Billionaire Mario Gabelli‘s GAMCO Investors recently filed a Form 13D with the SEC in which it reported holding, together with its affiliates, 4.61 million common shares of Cst Brands Inc. (NYSE:CST), which amass 6.10% of the company’s outstanding stock. Out of the aggregate amount GAMCO solely owns 2.57 million shares or 3.40% of the shares outstanding. This indicates an increase in GAMCO’s stake as the fund previously held sole ownership of 2.10 million shares, according to its 13F filing for the reporting period of June 30.
CST Brands is a holding company that sells motor fuel and convenience goods, and operates in three sectors: US Retail, Cross America, and Canadian Retail. Recently, the company signed a merger agreement to be acquired by Alimentation Couche-Tard Inc, a convenience store operator, for a price of $48.53 per share, or approximately $4.4 billion in total. Year-to-date, CST Brands’ stock is up by 21.87%. In its financial report for the second quarter of 2016, the company disclosed earnings per share of $0.36 and net income of $27 million, compared to $0.32 in EPS and net income of $25 million for the corresponding period of the previous year.
As per Insider Monkey’s hedge fund database, there were 31 investors long Cst Brands (NYSE:CST) at the end of June, up from 28 hedge funds a quarter earlier. Among the bullish investors of the stock were David Cohen and Harold Levy’s Iridian Asset Management, which held a position valued at $303.55 million, Alan Fournier’s Pennant Capital Management, with a position worth around $147.8 million, Paul Marshall and Ian Wace’s Marshall Wace LLP, Andrew Goldman’s Seven Locks Capital Management, Jim Simons’ Renaissance Technologies, and Youlia Miteva’s Proxima Capital Management.
Some of the new investors in Cst Brands (NYSE:CST) during the second quarter were First Eagle Investment Management, which initiated a position valued at $40.46 million on June 30, David Kowitz and Sheldon Kasowitz’ Indus Capital, which had a $9.91 million call option position in the company, Jacob Gottlieb’s Visium Asset Management, Jamie Mendola’s Pacific Grove Capital, and Min Htoo and Jordan Teramo’s Anandar Capital Management.
Investors who lost enthusiasm for Cst Brands (NYSE:CST) and decided to sell their positions encompassed Gabriel Plotkin’s Melvin Capital Management, which said goodbye to $7.66 million worth of put options, Andrew Feldstein and Stephen Siderow’s Blue Mountain Capital, which dumped a position valued at $607,000 at the end of March, Patrick Hughes and Loren Katzovitz’ Deimos Asset Management, George Hall’s Clinton Group, and Isaac Corre’s Governors Lane.
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You can access the original SEC filing by clicking here.
Ownership Summary Table
| Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
|---|---|---|---|---|---|---|
| Gabelli Funds | 1,780,891 | 1,780,891 | 1,780,891 | 2.35% | ||
| GAMCO Asset Management Inc. I.D. No. 13-40445 | 2,460,637 | 2,571,237 | 2,571,237 | 3.40% | ||
| Gabelli Securities, Inc. I.D. No. 13-3379374 | 163,149 | 163,149 | 163,149 | 0.22% | ||
| MJG Associates, Inc. I.D. No. 06-1304 | 300 | 300 | 300 | 0.00% | ||
| Gabelli Foundation, Inc. I.D. No. 94 | 14,000 | 14,000 | 14,000 | 0.02% | ||
| G.research | 15,000 | 15,000 | 15,000 | 0.02% | ||
| GGCP, Inc. I.D. No. 13-3056041 | 0.00% | |||||
| GAMCO Investors, Inc. I.D. No. 13-400786 | 3,720 | 3,720 | 3,720 | 0.00% | ||
| Associated Capital Group, Inc. I.D. No. 47-3965991 Check the appropriate box if a member of a group (SEE INSTRUCTIONS) (a) (b) | 0.00% | |||||
| Mario J. Gabelli | 65,709 | 65,709 | 65,709 | 0.09% |
