La Quinta Holdings Inc. (NYSE:LQ) Reaches New 12-Month High After Strong Earnings
Shares of La Quinta Holdings Inc. (NYSE:LQ) hit a new 52-week high during trading on Tuesday following a better than expected earnings announcement. The company traded as high as $15.53 and last traded at $15.51, with a volume of 1,248,932 shares trading hands. The stock had previously closed at $15.30.
The company reported $0.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.03. The business had revenue of $263.40 million for the quarter, compared to analyst estimates of $260.44 million. La Quinta Holdings had a net margin of 3.91% and a return on equity of 8.04%. The company’s revenue for the quarter was down 2.3% compared to the same quarter last year. During the same period last year, the firm posted $0.21 earnings per share.
A number of research firms recently weighed in on LQ. BidaskClub upgraded shares of La Quinta Holdings from a “sell” rating to a “hold” rating in a research report on Saturday. Zacks Investment Research upgraded shares of La Quinta Holdings from a “hold” rating to a “buy” rating and set a $17.00 price objective on the stock in a research report on Wednesday, July 5th. Finally, Morgan Stanley upgraded shares of La Quinta Holdings from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $14.50 to $16.00 in a research report on Thursday, June 15th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company’s stock. La Quinta Holdings has a consensus rating of “Hold” and a consensus target price of $13.41.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. First Eagle Investment Management LLC purchased a new position in La Quinta Holdings during the first quarter valued at about $24,795,000. Norges Bank purchased a new position in La Quinta Holdings during the fourth quarter valued at about $21,660,000. JPMorgan Chase & Co. increased its position in La Quinta Holdings by 24.0% in the first quarter. JPMorgan Chase & Co. now owns 7,676,423 shares of the company’s stock valued at $103,785,000 after buying an additional 1,487,652 shares during the period. Scopus Asset Management L.P. purchased a new position in La Quinta Holdings during the first quarter valued at about $13,520,000. Finally, Capital Growth Management LP purchased a new position in La Quinta Holdings during the first quarter valued at about $11,086,000. 97.67% of the stock is owned by institutional investors and hedge funds.
The stock has a 50-day moving average of $14.73 and a 200-day moving average of $14.12. The stock has a market capitalization of $1.82 billion, a price-to-earnings ratio of 47.11 and a beta of 1.86.
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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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