Gamco’s Gabelli Says He’s Adding to Xylem Stake During Weakness
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Mario Gabelli, chief executive officer of Gamco Investors Inc., is adding to his firm’s stake in water technology company Xylem Inc. as shares have fallen.
The stock has been hurt by negative headlines surrounding Franklin Electric Co., Gabelli, 73, said in a taped interview for the television program “Wall Street Week” that will air on Aug. 23. Franklin, a maker of water and fuel pump systems, cut earnings guidance for its last quarter in July after seeing “significantly lower sales.”