Mario J. Gabelli, a prominent investor and ten percent owner, has recently increased his holdings in Atlanta Braves Holdings, Inc. (NASDAQ:BATRA). According to a recent SEC filing, Gabelli acquired 352 shares of Series A Common Stock at a price of $41.5 per share, totaling approximately $14,608. This transaction boosts his direct ownership to 25,152 shares.
The filing also reports the holdings of Associated Capital Group (NYSE:AC), Inc., GGCP, Inc., and other entities related to Gabelli. Associated Capital Group now holds 10,550 shares, while GGCP, Inc. owns 42,000 shares. Various limited partnerships indirectly associated with Gabelli hold additional shares, but the filing notes that the reported ownership reflects the total holdings of these entities, not necessarily Gabelli's direct pecuniary interest.
In other recent news, Atlanta Braves Holdings, Inc. has undergone a major executive reshuffle. Terence F. McGuirk has been appointed as the new President and Chief Executive Officer, with Jill Robinson promoted to Executive Vice President, Chief Financial Officer, and Treasurer. Other key appointments include Greg Heller, Mike Plant, DeRetta Rhodes, and Derek Schiller, who have all assumed new roles as part of a broader realignment in the organization.
In addition to these leadership changes, the company's annual stockholders meeting saw the re-election of Brian M. Deevy to the board of directors, and the ratification of KPMG LLP as the independent auditors for the fiscal year ending December 31, 2024. The compensation for the executive officers also received approval, with future "say-on-pay" votes advised to occur every three years.
These are some of the recent developments at Atlanta Braves Holdings, Inc. The company's strategic decisions and governance structures are being closely watched by investors interested in understanding the company's direction following these changes.
InvestingPro Insights
Mario J. Gabelli's recent acquisition of Atlanta Braves Holdings, Inc. (NASDAQ:BATRA) shares aligns with the stock's relatively low price volatility, as noted in an InvestingPro Tip. This characteristic might appeal to investors seeking stability in their portfolio.
However, potential investors should be aware of some financial challenges facing the company. According to InvestingPro Data, BATRA's revenue for the last twelve months as of Q2 2023 was $659.53 million, with a revenue growth of 6.75%. Despite this growth, the company reported an adjusted operating income of -$41.29 million for the same period, indicating operational difficulties.
An InvestingPro Tip highlights that BATRA suffers from weak gross profit margins, which is reflected in the company's gross profit margin of 22.71% for the last twelve months as of Q2 2023. This metric suggests the company may face challenges in controlling costs or pricing its offerings effectively.
It's worth noting that InvestingPro offers 9 additional tips for BATRA, providing a more comprehensive analysis for investors considering this stock. These additional insights could be valuable for understanding the full picture of Atlanta Braves Holdings' financial health and market position.
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