Thomas F. Kissinger, Senior Executive Vice President, General Counsel, and Secretary at Marcus Corp (NYSE:MCS), recently sold 8,000 shares of the company's common stock. The transaction, which took place on November 6, 2024, was executed at an average price of $22.31 per share, amounting to a total sale value of approximately $178,480.
Following this sale, Kissinger holds 186,585 shares directly. Additionally, he has indirect ownership of 547 shares through a Dividend Reinvestment and Associate Stock Purchase Plan and 1,581 shares via a 401(k) plan.
Kissinger also holds several stock options, including rights to purchase shares at various prices, with expiration dates extending into 2033. These options provide him with the ability to acquire additional shares of Marcus Corp in the future.
In other recent news, The Marcus Corporation announced a regular quarterly cash dividend for its common stock, scheduled for distribution in December 2024. The company also reported record third-quarter earnings, with an 11% year-over-year increase in consolidated revenues reaching $233 million. The Theatres division saw revenues climb to $143.8 million, marking a 13.6% increase, while Hotel revenues rose 8.1% to $88.7 million. The company reduced debt through the retirement of $13.5 million in convertible senior notes and a private placement of $100 million in senior notes. The Marcus Corporation maintains a strong balance sheet with $28 million in cash and total liquidity of over $248 million. In further developments, 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. Despite facing a higher proportion of lower-rate contractual airline crew business during the quarter, the company remains optimistic about the long-term positive impacts on event bookings and hospitality demand. Executives also expressed an ongoing interest in M&A opportunities in the hotel sector but remain cautious due to current market conditions and interest rates. These are just some of the recent developments at The Marcus Corporation.
InvestingPro Insights
The recent stock sale by Thomas F. Kissinger comes at a time when Marcus Corp (NYSE:MCS) is experiencing significant market momentum. According to InvestingPro data, the company's stock has shown remarkable performance, with a 44.83% price total return over the past month and an impressive 101.53% return over the last six months. This strong upward trend is further emphasized by the stock trading at 97.26% of its 52-week high, suggesting investor confidence in the company's prospects.
However, potential investors should note that Marcus Corp's financial health presents a mixed picture. An InvestingPro Tip indicates that the company's short-term obligations exceed its liquid assets, which could pose liquidity challenges. Additionally, with a P/E ratio (adjusted) of 1136.29 for the last twelve months as of Q3 2024, the stock appears to be trading at a premium valuation.
Despite these concerns, analysts maintain a positive outlook, with a fair value estimate of $24 per share, slightly above the recent trading price. This suggests there may still be room for growth, aligning with the InvestingPro Tip that highlights the stock's significant return over the last week.
For investors seeking a more comprehensive analysis, InvestingPro offers 11 additional tips for Marcus Corp, providing a deeper understanding of the company's financial position and market performance.
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