Associated Capital Group Inc. (AC): Horizon Asset Management Boosts Its Stake

A recent Form 13G with the Securities and Exchange Commission revealed that Murray Stahl‘s Horizon Asset Management has raised its stake in Associated Capital Group Inc. (NYSE:AC) to 1.19 million Class A Shares, which amass 19.4% of the company’s outstanding stock. The fund has recently made a big investment, considering that its stake previously counted only 275,440 Class A Shares at the end of the third quarter.

Associated Capital Group Inc. (NYSE:AC) is the parent operating company for the spin-off of GAMCO Investors’ investment management enterprise. The company operates in two sectors – asset management and investment advisory. Over the past 12 months, Associated Capital Group’s shares have gained 10.44%. For the third quarter of 2016, the company reported revenue of $5.45 million, and earnings per share of $0.16, compared to revenue of $4.69 million, and a loss per share of $0.30 for the same quarter of the previous year.

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As per Insider Monkey’s database, 4 investors were bullish on Associated Capital Group Inc. (NYSE:AC) at the end of September, up by one from the end of June. The second-most bullish hedge fund, after Horizon Asset Management, was Chuck Royce’s Royce & Associates, which held an $8.6 million position. Remaining investors with long positions consisted of Emanuel J. Friedman’s EJF Capital and Bruce Silver’s Silver Capital Management LLC.

You can access the original SEC filing by clicking here.

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