Wall Street analysts predict that Summit Hotel Properties Inc (NYSE:INN) will report $143.91 million in sales for the current fiscal quarter, according to Zacks Investment Research. Four analysts have made estimates for Summit Hotel Properties’ earnings, with the highest sales estimate coming in at $149.30 million and the lowest estimate coming in at $141.46 million. Summit Hotel Properties posted sales of $136.59 million during the same quarter last year, which suggests a positive year over year growth rate of 5.4%. The firm is scheduled to announce its next quarterly earnings report after the market closes on Tuesday, October 30th.
According to Zacks, analysts expect that Summit Hotel Properties will report full year sales of $569.44 million for the current financial year, with estimates ranging from $564.22 million to $577.20 million. For the next year, analysts expect that the company will post sales of $581.42 million, with estimates ranging from $572.61 million to $603.00 million. Zacks’ sales calculations are an average based on a survey of research firms that cover Summit Hotel Properties.
Summit Hotel Properties (NYSE:INN) last issued its earnings results on Wednesday, August 1st. The real estate investment trust reported $0.40 EPS for the quarter, beating the consensus estimate of $0.37 by $0.03. The company had revenue of $152.20 million during the quarter, compared to analysts’ expectations of $151.13 million. Summit Hotel Properties had a net margin of 14.16% and a return on equity of 6.53%. The business’s revenue for the quarter was up 17.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.36 EPS.
Hedge funds have recently added to or reduced their stakes in the stock. Employees Retirement System of Texas increased its position in Summit Hotel Properties by 25.2% during the 2nd quarter. Employees Retirement System of Texas now owns 179,000 shares of the real estate investment trust’s stock worth $2,561,000 after purchasing an additional 36,000 shares in the last quarter. Monarch Partners Asset Management LLC increased its position in Summit Hotel Properties by 11.4% in the 2nd quarter. Monarch Partners Asset Management LLC now owns 399,437 shares of the real estate investment trust’s stock valued at $5,716,000 after acquiring an additional 40,910 shares during the period. Macquarie Group Ltd. increased its position in Summit Hotel Properties by 0.4% in the 2nd quarter. Macquarie Group Ltd. now owns 3,574,170 shares of the real estate investment trust’s stock valued at $51,147,000 after acquiring an additional 13,212 shares during the period. Suntrust Banks Inc. increased its position in Summit Hotel Properties by 6.6% in the 1st quarter. Suntrust Banks Inc. now owns 163,825 shares of the real estate investment trust’s stock valued at $2,228,000 after acquiring an additional 10,170 shares during the period. Finally, Duff & Phelps Investment Management Co. increased its position in Summit Hotel Properties by 205.1% in the 2nd quarter. Duff & Phelps Investment Management Co. now owns 1,823,875 shares of the real estate investment trust’s stock valued at $26,100,000 after acquiring an additional 1,226,150 shares during the period. Institutional investors and hedge funds own 98.77% of the company’s stock.
INN stock opened at $12.33 on Thursday. The company has a market cap of $1.42 billion, a P/E ratio of 9.40, a P/E/G ratio of 4.82 and a beta of 1.21. Summit Hotel Properties has a 1 year low of $12.29 and a 1 year high of $16.39. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 0.79.
About Summit Hotel Properties
Summit Hotel Properties, Inc is a publicly-traded real estate investment trust focused on owning premium-branded hotels with efficient operating models primarily in the upscale segment of the lodging industry. As of August 1, 2018, the Company's portfolio consisted of 77 hotels with a total of 11,657 guestrooms located in 26 states.
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