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Gabelli Reports 15% Increase in Holdings of Theater Company Marcus Corp.
Posted by: Monica Wolfe (IP Logged)
Date: June 5, 2013 03:46PM
On May 31, Mario Gabelli increased his holdings in Marcus Corporation (MCS) by 14.37%. Gabelli purchased an additional 150,912 shares at an average price of $12.85 per share. Gabelli currently holds 1,201,013 shares of Marcus Corp., which is 4.41% of the company shares outstanding, although it makes up a very minor 0.01% of GAMCO Investors’ $16 billion portfolio.
As seen in his holding history, Mario Gabelli has significantly grown his position in MCS over the past five years:
About Marcus Corporation
The Marcus Corporation is involved in the lodging and entertainment industries, with significant company-owned real estate assets. The Marcus Corporation’s theatre division, Marcus Theaters, currently owns or manages 686 screens at 55 locations in seven states. The company’s lodging division, Marcus Hotels & Resorts, owns and/or manages 20 hotels, resorts and other properties in 11 states.
Recent Happenings at Marcus Corporation
May 29, The Marcus Corporation announced that its President and CEO Gregory Marcus and CFO Douglas Neis would be participating in Gabelli Company’s 5th Annual Movie & Entertainment Conference in New York City on Tuesday, June 11, 2013. The conference includes presentations and panel discussions with senior management of several leading exhibitors, studios, equipment providers and advertising companies.
In the company’s most recent quarterly financial release, third quarter fiscal 2013, the company reported:
· Total revenues for the third quarter of $93.67 million, up 1.7% from the third quarter fiscal 2012.
· Operating loss of $244,000 for the third quarter 2013, compared to an operating income of $4.08 million in the third quarter 2012.
· Net loss of $1,372,000 or, $0.05 per diluted share.
· Results for the third quarter of fiscal 2013 were impacted by unusual items totaling approximately $2.0 million, or $0.04 per diluted common share, consisting of approximately $1.4 million of costs related to the settlement of lawsuits concerning the company’s Las Vegas property and a $618,000 impairment charge in the theatre division.
Major Holders of Marcus Corp
As of March 31, 2013, GAMCO Investors was the second largest holder of Marcus Corp. shares, holding 4.41% shares outstanding. CEO and President Gregory Marcus holds the most shares as an insider, owning at least 67,357 shares of his company’s stock.
Breakdown of ownership:
· 10% of shares are held by all insiders and 5% owners.
· 75% of shares are held by institutional and mutual fund owners.
· 83% of float is held by institutional and mutual fund owners.
· There are currently 108 institutions holding shares of The Marcus Corporation.
Financials of Marcus
Marcus Corporation has a market cap of $362.7 million; its shares were traded at around $12.79 with a P/E ratio of 17.40 and P/S ratio of 0.90. The dividend yield of Marcus Corp. stocks is 2.00%. The company had an annual average earnings growth of 1.3% over the past five years.
Marcus Corp’s price and P/S ratio:
The GuruFocus analysis on Marcus reports:
· Marcus’ gross margin has been in a long term decline. The average rate of decline per year is -1.1%.
· The company’s operating margin has been in a 5-year decline with an average rate of decline per year of 4.3%.
· The price of MCS is inching closer to its two-year high of $14.15.
· Marcus has issued $4.607 million of debt in the past three years. But overall, its debt level has been deemed acceptable.
According to the Peter Lynch Valuation of Marcus Corp, the company appears to be overvalued:
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Guru Discussed: Mario Gabelli: Current Portfolio, Stock Picks
Stocks Discussed: MCS,