It looks like the managers of several funds under Mario Gabelli's GAMCO Investors umbrella had an inkling Clarcor's third-quarter results weren't going to be pretty. Starting in late July, they began steadily trimming their stakes in the Franklin-based maker of filtration and packaging products, which on Thursday reported a big miss. By Wednesday afternoon, they had sold more than 185,000 shares (Ticker: CLC), which tumbled more than 10 percent Thursday. The sales took GAMCO's stake below 5 percent.
Clarcor's former CEO and current executive chairman Norm Johnson has been steadily trimming his holdings in the Franklin-based company since stepping out of the boss' seat late last year. Earlier this month, a trading plan set up by him to handle shares held in his wife's name unloaded almost 28,000 Clarcor shares in two series of transactions — linked here and here — for almost $1.4 million. Johnson and his wife still own more than $3.6 million worth of Clarcor (Ticker: CLC), which is flat year to date.
BioProcess Algae, a Rhode Island-based company partly owned by Clarcor, has signed an agreement to supply microalgal oils to a Swiss company that will refine them to make nutraceutical Omega-3 oils. Clarcor has invested more than $1.8 million for a 15 percent stake in BioProcess Algae.
Clarcor Executive Chairman Norm Johnson this week sold more than 42,000 shares of the filtration and packaging company of which he was CEO until late last year. The moves, which trimmed Johnson's stake by a third, grossed Johnson more than $2.1 million. Shares of Clarcor (Ticker: CLC) are down slightly so far in 2012.
POSTDATA: WARRANTY DEEDS