loral Space & Communications Inc. (NASDAQ:LORL). In a recent filing with the Securities and Exchange Commission, Gabelli’s GAMCO Investors has reported a fresh stake in the satellite communications company. According to the filing, through GAMCO and some of its affiliates, Mario Gabelli has beneficial ownership of a little over 1.1 million shares of Loral Space & Communications, which amount to 5.14% of its outstanding stock.
Loral Space & Communications Inc. (NASDAQ:LORL) has a market cap of approximately $1 billion and its shares are currently trading at a trailing Price to Earnings (P/E) ratio of 31, a bit higher than the industry average of 25. Although the stock managed to regain all the ground lost in the beginning of the year, it took another nosedive in June and is currently down by 14% for the year, having ended yesterday’s trading session at $34.52 a share. For the three months ended March 31, 2016, Loral Space & Communications reported a profit of $23.9 million or $0.72 per diluted share, up from a loss of $2.67 per share reported a year before.
At the end of the first quarter, approximately 57% of Loral Space & Communications Inc. (NASDAQ:LORL) was held by 25 of the funds tracked by Insider Monkey, up from 24 registered three months before. Mark Rachesky‘s MHR Fund Management held the largest stake in the company among the funds in our database, having amassed 8.53 million shares by the end of March. James Dondero‘s Highland Capital Management was also invested, having indicated ownership of 2.12 million shares in its latest 13F filing, unchanged during the quarter.
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|
|GAMCO Asset Management Inc. I.D. No. 13-40445||468,061||505,615||505,615||2.36%|
|Gabelli Securities, Inc I.D. No. 13-3379374||85,864||85,864||85,864||0.40%|
|Gabelli Foundation, Inc. I.D. No. 94||800||800||800||0.00%|
|MJG Associates, Inc. I.D. No. 06-1304||6,700||6,700||6,700||0.03%|
|GGCP, Inc. I.D. No. 13-3056041||0.00%|
|GAMCO Investors, Inc. I.D. No. 13-400786||1,560||1,560||1,560||0.01%|
|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||24,100||24,100||24,100||0.11%|