In a recent move, Associated Capital Group (NYSE:AC), Inc. has expanded its stake in Atlanta Braves Holdings, Inc. (NASDAQ:BATRA), purchasing shares valued at approximately $45.56K. The transaction involved the acquisition of 1,000 shares at a price of $45.56 each, according to the latest filings.
This purchase has increased Associated Capital Group’s holdings in the company to a total of 8,550 shares of Series A Common Stock. The transaction is part of a series of ownership changes reported by key stakeholders, including GAMCO Investors, Inc. ET AL, GGCP, INC., and Mario J. Gabelli.
The shares are directly owned by Associated Capital Group, Inc., as indicated in the filing. However, the intricate ownership structure involves several entities with varying degrees of interest. For example, Mario J. Gabelli, through GGCP, Inc., has an indirect pecuniary interest in the shares owned by GAMCO Investors, Inc. and Associated Capital Group, Inc.
These entities, in turn, have less than a 100% interest in Limited Partnerships I through V, which hold additional shares of Atlanta Braves Holdings. This complex web of ownership reflects a broader strategy of investment and indicates a significant level of confidence in the future of the issuer.
Investors often keep a close watch on such transactions as they can provide insights into the sentiment of major stakeholders regarding the company's prospects. The disclosure of these transactions, as mandated by securities regulations, offers a transparent view of the movements within the upper echelons of company ownership.
The signatures of Douglas R. Jamieson, Attorney-In-Fact for Mario J. Gabelli, GGCP INC., and ASSOCIATED CAPITAL GROUP, INC., as well as Peter D. Goldstein, General Counsel for GAMCO INVESTORS, INC., were provided on the document, dated September 3, 2024.
In other recent news, Atlanta Braves Holdings, Inc. has announced a series of executive appointments as part of a management transition. Terence F. McGuirk, the former Chairman and CEO of Braves Holdings, LLC, has been appointed as the President and CEO of Atlanta Braves Holdings, Inc., effective from September 1, 2024. Jill Robinson has been promoted to Executive Vice President, Chief Financial Officer, and Treasurer. Additional appointments include Greg Heller as Executive Vice President, Chief Legal Officer, and Secretary; Mike Plant as Executive Vice President, Development; DeRetta Rhodes as Executive Vice President, Chief Culture Officer; and Derek Schiller as Executive Vice President, Business.
These changes follow the transition of certain services from Liberty Media Corporation (NASDAQ:FWONA) to Atlanta Braves Holdings, Inc. In other developments, the company's annual stockholders meeting resulted in the re-election of Brian M. Deevy as a Class I member of the board of directors, whose tenure will continue until the 2027 annual meeting. Stockholders ratified the selection of KPMG LLP as the company's independent auditors for the fiscal year ending December 31, 2024. The compensation of the company's named executive officers also received approval on an advisory basis, and future "say-on-pay" votes were advised to occur every three years.
InvestingPro Insights
As Associated Capital Group, Inc. bolsters its position in Atlanta Braves Holdings, Inc. (NASDAQ:BATRA), investors are scrutinizing the company's financial health and market performance. InvestingPro data reveals that Atlanta Braves Holdings currently holds a market capitalization of $2.79 billion with a challenging P/E ratio of -43.08. Over the last twelve months leading up to Q2 2024, the company has experienced a revenue growth of 6.75%, indicating some positive momentum in sales.
However, the InvestingPro Tips suggest caution. Atlanta Braves Holdings has been grappling with weak gross profit margins, which stood at 22.71% for the same period. This could be a concern for investors like Associated Capital Group, as it reflects on the company's ability to convert sales into profits efficiently. Moreover, the company's short-term obligations surpassing its liquid assets may raise questions about its financial agility in the near term. The InvestingPro Tips also highlight that analysts are not expecting the company to be profitable this year, which is reflected in the negative earnings per share figures of -0.98 (basic) and -0.99 (diluted).
Investors might also note that the stock is trading near its 52-week high, at 96.85% of this peak, and at a high Price/Book multiple of 5.13, which could suggest the stock is valued richly relative to its book value. Despite these concerns, the company's shares have seen a year-to-date price total return of 6.59%, and a 1-year price total return of 9.83%, which may attract those looking for growth in share price.
For a more in-depth analysis, investors can explore additional InvestingPro Tips, with a total of 10 available for BATRA at https://www.investing.com/pro/BATRA, which could provide further insights into the company's financial nuances and investment potential.
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