Municipal Employees Retirement System of Michigan boosted its stake in shares of Diamondrock Hospitality Company (NYSE:DRH) by 0.6% during the second quarter, Holdings Channel reports. The institutional investor owned 54,800 shares of the real estate investment trust’s stock after buying an additional 320 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Diamondrock Hospitality were worth $600,000 as of its most recent filing with the SEC.
Other hedge funds have also recently made changes to their positions in the company. Breton Hill Capital Ltd. raised its stake in shares of Diamondrock Hospitality by 33.6% in the second quarter. Breton Hill Capital Ltd. now owns 76,716 shares of the real estate investment trust’s stock valued at $840,000 after buying an additional 19,301 shares in the last quarter. Forsta AP Fonden raised its stake in shares of Diamondrock Hospitality by 200.7% in the second quarter. Forsta AP Fonden now owns 86,000 shares of the real estate investment trust’s stock valued at $942,000 after buying an additional 57,400 shares in the last quarter. Aperio Group LLC raised its stake in shares of Diamondrock Hospitality by 10.0% in the second quarter. Aperio Group LLC now owns 72,806 shares of the real estate investment trust’s stock valued at $797,000 after buying an additional 6,589 shares in the last quarter. Nisa Investment Advisors LLC increased its position in shares of Diamondrock Hospitality by 1.3% in the second quarter. Nisa Investment Advisors LLC now owns 114,149 shares of the real estate investment trust’s stock worth $1,252,000 after buying an additional 1,500 shares during the last quarter. Finally, Eqis Capital Management Inc. increased its position in shares of Diamondrock Hospitality by 20.0% in the second quarter. Eqis Capital Management Inc. now owns 28,248 shares of the real estate investment trust’s stock worth $309,000 after buying an additional 4,715 shares during the last quarter.
Shares of Diamondrock Hospitality Company (NYSE:DRH) opened at 10.74 on Friday. The firm has a market capitalization of $2.15 billion, a P/E ratio of 21.74 and a beta of 1.38. Diamondrock Hospitality Company has a 52-week low of $8.73 and a 52-week high of $12.07. The firm has a 50-day moving average price of $11.41 and a 200-day moving average price of $11.21.
Diamondrock Hospitality (NYSE:DRH) last released its quarterly earnings results on Monday, August 7th. The real estate investment trust reported $0.32 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.31 by $0.01. Diamondrock Hospitality had a net margin of 11.47% and a return on equity of 5.41%. The business had revenue of $243.30 million for the quarter, compared to analysts’ expectations of $240.73 million. During the same period in the prior year, the firm earned $0.31 earnings per share. Diamondrock Hospitality’s revenue was up 1.2% compared to the same quarter last year. On average, equities research analysts anticipate that Diamondrock Hospitality Company will post $0.46 EPS for the current year.
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DRH has been the subject of a number of research reports. Canaccord Genuity restated a “buy” rating and issued a $13.00 target price on shares of Diamondrock Hospitality in a research note on Friday, May 5th. Zacks Investment Research upgraded Diamondrock Hospitality from a “hold” rating to a “buy” rating and set a $12.00 target price for the company in a research note on Friday, May 12th. Stifel Nicolaus upgraded Diamondrock Hospitality from a “hold” rating to a “buy” rating and lifted their target price for the company from $11.50 to $11.75 in a research note on Monday, May 15th. They noted that the move was a valuation call. Finally, BidaskClub upgraded Diamondrock Hospitality from a “hold” rating to a “buy” rating in a research note on Wednesday, June 14th. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $11.56.
In other news, Director Maureen L. Mcavey sold 6,000 shares of the stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $11.20, for a total transaction of $67,200.00. Following the sale, the director now directly owns 81,030 shares of the company’s stock, valued at $907,536. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.10% of the stock is owned by corporate insiders.
About Diamondrock Hospitality
DiamondRock Hospitality Company is a real estate investment trust (REIT). As of December 31, 2016, the Company owned a portfolio of 26 hotels and resorts that contains 9,472 guest rooms located in 17 different markets in North America and the United States Virgin Islands. Its business is to acquire, own, asset manage and renovate hotel properties in the United States.
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