Korea Investment CORP Decreases Position in Marriott International (MAR)
Korea Investment CORP trimmed its stake in Marriott International (NASDAQ:MAR) by 13.5% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 67,380 shares of the company’s stock after selling 10,500 shares during the quarter. Korea Investment CORP’s holdings in Marriott International were worth $7,429,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of MAR. Advisory Services Network LLC grew its stake in Marriott International by 1,490.1% in the second quarter. Advisory Services Network LLC now owns 1,129 shares of the company’s stock valued at $113,000 after purchasing an additional 1,058 shares in the last quarter. Oppenheimer Asset Management Inc. bought a new position in shares of Marriott International during the 1st quarter worth approximately $115,000. Baker Ellis Asset Management LLC bought a new position in shares of Marriott International during the 2nd quarter worth approximately $133,000. North Star Investment Management Corp. boosted its stake in shares of Marriott International by 3.3% during the 2nd quarter. North Star Investment Management Corp. now owns 1,583 shares of the company’s stock worth $159,000 after acquiring an additional 50 shares during the period. Finally, Regal Wealth Group Inc. boosted its stake in shares of Marriott International by 0.3% during the 2nd quarter. Regal Wealth Group Inc. now owns 1,637 shares of the company’s stock worth $164,000 after acquiring an additional 5 shares during the period. Hedge funds and other institutional investors own 66.04% of the company’s stock.
Several research analysts have recently commented on MAR shares. Wolfe Research upgraded Marriott International from a “market perform” rating to an “outperform” rating in a research note on Wednesday, August 30th. BidaskClub upgraded Marriott International from a “buy” rating to a “strong-buy” rating in a research note on Thursday, October 12th. Berenberg Bank reiterated a “buy” rating and set a $125.00 target price on shares of Marriott International in a research note on Friday, August 18th. J P Morgan Chase & Co reissued an “overweight” rating and set a $113.00 price target (up from $111.00) on shares of Marriott International in a report on Wednesday, August 9th. Finally, Robert W. Baird reissued a “hold” rating and set a $103.00 price target on shares of Marriott International in a report on Sunday, September 17th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. Marriott International currently has a consensus rating of “Buy” and an average target price of $101.36.
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Marriott International (NASDAQ:MAR) last posted its earnings results on Monday, August 7th. The company reported $1.13 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.02 by $0.11. The company had revenue of $5.80 billion for the quarter, compared to analysts’ expectations of $5.73 billion. Marriott International had a return on equity of 26.26% and a net margin of 5.27%. Marriott International’s quarterly revenue was up 48.5% on a year-over-year basis. During the same period last year, the firm earned $1.03 earnings per share.
In other news, EVP Edward A. Ryan sold 4,453 shares of Marriott International stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $103.81, for a total transaction of $462,265.93. Following the completion of the transaction, the executive vice president now directly owns 80,406 shares in the company, valued at $8,346,946.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider B. Marriott Marital Tr Juliana sold 30,000 shares of Marriott International stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $99.84, for a total transaction of $2,995,200.00. Following the transaction, the insider now owns 493,896 shares of the company’s stock, valued at $49,310,576.64. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 110,727 shares of company stock worth $11,339,600. Insiders own 11.32% of the company’s stock.
Marriott International Company Profile
Marriott International, Inc (Marriott International) is a lodging company. Marriott International operates in three business segments: North American Full-Service, North American Limited-Service and International. Its North American Full-Service segment includes its Luxury and Premium brands (JW Marriott, Marriott Hotels, Sheraton, Westin, Renaissance Hotels, Le Meridien, Autograph Collection Hotels, Delta Hotels, Gaylord Hotels, and Tribute Portfolio) located in the United States and Canada.
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