Welcome to our dedicated page for GAMCO INVESTORS A news (Ticker: GAMI), a resource for investors and traders seeking the latest updates and insights on GAMCO INVESTORS A stock.
GAMCO Investors, Inc. (NYSE:GBL) is a prominent investment advisory services provider for various types of investors. Established in 1977 by Mario J. Gabelli, the company is renowned for its research-driven equity investment approach and the proprietary Private Market Value (PMV) with a Catalyst™ stock selection strategy. With $39.7 billion assets under management (AUM) as of December 31, 2016, 95% of which is invested in equities, GAMCO operates through two registered investment advisers: GAMCO Asset Management Inc. (institutional and private wealth management) and Gabelli Funds, LLC (funds). G.Distributors, LLC serves as an underwriter and distributor for the company's open-end funds.
The Gabelli Convertible and Income Securities Fund Inc. (NYSE:GCV) has declared a $0.12 per share cash distribution, payable on September 23, 2024, to shareholders of record on September 16, 2024. The Fund aims to distribute annually at least 8% of its average net asset value or meet minimum IRS requirements for regulated investment companies. The distribution may include income, realized capital gains, or capital, and is reviewed quarterly by the Board of Directors.
The Fund's 2024 distributions are estimated to comprise 8% from net investment income and 92% as return of capital. Shareholders will receive detailed tax information for 2024 distributions in early 2025 via Form 1099-DIV. The Fund's distribution policy is subject to change, and investors are advised to consider the Fund's objectives, risks, charges, and expenses carefully before investing.
The Gabelli Utility Trust (NYSE: GUT) has announced a transferable rights offering for common shareholders. Key details include:
- Record date: September 9, 2024
- One transferable right per common share held
- Five rights plus $5.00 required to purchase one additional common share
- Over-subscription privilege for fully exercising shareholders
- Rights expected to trade on NYSE from September 5, 2024
- Offering expires on October 21, 2024, at 5:00 PM ET
The Fund may use net proceeds for investment purposes or to redeem preferred shares or repay outstanding notes. This offering is made under the Fund's effective shelf registration statement.
GAMCO Asset Management Inc., owning 8.32% of Dril-Quip (NYSE: DRQ), plans to vote against the proposed merger with Innovex Downhole Solutions. GAMCO highlights that Institutional Shareholder Services (ISS) recommended voting against amending Dril-Quip's certificate of incorporation, a condition for the merger. GAMCO criticizes Dril-Quip's press release as deceptive, emphasizing that ISS's recommendations effectively oppose the merger. Key concerns include:
1. No control premium payment by Innovex and Amberjack Partners
2. Innovex's management taking over the combined company
3. Amberjack Partners gaining board control
4. 35.8% stock price decline since merger announcement
5. Golden parachutes for current Dril-Quip management
GAMCO argues that shareholder value has been destroyed while Dril-Quip's management benefits from the change of control.
GAMCO Asset Management Inc., an affiliate of GAMCO Investors, Inc. (OTCQX: GAMI), plans to vote against the proposed merger between Dril-Quip, Inc. (NYSE: DRQ) and Innovex Downhole Solutions. GAMCO, owning 8.32% of Dril-Quip's shares, believes the company is worth more as a standalone entity. Since the merger announcement on March 18, 2024, Dril-Quip's stock has declined 37.5%, significantly underperforming the sector. GAMCO estimates Dril-Quip's 2025 private market value at $39 per share, citing concerns about dilution of Dril-Quip's offshore franchise and weakening of its strong balance sheet. The merger would shift Dril-Quip's revenue mix, increasing exposure to the slowing U.S. onshore market while reducing its offshore focus.
GAMCO Investors, Inc. (GAMI) reported its Q2 2024 results with $30.7 billion in assets under management (AUM) as of June 30, 2024. The company achieved an operating margin of 27.1% and diluted EPS of $0.61, up from $0.58 in Q2 2023. Key financial highlights include:
- Revenue of $57.6 million
- Operating income of $15.7 million
- Net income of $15.0 million
- $232.3 million in cash, cash equivalents, and investments with no debt
GAMI saw a slight decrease in AUM from $31.7 billion in Q1 2024, attributed to market depreciation and net outflows. The company continued its shareholder returns through dividends and share repurchases, while also announcing the creation of a $5 million private foundation for charitable giving.
Gabelli Funds is hosting its 30th Annual Aerospace & Defense Symposium on September 5, 2024, at The Harvard Club in New York City. The event will feature top executives from over ten companies, focusing on key industry themes such as strong demand outlook, high barriers to entry, large aftermarket opportunity, growth exceeding GDP, defense spending, and M&A potential.
Attendees will have the opportunity to engage in one-on-one meetings with management. Featured companies include AAR Corp, Elbit Systems, Albany International, Graham , Astronics , Moog Inc, Bridger Aerospace Group Holdings, Redwire , Crane Holdings, Textron Inc, Curtiss-Wright , VSE , Ducommun Incorporated, and Woodward, Inc.
The symposium starts at 8:30 am on September 5, 2024. For registration and inquiries, interested parties can contact James Carey at jcarey@gabelli.com or (914) 921-8318.
GAMCO Asset Management Inc., an affiliate of GAMCO Investors, Inc. (OTCQX: GAMI), has announced its intention to vote against the proposed acquisition of The Kinetic Group by the Czechoslovak Group (CSG) at Vista Outdoor Inc.'s (NYSE: VSTO) special meeting on July 30, 2024. GAMCO, which owns approximately 1.05% of Vista Outdoor's outstanding common stock, views MNC Capital's $42 per share all-cash offer as superior.
GAMCO's Proxy Voting Committee (PVC) cites concerns about execution risk in the planned turnaround of stand-alone Revelyst and the lack of CEO experience in leading a public company. The PVC also questions the valuation disconnect between investors and the board, potentially stemming from Vista's history of missing financial targets and overpaying for outdoor acquisitions.
GAMCO Investors, Inc. (OTCQX: GAMI) announced that its Chairman and co-CEO, Mario J. Gabelli, will waive all Portfolio and Relationship compensation from August 1, 2024, to October 31, 2024. This decision excludes his Incentive Management Fee. GAMCO, known for its PMV with a Catalyst™ approach, operates through two main subsidiaries: Gabelli Funds, and GAMCO Asset Management Inc.
The company manages 24 open-end funds, 14 closed-end funds, 5 actively managed semi-transparent ETFs, and a SICAV, serving a diverse client base including institutions, intermediaries, and retail investors. GAMCO has successfully integrated new RIA teams and offers a wide range of investment solutions across various strategies and asset classes.
GAMCO Investors (GAMI) announced assets under management (AUM) reached $30.7 billion as of June 30, 2024, compared to $30.1 billion on June 30, 2023. Adjusted AUM for June 30, 2024, would have been $31.2 billion. The company projects second quarter 2024 diluted earnings per share (EPS) to be between $0.59 and $0.65, up from $0.58 in the same quarter last year. Detailed financial results are expected in early August. GAMCO, known for its research-driven value approach, operates through Gabelli Funds and GAMCO Asset Management, serving a diverse client base including institutions, private wealth, and retail investors. The firm has been integrating new RIA teams, offering comprehensive investment solutions across various strategies.
Gabelli Funds (GAMCO) (OTCQX: GAMI) will be the Principal Sponsor of the Morningstar Investment Conference in Chicago on June 26-27, 2024. Portfolio Managers John Belton and Tony Bancroft will present. John Belton, CFA and Managing Director of Growth Equities, will discuss ‘Investing in Generative AI’ at 10:45 am CT on June 26. Tony Bancroft, a former USMC F/A-18 Hornet fighter pilot and Portfolio Manager of the Gabelli Commercial Aerospace & Defense ETF (GCAD), will speak on 'Commercial Aviation and Defense Spending' at 10:15 am CT on June 27. GAMI highlights that their funds, GGRW and GCAD, are managed by Gabelli Funds, emphasizing potential risks and benefits unique to these ETFs. Detailed prospectuses are available for those interested in investing.
FAQ
What is the current stock price of GAMCO INVESTORS A (GAMI)?
What is the market cap of GAMCO INVESTORS A (GAMI)?
When was GAMCO Investors, Inc. founded?
What is the significance of the Private Market Value (PMV) strategy used by GAMCO?
How much assets under management (AUM) does GAMCO have?
What percentage of GAMCO's AUM is invested in equities?
How does GAMCO operate in terms of registered investment advisers?
