Boston, MA 09/26/2013 (wallstreetpr) – Canterbury Park Holding Corporation (NASDAQ:CPHC) operates the Canterbury Park Racetrack and Card Casino in Shakopee in Minnesota. The company has a market capitalization of $47.55 million with over 4.16 million shares outstanding.
On September 9, GAMCO investors Inc a private firm disclosed to SEC that it has increased its stock holding in CPHC to 14.65% by owning 629,832 of the 4.16 million outstanding shares. The company has spread this investment across four of its proxy institutions. These are Gabelli Funds which owns 118000 shares translating to 2.38%, GAMCO which owns 447,944 shares amounting to 10.74%, MJG Associates which accounts for 5500 adding up to 0.13% of the stock and Teton Advisors which through its 58388 shares holds a 1.40% stake in the company.
Readers should also note that close to 36.5% of the shares is owned by insiders. So a total of 51.5% of the stock is locked in between GAMCO investments and company executives.
Coinciding with this development was the announcement by CPHC that Eric Halstrom has been re-appointed as the Vice president of racing operations and will have oversight on the day to day operations of the Pari Mutuel Operations. Mr Halstrom’s association with the racetrack goes back to 1997 when he had first signed on to work at Canterbury Park before heading out to New Orleans Race track as Vice president and general manager in 2008.
The company is hoping to sustain its recent appreciation in stock and chart a aggressive road map under the stewardship of its new VP of operations. Mr Halstroms charter would be to sustain the current momentum in the operations which has seen the stock go up by close to 7% the past month and close to 11% through the past 12 months. The share of this stock was pegged at $11.44 as of close of business on September 25.
