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Mario Gabelli Loves Bank Of New York Mellon And Aerojet Rocketdyne, Dislikes TRW Automotive

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Mario Gabelli Loves Bank Of New York Mellon And Aerojet Rocketdyne, Dislikes TRW Automotive
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Billionaire Mario Gabelli sure knows how to invest. Consequently, looking at his holdings might provide some interesting research-backed investment ideas.

Therefore, below is a brief look at the second-quarter equity portfolio for the funds affiliated with Gabelli (referred heretofore as GAMCO Investors, Inc., et al).

GAMCO Investors, Inc., Et Al

After witnessing 37 new stock purchases, 175 exposure increases, 44 exits and 439 reductions in pre-existing stakes, the portfolio is worth $18.45 billion, down from $19.05 billion in the previous quarter.

Although the portfolio is highly diversified, there is a slight focus on consumer discretionary stocks (30 percent of the total assets) and industrials stocks (24 percent).

As of June 30 and same as in the first quarter, DIRECTV (NASDAQ: DTV) represented the funds' most valuable stake, comprising 3,433,014 shares worth more than $318 million. However, the stock stopped trading on the Nasdaq exchange on July 24 after the company was acquired by AT&T Inc. (NYSE: T). Gabelli has not yet disclosed his exposure to AT&T.

Related Link: Donald Yacktman Liked PepsiCo And P&G Over Patterson, Dreamworks Animation Last Quarter

Bank Of New York Mellon

The second position in GAMCO’s second-quarter portfolio was occupied by Bank of New York Mellon Corp (NYSE: BK), which rose one spot over the period. After purchasing 119,785 shares, the funds' disclosed aggregate ownership of 6,682,894 shares of the company, worth about $280 million.

The largest institutional investor of record in Bank of New York Mellon Corp continues to be Dodge & Cox, despite the 13 percent reduction its stake experienced over the second quarter. As of June 30, the firm held 58,218,752 shares of the company, representing more than 5.2 percent of the total shares outstanding and worth about $2.44 billion.

Among hedge funds, Jean-Marie Eveillard’s First Eagle Investment Management was one of the most bullish in the second quarter. The fund disclosed ownership of 27,491,214 shares of the company as of the end of the period.

Related Link: Howard Marks Still Likes Store Capital, Sold Out Of Tata Motors In New 13F

Aerojet Rocketdyne

The quarter’s largest new stake was placed in Aerojet Rocketdyne Holdings Inc (NYSE: AJRD). The small-cap aerospace and defense products and systems company witnessed Gabelli acquire 5,217,109 shares, worth more than $107 million, over the quarter. The fund continued to boost its exposure over the third quarter, and last week, it disclosed ownership of 9,243,916 shares of the company.

This stake makes of GAMCO Investors, Inc., et al the largest institutional investor in the company, trailed by FMR LLC with 5,937,076 shares.

TRW Automotive

On the other hand, the largest position closed over the quarter was the one at ZF TRW Automotive Holdings Corp (NYSE: TRW). The funds affiliated with Gabelli used to own 1,416,450 shares, or 1.28 percent of the company, as of the end of the first quarter. As of June 30, 2015, however, the funds disclosed holding zero shares of the automotive systems supplier.

Latest Ratings for BK

DateFirmActionFromTo
Oct 2017Morgan StanleyMaintainsEqual-Weight
Oct 2017CitigroupMaintainsNeutral
Oct 2017CitigroupMaintainsNeutral

View More Analyst Ratings for BK
View the Latest Analyst Ratings

Posted-In: Dodge & CoxAnalyst Color Long Ideas Hedge Funds Top Stories Analyst Ratings Trading Ideas General Best of Benzinga

 

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