Market Overview

Mario Gabelli Discloses Bullish Moves In Madison Square Garden & Tredegar

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  • On Tuesday, the fund affiliated with Mario Gabelli disclosed two bullish moves.
  • The funds boosted their exposure to The Madison Square Garden Co (NYSE: MSG) by more than 51 percent.
  • The firms increased their stake in Tredegar Corporation (NYSE: TG) by more than 6.6 percent.

According to a Schedule 13D filed with the SEC, Gabelli and the funds affiliated with him (GAMCO, Gabelli Funds, GSI, the Gabelli Foundation, MJG Associates, MJG-IV and GGCP) own an aggregate of 4,234,366 shares of The Madison Square Garden Co, which represent 6.8 percent of the total shares outstanding.

This position implies an increase of more than 51 percent from the 2,795,223 shares disclosed as of the end of the second quarter of the year. Moreover, it makes Gabelli the fourth-largest institutional investor in the company.

Tredegar Corporation

Tredegar is a small-cap manufacturer of plastic films and aluminum extrusions. About a month ago, Gabelli disclosed a marked increase in his bet on the company. Now, a 6.69 percent surge in his stake has taken his position to 5,691,168 shares, representing 17.42 percent of the total shares outstanding. It should be noted that this figure reflects the aggregate amount of shares beneficially owned by Gabelli (including those held by Gabelli Funds, GAMCO, Teton Advisors, GSI, GBL and the Gabelli Foundation).

Also noteworthy is the fact that GAMCO Investors et al. is now the largest institutional investor of record in Tredegar. Other firms bullish on the stock are Dimensional Fund Advisors, which last disclosed ownership of 2,735,540 shares, worth more than $60 million, and Jim Simons’ Renaissance Technologies, which almost doubled its exposure to the company over the second quarter of the year, taking it to 42,500 shares.

Posted-In: Dimensional Fund Advisors FMR LLC Gabelli FundsLong Ideas News Hedge Funds Trading Ideas General

 

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