Mario Gabelli increased his position in specialty chemicals company Chemtura (CHMT) from $6.32 million to $7.27 million; Gabelli owns 5.01%of Chemtura’s shares. The company has a market cap of $2.3 billion. It was announced recently that its Vice President, Anne Noonan, resigned. While the stock missed recent earnings and revenues estimates, the company is selling off a lucrative asset, and Gabelli sees the stock doubling in the next five years.
The Pep Boys Manny, Moe & Jack is a position Gabelli increased from $5.58 million to $6.16 million and owns 11.56% of the company. It has a market cap of $554 million. The company reported in-line earnings and missed revenues in June, and in September, it has missed on both earnings and revenues. However, some think that company is overvalued by as much as 30% and is worth buying on the decline. That might have been Gabelli’s line of thinking, as well.