Brokerages Anticipate Summit Hotel Properties Inc (INN) Will Announce Quarterly Sales of $136.87 Million

Wall Street brokerages forecast that Summit Hotel Properties Inc (NYSE:INN) will post $136.87 million in sales for the current fiscal quarter, according to Zacks. Two analysts have provided estimates for Summit Hotel Properties’ earnings. The lowest sales estimate is $136.57 million and the highest is $137.17 million. Summit Hotel Properties posted sales of $140.20 million during the same quarter last year, which suggests a negative year over year growth rate of 2.4%. The firm is scheduled to issue its next earnings results on Wednesday, May 1st.

According to Zacks, analysts expect that Summit Hotel Properties will report full-year sales of $572.34 million for the current year, with estimates ranging from $564.84 million to $579.18 million. For the next financial year, analysts anticipate that the firm will report sales of $581.27 million, with estimates ranging from $574.12 million to $588.43 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side analysts that that provide coverage for Summit Hotel Properties.

A number of brokerages have weighed in on INN. Zacks Investment Research upgraded shares of Summit Hotel Properties from a “sell” rating to a “hold” rating in a report on Tuesday, March 12th. Bank of America lowered shares of Summit Hotel Properties from a “neutral” rating to an “underperform” rating in a report on Monday, January 7th. Finally, KeyCorp set a $13.00 price target on shares of Summit Hotel Properties and gave the company a “buy” rating in a report on Thursday, December 20th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the stock. Summit Hotel Properties has a consensus rating of “Hold” and an average target price of $13.75.

Several large investors have recently made changes to their positions in the stock. Pearl River Capital LLC acquired a new stake in shares of Summit Hotel Properties in the fourth quarter valued at approximately $36,000. Quantamental Technologies LLC bought a new position in shares of Summit Hotel Properties in the fourth quarter valued at $75,000. Dynamic Technology Lab Private Ltd bought a new position in shares of Summit Hotel Properties in the third quarter valued at $142,000. Accident Compensation Corp bought a new position in shares of Summit Hotel Properties in the third quarter valued at $144,000. Finally, FCA Corp TX bought a new position in shares of Summit Hotel Properties in the fourth quarter valued at $114,000. Institutional investors and hedge funds own 99.87% of the company’s stock.

Shares of INN traded down $0.09 during mid-day trading on Friday, reaching $11.50. The company had a trading volume of 1,380 shares, compared to its average volume of 626,600. The firm has a market cap of $1.21 billion, a PE ratio of 8.57 and a beta of 1.45. Summit Hotel Properties has a fifty-two week low of $9.29 and a fifty-two week high of $15.61. The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of 0.80.

Summit Hotel Properties Company Profile

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 October 30, 2018, the Company's portfolio consisted of 77 hotels with a total of 11,659 guestrooms located in 26 states.

See Also: Cost of Goods Sold (COGS)

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