Zacks Research Downgrades Summit Hotel Properties (NYSE:INN) to Strong Sell

Summit Hotel Properties (NYSE:INN) was downgraded by analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Monday,Zacks.com reports.

A number of other analysts also recently commented on INN. Bank of America restated an “underperform” rating and set a $4.50 price objective (down from $5.75) on shares of Summit Hotel Properties in a report on Tuesday, November 4th. Wall Street Zen lowered Summit Hotel Properties from a “hold” rating to a “sell” rating in a research note on Saturday, October 18th. Robert W. Baird set a $5.00 price objective on Summit Hotel Properties in a report on Wednesday, December 17th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Summit Hotel Properties in a research note on Monday, December 29th. Finally, Summit Redstone set a $4.50 target price on shares of Summit Hotel Properties in a research report on Tuesday, November 4th. One research analyst has rated the stock with a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Summit Hotel Properties presently has a consensus rating of “Strong Sell” and a consensus price target of $4.67.

Summit Hotel Properties Stock Up 1.4%

Shares of NYSE:INN opened at $4.88 on Monday. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 1.14. The firm has a market cap of $530.40 million, a price-to-earnings ratio of -30.47 and a beta of 1.31. The stock’s 50-day moving average price is $5.13 and its two-hundred day moving average price is $5.32. Summit Hotel Properties has a 12-month low of $3.57 and a 12-month high of $6.96.

Summit Hotel Properties (NYSE:INN) last announced its quarterly earnings data on Tuesday, November 4th. The real estate investment trust reported $0.17 earnings per share for the quarter, topping the consensus estimate of $0.15 by $0.02. Summit Hotel Properties had a net margin of 0.04% and a return on equity of 0.02%. The business had revenue of $177.12 million for the quarter, compared to analyst estimates of $179.03 million. On average, research analysts forecast that Summit Hotel Properties will post 0.88 EPS for the current year.

Insider Buying and Selling at Summit Hotel Properties

In other news, Director Mehulkumar Bhikhubhai Patel sold 25,000 shares of the company’s stock in a transaction on Monday, January 5th. The shares were sold at an average price of $4.84, for a total value of $121,000.00. Following the completion of the transaction, the director directly owned 444,295 shares in the company, valued at approximately $2,150,387.80. This represents a 5.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 3.37% of the company’s stock.

Hedge Funds Weigh In On Summit Hotel Properties

A number of institutional investors have recently added to or reduced their stakes in the company. CIBC Bancorp USA Inc. acquired a new stake in shares of Summit Hotel Properties during the third quarter valued at about $64,000. NewEdge Advisors LLC boosted its holdings in Summit Hotel Properties by 11,110.9% in the third quarter. NewEdge Advisors LLC now owns 71,862 shares of the real estate investment trust’s stock valued at $395,000 after purchasing an additional 71,221 shares during the last quarter. CANADA LIFE ASSURANCE Co grew its stake in Summit Hotel Properties by 4.9% during the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 256,856 shares of the real estate investment trust’s stock valued at $1,432,000 after purchasing an additional 11,967 shares in the last quarter. Caxton Associates LLP purchased a new stake in Summit Hotel Properties during the 3rd quarter worth approximately $150,000. Finally, PharVision Advisers LLC bought a new stake in shares of Summit Hotel Properties in the third quarter worth $220,000. Institutional investors and hedge funds own 96.47% of the company’s stock.

Summit Hotel Properties Company Profile

Summit Hotel Properties is a real estate investment trust (REIT) that acquires, owns and operates branded select-service hotels and extended-stay properties across the United States. The company focuses on upper-midscale and upscale lodging segments, targeting established national brands to combine the operational efficiencies of limited-service properties with strong franchise affiliation.

The company’s portfolio comprises over thirty hotels carrying well-known flags such as Marriott, Hilton, Hyatt and IHG.