Long Pond Capital LP Increases Stock Position in DiamondRock Hospitality (NYSE:DRH)

Long Pond Capital LP increased its position in DiamondRock Hospitality (NYSE:DRH) by 12.2% in the 2nd quarter, Holdings Channel.com reports. The firm owned 3,213,443 shares of the real estate investment trust’s stock after buying an additional 350,000 shares during the quarter. DiamondRock Hospitality comprises 1.0% of Long Pond Capital LP’s holdings, making the stock its 24th largest position. Long Pond Capital LP’s holdings in DiamondRock Hospitality were worth $33,227,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the company. Municipal Employees Retirement System of Michigan boosted its stake in shares of DiamondRock Hospitality by 1.8% in the second quarter. Municipal Employees Retirement System of Michigan now owns 60,240 shares of the real estate investment trust’s stock valued at $623,000 after purchasing an additional 1,040 shares during the period. Bank of Montreal Can boosted its stake in shares of DiamondRock Hospitality by 2.3% in the first quarter. Bank of Montreal Can now owns 47,249 shares of the real estate investment trust’s stock valued at $511,000 after purchasing an additional 1,072 shares during the period. Eii Capital Management Inc. boosted its stake in shares of DiamondRock Hospitality by 1.5% in the second quarter. Eii Capital Management Inc. now owns 90,775 shares of the real estate investment trust’s stock valued at $939,000 after purchasing an additional 1,305 shares during the period. Oregon Public Employees Retirement Fund boosted its stake in shares of DiamondRock Hospitality by 1.7% in the second quarter. Oregon Public Employees Retirement Fund now owns 81,927 shares of the real estate investment trust’s stock valued at $847,000 after purchasing an additional 1,400 shares during the period. Finally, Piedmont Investment Advisors Inc. boosted its stake in shares of DiamondRock Hospitality by 2.8% in the first quarter. Piedmont Investment Advisors Inc. now owns 50,873 shares of the real estate investment trust’s stock valued at $551,000 after purchasing an additional 1,405 shares during the period.

Several research analysts have recently weighed in on the stock. Barclays restated a “hold” rating and issued a $10.00 target price on shares of DiamondRock Hospitality in a research note on Tuesday, August 13th. TheStreet cut shares of DiamondRock Hospitality from a “b-” rating to a “c+” rating in a report on Thursday, August 1st. Wells Fargo & Co reaffirmed a “market perform” rating and issued a $9.50 price target on shares of DiamondRock Hospitality in a report on Monday, August 19th. Zacks Investment Research cut shares of DiamondRock Hospitality from a “strong-buy” rating to a “hold” rating in a report on Thursday, July 18th. Finally, ValuEngine cut shares of DiamondRock Hospitality from a “hold” rating to a “sell” rating in a report on Tuesday, July 2nd. Four equities research analysts have rated the stock with a sell rating and five have given a hold rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $9.64.

In related news, Director Maureen L. Mcavey sold 8,000 shares of the company’s stock in a transaction on Friday, June 28th. The shares were sold at an average price of $10.36, for a total value of $82,880.00. Following the sale, the director now directly owns 91,688 shares of the company’s stock, valued at $949,887.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.90% of the company’s stock.

DRH opened at $9.88 on Friday. The stock has a market capitalization of $2.02 billion, a PE ratio of 9.69, a P/E/G ratio of 1.96 and a beta of 1.37. The firm’s fifty day moving average price is $9.62 and its 200 day moving average price is $10.31. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.49 and a quick ratio of 1.49. DiamondRock Hospitality has a 12-month low of $8.69 and a 12-month high of $12.00.

DiamondRock Hospitality (NYSE:DRH) last posted its quarterly earnings results on Monday, August 5th. The real estate investment trust reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.01. The firm had revenue of $257.92 million for the quarter, compared to analysts’ expectations of $253.67 million. DiamondRock Hospitality had a net margin of 10.32% and a return on equity of 5.00%. The firm’s quarterly revenue was up 8.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.32 earnings per share. On average, equities research analysts forecast that DiamondRock Hospitality will post 1.03 earnings per share for the current fiscal year.

DiamondRock Hospitality Company Profile

DiamondRock Hospitality Company is a self-advised real estate investment trust (REIT) that is an owner of a leading portfolio of geographically diversified hotels concentrated in top gateway markets and destination resort locations. The Company owns 31 premium quality hotels with over 10,000 rooms. The Company has strategically positioned its hotels to be operated both under leading global brand families such as Hilton and Marriott as well as unique boutique hotels in the lifestyle segment.

Featured Story: Do closed-end mutual funds pay dividends?

Want to see what other hedge funds are holding DRH? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for DiamondRock Hospitality (NYSE:DRH).

Institutional Ownership by Quarter for DiamondRock Hospitality (NYSE:DRH)

Receive News & Ratings for DiamondRock Hospitality Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for DiamondRock Hospitality and related companies with MarketBeat.com's FREE daily email newsletter.