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Mario Gabelli Trims Stake In Ryman Hospitality Properties Inc. (REIT) (RHP)

Mario Gabelli’s Gamco Investors has disclosed owning a 9.72% stake in Ryman Hospitality Properties Inc. (REIT) (NYSE:RHP), a new filing with the U.S. Securities and Exchange Commission showed. The stake contains 4.94 million shares of common stock, down from 4.96 million shares the fund disclosed previously.

Mario Gabelli

Nashville, Tennessee-based Ryman Hospitality Properties Inc. (REIT) (NYSE:RHP) specializes in group-oriented, destination hotel assets in urban and resort markets. The company has a market cap of $2.4 billion. Shares of the company traded up 1.73% to $48.26 on Monday. It has a 52 week high of $49.38 and a 52 week low of $32.97.

For Ryman Hospitality Properties Inc. (REIT) (NYSE:RHP) stock, analysts have the consensus average target price of $47.86, and the consensus average recommendation is ‘Hold.’ Last week, the company announced an additional senior secured $400 million term loan, adding to its existing credit agreement. The new term loan matures in January 2021.

On May 6, Ryman Hospitality Properties Inc. (REIT) (NYSE:RHP) reported financial results for the first quarter ended March 31, 2014. The company reported net income of $20.7 million in the first quarter, compared to $53.8 million in same period in 2013. Total Revenue rose 11.0% to $246.5 million, compared to $222.1 million in first quarter 2013. Adjusted EBITDA on a consolidated basis for first quarter 2014 increased 31.3% to $66.5 million, compared to $50.6 million for first quarter 2013, according to a statement.

Other largest shareholders of the company include Matt Sirovich and Jeremy Mindich’s Scopia Capital, which owns 1.99 million shares, and Zac Hirzel’s Hirzel Capital Management, which revealed ownership of 1.48 million shares as of the end of the first quarter of 2014.

In a recent CNBC’s Halftime Report program, Mario Gabelli revealed three of his top picks for the second quarter of 2014. Talking about the market in the second half, Gabelli said he likes Interpublic Group of Companies Inc (NYSE:IPG), International Game Technology (NYSE:IGT) and International Flavors & Fragrances Inc (NYSE:IFF).

Disclosure: none

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