Global Fastener News

1989 FIN – Fasteners in Fortune…and Possibly Visa Versa

March 02
00:00 2015

March 15, 1989 FIN – Fortune Magazine in the issue of March 27 in its “Personal Investing” department (page 32) reported an interview which the magazine recently conducted with Mario Gabelli, 46, chairman of Gamco Investors, a firm which manages $2.7 billion for corporate pension funds and other clients.
Gabelli, who ranks No.1 among 214 money managers tracked by CDA Investment Technologies of Rockville, Maryland, also runs two mutual funds: the $177 million Gabelli Asset Fund and the $530 million Gabelli Equity Trust.
Fortune asked Gabelli what his favorite areas for investments are these days. His reply: telephone companies (especially the independent non-Baby Bell Independent telcos); movie studios; cable television companies, auto part companies and — would you believe — fastener companies. Gabelli’s rationale for favoring fasteners — and one company in that field in particular — is as follows (quoting magazine).
“The entire infrastructure of the United States is getting older. I’m talking about roads, barges, rail cars, airplanes, trucks, you name it. Every time you replace one of these pieces of equipment you need a nut or bolt. That’s where SPS Technologies, a pre-eminent maker of specialty fasteners, comes in. The stock trades at $45, and we expect the company to earn $4.50 a share this year and close to $6 next year. We own 26% of the stock, and we still think it’s a bargain worth nailing down”.
Footnote: After the Fortune article appeared (and possibly as a consequence of it) SPS’s stock started climbing and is now (March 14) over $50.  ©1989/2015 Fastener Industry News.
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