Los Angeles Capital Management & Equity Research Inc. lowered its position in DiamondRock Hospitality Co. (NYSE:DRH) by 14.5% during the second quarter, Holdings Channel reports. The fund owned 35,874 shares of the real estate investment trust’s stock after selling 6,075 shares during the period. Los Angeles Capital Management & Equity Research Inc.’s holdings in DiamondRock Hospitality were worth $324,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also made changes to their positions in DRH. Menta Capital LLC acquired a new position in shares of DiamondRock Hospitality during the first quarter worth about $1,760,000. Royce & Associates LP acquired a new position in shares of DiamondRock Hospitality during the first quarter worth about $1,012,000. Brookfield Asset Management Inc. acquired a new position in shares of DiamondRock Hospitality during the first quarter worth about $43,674,000. Landscape Capital Management L.L.C. raised its position in shares of DiamondRock Hospitality by 320.7% in the first quarter. Landscape Capital Management L.L.C. now owns 629,920 shares of the real estate investment trust’s stock worth $6,375,000 after buying an additional 480,184 shares during the last quarter. Finally, BlackRock Japan Co. Ltd raised its position in shares of DiamondRock Hospitality by 3.3% in the first quarter. BlackRock Japan Co. Ltd now owns 11,768 shares of the real estate investment trust’s stock worth $119,000 after buying an additional 372 shares during the last quarter.
Shares of DiamondRock Hospitality Co. (NYSE:DRH) traded up 1.028% during trading on Wednesday, reaching $8.845. 1,074,958 shares of the company traded hands. The stock has a market capitalization of $1.78 billion, a PE ratio of 16.082 and a beta of 1.47. The firm’s 50-day moving average is $9.92 and its 200-day moving average is $9.52. DiamondRock Hospitality Co. has a 12-month low of $7.28 and a 12-month high of $12.84.
DiamondRock Hospitality (NYSE:DRH) last posted its earnings results on Friday, August 5th. The real estate investment trust reported $0.31 earnings per share for the quarter, missing the consensus estimate of $0.32 by $0.01. The business earned $256.66 million during the quarter, compared to analysts’ expectations of $259.26 million. DiamondRock Hospitality had a return on equity of 6.24% and a net margin of 11.80%. DiamondRock Hospitality’s revenue for the quarter was up 2.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.31 EPS. On average, equities analysts predict that DiamondRock Hospitality Co. will post $1.02 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 12th. Stockholders of record on Friday, September 30th will be paid a $0.125 dividend. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $0.50 annualized dividend and a dividend yield of 5.63%. DiamondRock Hospitality’s payout ratio is 89.29%.
A number of brokerages have issued reports on DRH. Canaccord Genuity restated a “buy” rating and set a $12.00 target price on shares of DiamondRock Hospitality in a research report on Tuesday, August 16th. Barclays PLC reaffirmed a “buy” rating and set a $11.00 price target on shares of DiamondRock Hospitality in a report on Thursday, August 11th. TheStreet raised shares of DiamondRock Hospitality from a “hold” rating to a “buy” rating in a report on Tuesday, July 19th. Zacks Investment Research downgraded shares of DiamondRock Hospitality from a “hold” rating to a “strong sell” rating in a report on Tuesday, July 19th. Finally, Morgan Stanley downgraded shares of DiamondRock Hospitality from an “equal weight” rating to an “underweight” rating and cut their price target for the stock from $10.00 to $8.00 in a report on Monday. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $11.09.
DiamondRock Hospitality Company Profile
DiamondRock Hospitality Company is a lodging-focused Maryland corporation operating as a real estate investment trust (REIT). The Company owns a portfolio of approximately 30 hotels and resorts throughout North America and the United States Virgin Islands that consists of over 10,925 guest rooms. Its primary business is to acquire, own, asset manage and renovate full-service hotel properties in the United States.
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