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Holly LaFon
Holly LaFon
Articles (7846) 

GAMCO's Mario Gabelli Keeps Selling Westwood Holdings Group

October 12, 2012 | About:
Mario Gabelli, founder of $30 billion Gabelli Asset Management Company Investors (GAMCO), reduced his Westwood Holdings Group Inc. (NYSE:WHG) stake by 0.12% at the average price of $39.95 on 10/11/2012, as reported by GuruFocus Real Time Picks. The sale decreased his stake in the company to 10.69%, or 858,200 shares.

First purchasing the stock in the fourth quarter of 2008, a year the price plunged about 50% to as low as around $25 per share, Gabelli has been chiseling down his holding since the first quarter of 2009, aside from two small buys. The Thursday sale marked his 20th since the beginning of July 2012. The stock is up almost 8% year to date and more than 20% since he first bought it.

Of the approximately $195.7 million GAMCO Investors (NYSE:GBL) had invested in stocks at June 30, 2012, $32.8 million was invested in Westwood, according to GAMCO Investors' second-quarter 10-Q SEC filing. At the end of the first quarter, GAMCO had $204.9 million invested in stocks, of which $34.6 million was invested in Westwood, according to its first-quarter 10-Q.

Westwood is a value-based investment company that engages in fundamental research to discover undervalued companies. GAMCO Investors has been involved in joint ventures with Westwood since at least 1994 and worked with them on six funds.

On Oct. 2, GAMCO Investors announced that its six GAMCO Westwood Funds would be renamed the TETON Westwood Funds, as Teton Advisors Inc. was spun off from GAMCO Investors in March 2009 and is the investment adviser to the GAMCO Westwood Funds. In a statement, GAMCO said that the renaming is “an effort to distinguish the firm’s brand with retail investors through the multiple distribution channels.”

"It is becoming apparent that we need to sharpen our brand as we enter the next phase of our accelerated growth, and that we distinguish ourselves from our partners. For that reason, the TETON Westwood brand will attract greater recognition going forward in the various distribution channels," said Teton President and Chief Executive Officer Nicholas Galluccio in a press release.Mario Gabelli remains co-portfolio manager of the TETON Westwood Mighty Mites Fund, a microcap fund which has gained 10.76% annually on average since its 1998 inception through June 30, 2012.

Westwood Holdings Group has a market cap of $313.5 million; its shares were traded at around $39.36 with a P/E ratio of 20 and P/S ratio of 4.6. The dividend yield of Westwood Holdings Group stocks is 3.8%. Westwood Holdings Group had an annual average earnings growth of 5.7% over the past 10 years. GuruFocus rated Westwood Holdings Group the business predictability rank of 1-star.

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Rating: 3.2/5 (12 votes)


Thegman premium member - 4 years ago
Teton warrants closer examination. Thinly traded partnership.

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GuruFocus has detected 5 Warning Signs with Westwood Holdings Group Inc $WHG.
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