GAMCO Investors Boosts RGC Resources Stake to 12.3%

TL;DR

**GAMCO just upped its RGC Resources stake to 12.3%, signaling bullish sentiment!**

AI Summary

GAMCO Investors, Inc. and its affiliates, including Gabelli Funds, LLC, filed an amended Schedule 13D/A on January 12, 2024, indicating a change in their beneficial ownership of RGC Resources, Inc. common stock. The filing shows that Gabelli Funds, LLC now beneficially owns 1,000,000 shares, representing 12.3% of the company's outstanding common stock. This matters to investors because GAMCO is a significant institutional holder, and changes in their stake can signal their confidence (or lack thereof) in RGC Resources' future performance, potentially influencing other investors.

Why It Matters

This filing shows a major institutional investor, GAMCO, has increased its stake in RGC Resources, which could be seen as a vote of confidence in the company's future prospects.

Risk Assessment

Risk Level: low — An increase in institutional ownership by a known entity like GAMCO is generally seen as a positive signal, reducing perceived risk.

Analyst Insight

A smart investor would view this increased stake by GAMCO as a positive indicator and might consider further research into RGC Resources, Inc. to understand the underlying reasons for this institutional interest.

Key Numbers

• 1,000,000 — Shares Beneficially Owned (Number of RGC Resources, Inc. common shares beneficially owned by Gabelli Funds, LLC.)
• 12.3% — Percentage of Class (The percentage of RGC Resources, Inc.'s outstanding common stock beneficially owned by Gabelli Funds, LLC.)
• January 11, 2024 — Date of Event (The date of the event requiring the filing of this statement.)

Key Players & Entities

• GAMCO Investors, Inc. (company) — filer of the SC 13D/A, a significant institutional investor
• RGC Resources, Inc. (company) — the subject company whose stock is being reported
• Gabelli Funds, LLC (company) — an affiliate of GAMCO Investors, Inc. and a reporting person, now beneficially owning shares
• David Goldman (person) — authorized to receive notices for GAMCO Investors, Inc.
• 1,000,000 shares (dollar_amount) — the number of shares beneficially owned by Gabelli Funds, LLC

Forward-Looking Statements

• RGC Resources, Inc. stock price may see positive movement due to increased institutional confidence. (RGC Resources, Inc.) — medium confidence, target: Q1 2024
• GAMCO Investors, Inc. may continue to be an active shareholder, potentially influencing corporate decisions. (GAMCO Investors, Inc.) — medium confidence, target: Ongoing

FAQ

Key Financial Figures

• $5 — , Inc. (Name of Issuer) Common Stock, $5 Par Value (Title of Class of Securitie
• $1,906,323 — sons used an aggregate of approximately $1,906,323 to purchase the additional Securities r
• $1,779,628 — CO and Gabelli Funds used approximately $1,779,628 and $126,695, respectively, of funds th
• $126,695 — Funds used approximately $1,779,628 and $126,695, respectively, of funds that were provi

Filing Documents

• rgco_01.htm (SC 13D/A) — 162KB
• 0000807249-24-000010.txt ( ) — 164KB

Security and Issuer

Item 1. Security and Issuer This Amendment No. 1 to Schedule 13D on the Common Stock of RGC Resources, Inc. (the "Issuer") is being filed on behalf of the undersigned to amend the Schedule 13D, as amended (the "Schedule 13D") which was originally filed on October 5, 2023. Unless otherwise indicated, all capitalized terms used herein but not defined herein shall have the same meanings as set forth in the Schedule 13D.

Identity and Background

Item 2. Identity and Background

to Schedule 13D is amended, in pertinent part, as follows

Item 2 to Schedule 13D is amended, in pertinent part, as follows: This statement is being filed by various entities which except for LICT Corporation ("LICT) and CIBL, Inc. ("CIBL"), engage in various aspects of the securities business, primarily as investment adviser to various institutional and individual clients, including registered investment companies and pension plans, and as general partner or the equivalent of various private investment partnerships or private funds and as a registered broker-dealer. Certain of these entities may also make investments for their own accounts. Mario J. Gabelli ("Mario Gabelli") is deemed to directly or indirectly control these entities through his ownership interest. The foregoing persons in the aggregate often own beneficially more than 5% of a class of equity securities of a particular issuer. Although several of the foregoing persons are treated as institutional investors for purposes of reporting their beneficial ownership on the short-form Schedule 13G, the holdings of those who do not qualify as institutional investors may exceed the 1% threshold presented for filing on Schedule 13G or implementation of their investment philosophy may from time to time require action which could be viewed as not completely passive. In order to avoid any question as to whether their beneficial than on the short-form Schedule 13G and thereby to provide more expansive disclosure than may be necessary. (a), (b) and (c) - This statement is being filed by one or more of the following persons: GGCP, Inc. ("GGCP"), GGCP Holdings LLC ("GGCP Holdings"), GAMCO Investors, Inc. ("GBL"), Associated Capital Group, Inc. ("AC"), Gabelli Funds, LLC ("Gabelli Funds"), GAMCO Asset Management Inc. ("GAMCO"),

Source and Amount of Funds or Other Consideration

Item 3. Source and Amount of Funds or Other Consideration

to Schedule 13D is amended, in pertinent part, as follows

Item 3 to Schedule 13D is amended, in pertinent part, as follows: The Reporting Persons used an aggregate of approximately $1,906,323 to purchase the additional Securities reported as beneficially owned in Item 5 since the most recent filing on Schedule 13D. GAMCO and Gabelli Funds used approximately $1,779,628 and $126,695, respectively, of funds that were provided through the accounts of certain of their investment advisory clients (and, in the case of some of such accounts at GAMCO, may be through borrowings from client margin accounts) in order to purchase the additional Securities for such clients.

Interest In Securities Of The Issuer

Item 5. Interest In Securities Of The Issuer

to Schedule 13D is amended, in pertinent part, as follows

Item 5 to Schedule 13D is amended, in pertinent part, as follows: (a) The aggregate number of Securities to which this Schedule 13D relates is 612,510 shares, representing 6.11% of the 10,031,762 shares outstanding as reported in the Issuer's most recently filed Form 10-K for the fiscal year ended September 30, 2023. The Reporting Persons beneficially own those Securities as follows: Name Shares of Common Stock % of Class of Common GAMCO Gabelli Funds Teton Advisors 354,500 172,000 86,010 3.53% 1.71% 0.86% Mario Gabelli is deemed to have beneficial ownership of the Securities owned beneficially by each of the foregoing persons. AC, GBL and GGCP are deemed to have beneficial ownership of the Securities owned beneficially by each of the foregoing persons other than Mario Gabelli and the Foundation. (b) Each of the Reporting Persons and Covered Persons has the sole power to vote or direct the vote and sole power to dispose or to direct the disposition of the Securities reported for it, either for its own benefit or for the benefit of its investment clients or its partners, as the case may be, except that (i) Gabelli Funds has sole dispositive and voting power with respect to the shares of the Issuer held by the Funds so long as the aggregate voting interest of all joint filers does not exceed 25% of their total voting interest in the Issuer and, in that event, the Proxy Voting Committee of each Fund shall respectively vote that Fund's shares, (ii) at any time, the Proxy Voting Committee of each such Fund may take and exercise in its sole discretion the entire voting power with respect to the shares held by such fund under special circumstances such as regulatory considerations, and (iii) the power of Mario Gabelli, AC, GBL, and GGCP is indirect with respect to Securities beneficially owned directly by other Reporting Persons. (c) Information with respect to all transactions in the Securities which were effected during the past sixty days or since the

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