Rush Island Management LP Takes $51.73 Million Position in DiamondRock Hospitality (NYSE:DRH)

Rush Island Management LP acquired a new stake in DiamondRock Hospitality (NYSE:DRH - Free Report) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 5,925,125 shares of the real estate investment trust's stock, valued at approximately $51,726,000. DiamondRock Hospitality makes up 4.0% of Rush Island Management LP's investment portfolio, making the stock its 8th biggest position. Rush Island Management LP owned approximately 2.85% of DiamondRock Hospitality at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Quarry LP boosted its position in shares of DiamondRock Hospitality by 2,093.9% during the 2nd quarter. Quarry LP now owns 3,949 shares of the real estate investment trust's stock worth $33,000 after acquiring an additional 3,769 shares in the last quarter. Headlands Technologies LLC purchased a new stake in DiamondRock Hospitality during the second quarter worth approximately $42,000. Mirae Asset Global Investments Co. Ltd. lifted its stake in DiamondRock Hospitality by 35.1% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,153 shares of the real estate investment trust's stock worth $73,000 after purchasing an additional 2,116 shares during the last quarter. Harbor Capital Advisors Inc. acquired a new position in DiamondRock Hospitality in the third quarter valued at approximately $74,000. Finally, Choreo LLC purchased a new position in DiamondRock Hospitality in the second quarter valued at approximately $89,000.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on DRH shares. Truist Financial reduced their price objective on shares of DiamondRock Hospitality from $11.00 to $10.00 and set a "hold" rating for the company in a research report on Wednesday, September 4th. Wells Fargo & Company reduced their price target on shares of DiamondRock Hospitality from $9.50 to $9.00 and set an "equal weight" rating for the company in a research report on Friday, September 13th. Stifel Nicolaus lowered DiamondRock Hospitality from a "buy" rating to a "hold" rating and dropped their price objective for the stock from $10.75 to $10.25 in a report on Friday, November 22nd. StockNews.com raised DiamondRock Hospitality from a "sell" rating to a "hold" rating in a report on Tuesday, November 12th. Finally, Evercore ISI downgraded DiamondRock Hospitality from an "outperform" rating to an "inline" rating and set a $10.50 price target on the stock. in a research note on Friday, November 15th. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. According to MarketBeat.com, DiamondRock Hospitality currently has an average rating of "Hold" and an average target price of $10.13.

DiamondRock Hospitality Stock Performance

Shares of DRH traded down $0.02 during mid-day trading on Thursday, hitting $9.57. 2,079,762 shares of the company's stock were exchanged, compared to its average volume of 1,918,388. The company has a current ratio of 1.73, a quick ratio of 1.73 and a debt-to-equity ratio of 0.66. DiamondRock Hospitality has a fifty-two week low of $7.74 and a fifty-two week high of $10.00. The business's 50 day moving average is $9.01 and its two-hundred day moving average is $8.61. The firm has a market capitalization of $1.99 billion, a P/E ratio of 34.18, a P/E/G ratio of 5.67 and a beta of 1.60.

DiamondRock Hospitality Company Profile

DiamondRock Hospitality Company is a self-advised real estate investment trust (REIT) that is an owner of a leading portfolio of geographically diversified hotels concentrated in leisure destinations and top gateway markets. The Company currently owns 36 premium quality hotels with over 9,700 rooms. The Company has strategically positioned its portfolio to be operated both under leading global brand families as well as independent boutique hotels in the lifestyle segment.