Mario Gabelli’s GAMCO Buys More Shares of Steel Excel

Mario Gabelli’s GAMCO Buys More Shares of Steel Excel
Photo of Mario Gabelli via Insider Monkey (CC BY-ND 2.0)

GAMCO Investors Inc. (NYSE:GBL), a financial services company and manager of diversified assets, and its subsidiaries operated by Mario Gabelli bought a total of 1,424,115 million additional shares of Steel Excel Inc. (OTC:SXCL) based on its latest 13D filing with the Securities and Exchange Commission.

Mario Gabelli’s GAMCO Buys More Shares of Steel Excel

Based on the regulatory filing, GGCP Inc, the controlling shareholder of GAMCO Investors Inc. (NYSE:GBL) purchased additional 0.7 percent or 9,000 shares of Steel Excel Inc. (OTC:SXCL) with $1,965,500 market value, with Gabelli Funds, a wholly owned subsidiary of GAMCO Investors, providing investment advisory services for the Gabelli Trust Inc. added 1.80 percent or 233,110 shares worth $462,616.

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GAMCO Asset Management Inc., which serves as investment manager, purchased an additional 780,167 shares worth approximately $1.2 million, while Teton Advisors invested $284,771 to buy 401,838 shares of Steel Excel Inc. (OTC:SXCL).

Steel Excel Inc. (OTC:SXCL) is a company engaged in capital redeployment and identification of new business operations, such as education, entertainment, sports, training,  oilfield servicing, and lifestyle businesses. The company’s stock is trading at around $26 per share during the afternoon trading on Tuesday, August 21.

During the second quarter of the fiscal year, GAMCO’s top holdings include Goodrich Corporation (NYSE:GR) and Direct TV (Nasdaq:DTV), each of the stocks comprise 2 percent of the hedge fund’s portfolio. GAMCO owns more than 2 million shares of Goodrich Corporation (NYSE:GR), worth $261.9 million, and approximately 5.3 million stakes in Direct TV (Nasdaq:DTV), with $260.8 million market value.

Its third biggest position is American Express Company (NYSE:AXP), with more than 4 million shares worth $234.5 million. American Express Company (NYSE:AXP) is one of the credit card companies involved in the class action lawsuit filed by retailers, claiming that credit card networks conspired in fixing credit card processing fees.  The credit card companies including Visa (NYSE:V), Mastercard Inc (NYSE:MA) and other big banks such as JP Morgan Chase (NYSE:JPM), Wells Fargo and Company (NYSE:WFC), and Citigroup (NYSE:C) collectively offered more than $6 billion to settle the case. Target (NYSE:TGT) and Walmart (NYSE:WMT), the two largest retailers in the United States led the opposition in accepting the settlement proposal.

As of August 14, 2012, Mario Gabelli manages 804 stocks, and its portfolio is worth approximately $13.2 billion. During the quarter, GAMCO added 54 new stocks in its portfolio. The hedge fund’s largest investments are in the industrials sector, comprising 26.4 percent, followed by consumers services at 23.3 percent, and consumer goods 16.2 percent.

Gabelli previously expressed a positive outlook on JC Penney (NYSE:JCP). During the latest interview with CNBC, Gabelli said the housing market is improving, while the auto market will be flat out. He also shared his top stock picks, including Navistar International Corp. (NYSE:NAV), the Boeing Company (NYSE:BA), Campbell Soup Company (NYSE:CPB), and Whole Foods Market (Nasdaq;WFM).

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