Diane M. Gershowitz, a director and significant shareholder of Marcus Corp (NYSE:MCS), has recently sold a substantial portion of her holdings in the company. According to a filing with the Securities and Exchange Commission, Gershowitz sold 25,000 shares of common stock on November 27, 2024. The shares were sold at a weighted average price of $22.28, with prices ranging from $22.20 to $22.38, totaling approximately $556,960. The sale comes as Marcus Corp's stock trades near its 52-week high of $23.16, having delivered an impressive 125.7% return over the past six months. According to InvestingPro analysis, the stock appears overvalued at current levels.
Following this transaction, Gershowitz holds 175,617.223 shares indirectly through DG-LDJ Holdings, LLC, and 37,083 shares directly. Additionally, she maintains various stock options and Class B common stock holdings, which offer conversion rights to common stock on a one-for-one basis. These positions reflect her continued involvement and investment in Marcus Corp, a company known for its services in the motion picture theater industry. With a market capitalization of $727.55 million, Marcus Corp currently trades at a high EBIT multiple, and InvestingPro data indicates the stock is in overbought territory. Discover 10+ additional exclusive insights about Marcus Corp with an InvestingPro subscription.
In other recent news, McChip Resources Inc. announced a cash dividend of $0.05 per common share, payable to shareholders on record as of a recent date. This decision is subject to the company's board of directors' discretion, depending on factors such as financial health and future outlook. Meanwhile, Marcus Corp has been the subject of significant developments. Benchmark upgraded the stock price target for Marcus Corp shares to $25 from $22, maintaining a Buy rating. The company's theatrical segment is projected to be a key growth driver in the future.
Marcus Corp also reported record third-quarter earnings with consolidated revenues increasing by 11% year-over-year to $233 million. The company has announced a regular quarterly cash dividend for its shareholders, with common stockholders set to receive $0.07 per share. Furthermore, Marcus Corp achieved debt reduction through the retirement of $13.5 million in convertible senior notes and a private placement of $100 million in senior notes.
These recent developments highlight Marcus Corp's strategic initiatives and strong financial performance. The company anticipates continued growth into the fourth quarter of fiscal 2024 and into 2025, supported by a strong film slate and robust group bookings. However, these projections are subject to change based on various factors, including market conditions and company performance.
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