Mario Gabelli, and his fund GAMCO Investors have filed two amended forms with the Securities and Exchange Commission, in which they disclose letters sent to the management of Superior Industries International Inc. (NYSE:SUP) and Griffin Land & Nurseries, Inc. (NASDAQ:GRIF). In the first letter, sent to Chairman, Chief Executive Officer and President of Superior Industries, Stephen J. Borick, GAMCO suggested that the company should consider initiating a share repurchase program.
GAMCO explained that Superior Industries should consider buying back shares, since they have noticed an increase of the amount of shares that have been sold by the insiders of the company. The fund also stated that it will consider filing a proposal for this matter for the next annual meeting of shareholders that will take place next year. Mario Gabelli, and GAMCO, together with their affiliates hold over 3.64 million shares, which represent around 13.24% of the company’s outstanding stock. The holding has been slightly reduced from 3.66 million shares disclosed by Gabelli in an earlier filing.
In the second letter, addressed to Chief Financial Officer, Chief Accounting Officer, VP and Secretary of Griffin Land & Nurseries, GAMCO insisted that the company should examine its REIT or MLP status. According to the letter, the fund has already mentioned this issue at the last year’s meeting.
“…we would welcome your input so that our proxy voting committee can best determine what course of action it should take in its continued attempts to recognize shareholder value creation,” GAMCO said in the letter.
Gabelli holds 1.7 million shares of the company, which represent 32.91% of the company’s outstanding common stock. Out of this holding, GAMCO owns around 1.04 million shares, slightly up from 1.037 million disclosed in its latest 13F.