Macquarie Investment Management B.. recently announced the acquisition of new stake in Summit Hotel Properties Inc. (NYSE:INN). The institutional investor has increased its shareholding in the Real Estate company by 6.93% to 4.86 million shares with purchase of 0.31 million shares. This fresh investment now brings its stake to 4.60% valued currently at $25.16 million. In addition, GW&K Investment Management LLC raised its holdings by 0.43 million to 2.57 million shares. And Nuveen Asset Management LLC has lifted its position by 3.78% or 92843.0 shares – to 2.55 million shares.
With over 1.01 million Summit Hotel Properties Inc. (INN) shares trading Tuesday and a closing price of $5.88 on the day, the dollar volume was approximately $5.93 million. The shares have shown a negative weekly performance of -2.81% and its price on 09/01/20 lost nearly -0.17%. Currently, there are 104.15M common shares owned by the public and among those 103.09M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 7 analysts who have offered their price forecasts for INN have a consensus price objective of $7.64. The analysts have set the share’s price value over the next 12 months at a high of $8.00 and a low of $7.00 should the stock experience a downside. Incidentally, analysts’ outlook for the Summit Hotel Properties Inc. stock is 1.70 for the next 12 months. The average price target is 25.19% above its last price level and an upside to the estimated low will see the stock gain 16.0% over that period. But an upside of 26.5% will see the stock hit the forecast high price target while mean target price for the stock is $8.00.
Insiders at the company have transacted a total of 26 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 15 of these insider trades were purchases, accounting for 721,491 shares. Insider sales of the common stock occurred on 11 occasions, with total insider shares sold totaling 281,578 shares.
The top 3 mutual fund holders in Summit Hotel Properties Inc. are iShares Core S&P Small Cap ETF, Vanguard Real Estate Index Fund, and Delaware Small Cap Value Fund. iShares Core S&P Small Cap ETF owns 6.57 million shares of the company’s stock, all valued at over $34.05 million. The company bought an additional 23478.0 shares recently to bring their total holdings to about 6.23% of the shares outstanding. Vanguard Real Estate Index Fund sold 13586.0 shares to see its total holdings shrink to 4.69 million shares valued at over $24.32 million and representing 4.45% of the shares outstanding. Delaware Small Cap Value Fund bought 0.47 million shares to bring its total holdings to over 2.93 million shares at a value of $15.2 million. Delaware Small Cap Value Fund now owns shares totaling to 2.78% of the shares outstanding.
Shares of Summit Hotel Properties Inc. (NYSE: INN) opened at $5.82, down -$0.07 from a prior closing price of $5.89. However, the script later closed the day at $5.88, down -0.17%. The company’s stock has a 5-day price change of -2.81% and -18.56% over the past three months. INN shares are trading -52.35% year to date (YTD), with the 12-month market performance down to -46.55% lower. It has a 12-month low price of $2.32 and touched a high of $12.59 over the same period. Currently, 1.01 million shares have been traded, compared to an average intraday trading volume of 1.16 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -1.66%, 2.90%, and -25.13% respectively.
Institutional ownership of Summit Hotel Properties Inc. (NYSE: INN) shares accounts for 98.40% of the company’s 104.15M shares outstanding. Mutual fund holders own 4.30%, while other institutional holders and individual stakeholders account for 56.90% and 38.99% respectively.
It has a market capitalization of $605.58M and a beta (3y monthly) value of 2.08. The earnings-per-share (ttm) stands at -$0.58. The company has a debt-to-equity ratio at 1.09. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.69% over the week and 5.49% over the month.
Analysts forecast that Summit Hotel Properties Inc. (INN) will achieve an EPS of -$0.37 for the current quarter, -$0.45 for the next quarter and -$0.9 for 2021. The lowest estimate earnings-per-share for the quarter is -$0.37 while analysts give the company a high EPS estimate of -$0.37. Comparatively, EPS for the current quarter was $0.07 a year ago. Earnings per share for the fiscal year are expected to decrease by -5.00%, and 46.40% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 7 brokerage firm advisors rate Summit Hotel Properties Inc. (INN) as a “Strong Buy” at a consensus score of 1.70. Specifically, 4 Wall Street analysts polled rate the stock as a buy, while 0 of the 7 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the INN, a number of firms have released research notes about the stock. BofA/Merrill stated their Buy rating for the stock in a research note on June 01, 2020, with the firm’s price target at $4-$7. CapitalOne coverage for the Summit Hotel Properties Inc. (INN) stock in a research note released on January 13, 2020 offered a Overweight rating with a price target of $13.50. CapitalOne was of a view on June 25, 2019 that the stock is Equal Weight, while BofA/Merrill gave the stock Underperform rating on January 07, 2019, issuing a price target of. BofA/Merrill on their part issued Neutral rating on October 23, 2018.