Convergence Investment Partners LLC Takes Position in La Quinta Holdings Inc. (LQ)
Convergence Investment Partners LLC purchased a new stake in shares of La Quinta Holdings Inc. (NYSE:LQ) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 116,512 shares of the company’s stock, valued at approximately $1,721,000.
Other large investors also recently made changes to their positions in the company. Quantitative Systematic Strategies LLC acquired a new stake in La Quinta Holdings during the second quarter worth $153,000. Oppenheimer Asset Management Inc. acquired a new stake in La Quinta Holdings during the first quarter worth $176,000. CHICAGO TRUST Co NA raised its stake in La Quinta Holdings by 26.6% in the second quarter. CHICAGO TRUST Co NA now owns 15,081 shares of the company’s stock worth $223,000 after buying an additional 3,166 shares during the last quarter. Highbridge Capital Management LLC acquired a new stake in La Quinta Holdings during the first quarter worth $235,000. Finally, Envestnet Asset Management Inc. raised its stake in La Quinta Holdings by 88.9% in the first quarter. Envestnet Asset Management Inc. now owns 21,535 shares of the company’s stock worth $291,000 after buying an additional 10,134 shares during the last quarter. 98.75% of the stock is currently owned by institutional investors.
Shares of La Quinta Holdings Inc. (NYSE:LQ) opened at 15.52 on Tuesday. The company has a market capitalization of $1.82 billion, a price-to-earnings ratio of 43.84 and a beta of 1.86. La Quinta Holdings Inc. has a 1-year low of $9.73 and a 1-year high of $15.72. The stock has a 50 day moving average of $14.86 and a 200-day moving average of $14.18.
La Quinta Holdings (NYSE:LQ) last announced its earnings results on Monday, August 7th. The company reported $0.17 EPS for the quarter, beating the Zacks’ consensus estimate of $0.14 by $0.03. La Quinta Holdings had a net margin of 4.13% and a return on equity of 7.28%. The firm had revenue of $263.40 million for the quarter, compared to analysts’ expectations of $260.44 million. During the same quarter in the previous year, the business posted $0.21 EPS. The company’s quarterly revenue was down 2.3% on a year-over-year basis. Analysts forecast that La Quinta Holdings Inc. will post $0.38 earnings per share for the current year.
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A number of equities research analysts have weighed in on the stock. TheStreet raised shares of La Quinta Holdings from a “c” rating to a “b” rating in a report on Tuesday, August 8th. BidaskClub lowered shares of La Quinta Holdings from a “hold” rating to a “sell” rating in a report on Thursday, July 27th. Zacks Investment Research raised shares of La Quinta Holdings from a “hold” rating to a “buy” rating and set a $17.00 target price on the stock in a report on Wednesday, July 5th. Finally, Morgan Stanley raised shares of La Quinta Holdings from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $14.50 to $16.00 in a report on Thursday, June 15th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $13.41.
About La Quinta Holdings
La Quinta Holdings Inc is an owner, operator and franchisor of select-service hotels primarily serving the midscale and upper-midscale sectors under the La Quinta brand. The Company’s segments include owned hotels, franchise and management, and corporate and other. The owned hotels segment is engaged in the operation of owned hotel properties.
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