Investors following Atlanta Braves Holdings, Inc. (NASDAQ:BATRA) might be interested in the recent insider trading activity reported by the company. Mario J. Gabelli, through his affiliated investment entities, has purchased additional shares of the company's Series A Common Stock.
The transaction, which took place on June 25, 2024, involved the acquisition of 500 shares at a price of $39.88 each, totaling $19,940. This purchase further increases Gabelli's already significant stake in the company, as indicated by the direct and indirect holdings reported.
It's noteworthy that the shares are held across various entities. Associated Capital Group (NYSE:AC), Inc., of which Gabelli is also a part, holds 7,550 shares. GGCP, Inc., another entity affiliated with Gabelli, owns 42,000 shares. Additional holdings are reported through a series of limited partnerships, with the respective shares owned as follows: Limited Partnership I - 15,000, Limited Partnership II - 12,500, Limited Partnership III - 3,800, Limited Partnership IV - 20,000, and Limited Partnership V - 2,500 shares.
The footnotes of the filing provide further clarification on the ownership structure. They indicate that while GAMCO Investors, Inc. and Associated Capital Group, Inc. have less than a 100% interest in the limited partnerships, and GGCP, Inc. has less than a 100% interest in both GAMCO Investors, Inc. and Associated Capital Group, Inc., Mario J. Gabelli has less than a 100% interest in GGCP, Inc. Despite the complex structure, the total amount of securities reported as beneficially owned reflects the sum held by these entities, which exceeds the reporting persons' indirect pecuniary interests. The reporting persons have disclaimed ownership of these securities in excess of their pecuniary interests.
The signatures on the filing were provided by Douglas R. Jamieson, Attorney-In-Fact for Mario J. Gabelli, GGCP INC., and ASSOCIATED CAPITAL GROUP, INC., and by Peter D. Goldstein, General Counsel for GAMCO INVESTORS, INC., both dated June 27, 2024.
Investors often monitor insider buying as it can signal confidence in the company's prospects or undervaluation. For those tracking the investment moves of industry insiders like Mario Gabelli, this recent purchase might be an interesting development in the context of their investment strategy.
In other recent news, Atlanta Braves Holdings, Inc. has disclosed the outcomes of its annual stockholders meeting. The meeting led to the re-election of Brian M. Deevy as a Class I member of the board of directors, securing 16,532,946 votes for his continuation. These are recent developments that also saw the approval of several key proposals.
One such proposal was the ratification of KPMG LLP as the company's independent auditors for the fiscal year ending December 31, 2024, approved with 18,722,996 votes in favor. The compensation of the company's named executive officers also received approval on an advisory basis, known as the "say-on-pay" proposal, with 16,401,297 votes in favor.
Furthermore, the frequency of future "say-on-pay" votes was determined, with stockholders advising that such votes should occur every three years. This "say-on-frequency" proposal received 13,933,152 votes for a 3-year frequency.
InvestingPro Insights
With Mario J. Gabelli's recent purchase of Atlanta Braves Holdings, Inc. (NASDAQ:BATRA) shares, investors might be weighing the company's financial health and market performance. To provide additional context, InvestingPro data and tips offer insights into BATRA's current standing.
From a financial perspective, BATRA's market capitalization stands at approximately $2.52 billion, reflecting its size and market value. Despite this, the company is trading at a high Price / Book multiple of 5.05 as of the last twelve months ending Q1 2024, which can be a point of consideration for investors assessing the company's stock valuation relative to its net asset value.
InvestingPro Tips reveal that BATRA has been grappling with weak gross profit margins, which were reported at 22.7% in the same period. This could be indicative of cost pressures or pricing challenges the company is facing. Additionally, BATRA's short-term obligations exceeding its liquid assets is a signal of potential liquidity risks that investors should not overlook.
Moreover, the company has not been profitable over the last twelve months, with analysts not anticipating profitability for this year. This is further reflected in the adjusted P/E Ratio of -38.96, suggesting that the market expects future earnings to be negative. These financial metrics and analyst expectations could influence investor sentiment regarding the company's future performance.
For investors interested in a deeper analysis of Atlanta Braves Holdings, Inc., there are additional InvestingPro Tips available that can provide more comprehensive insights. By using the coupon code PRONEWS24, investors can obtain an additional 10% off a yearly or biyearly Pro and Pro+ subscription, which includes access to a total of 9 InvestingPro Tips for BATRA. This exclusive offer can be found at https://www.investing.com/pro/BATRA, helping investors make more informed decisions with a suite of professional tools and analytics.
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