GAMCO Investors, the hedge fund run by Mario Gabelli has announced in a regulatory filing with Security and Exchange Commission that it has increased its stake in Tredegar Corporation (NYSE: TG ) and Medical Action Industries (NASDAQ: MDCI ). The value investor has acquired additional 732,740 shares in Tredegar Corporation (NYSE:TG), increasing its stake to 4.8 million. The 15% holding has a current market value of $101 million. In February, Gabelli succeeded in convincing Tredegar Corporation (NYSE:TG) to give up on its poison pill. Taking advantage of the new opportunity, the legendary investor has added around 1 million shares to its original 11.7% stake, as the stock continued its decline. Year-to- date Tredegar Corporation (NYSE:TG) has lost more than 26% of its market value on worsening business prospects. Tredegar Corporation (NYSE:TG) is a plastic films manufacturer that has a market capitalization of close to $700 million and its shares currently trade at $21.21.