New Mexico Educational Retirement Board Trims Stake in Marriott International Inc (MAR)
New Mexico Educational Retirement Board cut its stake in shares of Marriott International Inc (NASDAQ:MAR) by 70.4% in the 4th quarter, HoldingsChannel reports. The fund owned 30,111 shares of the company’s stock after selling 71,629 shares during the quarter. New Mexico Educational Retirement Board’s holdings in Marriott International were worth $4,087,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Advisory Services Network LLC boosted its position in shares of Marriott International by 1,490.1% in the second quarter. Advisory Services Network LLC now owns 1,129 shares of the company’s stock worth $113,000 after buying an additional 1,058 shares during the period. Grove Bank & Trust boosted its position in shares of Marriott International by 214.8% in the third quarter. Grove Bank & Trust now owns 1,231 shares of the company’s stock worth $136,000 after buying an additional 840 shares during the period. First Quadrant L P CA acquired a new stake in shares of Marriott International in the third quarter worth $136,000. Carroll Financial Associates Inc. boosted its position in shares of Marriott International by 175.6% in the third quarter. Carroll Financial Associates Inc. now owns 1,323 shares of the company’s stock worth $147,000 after buying an additional 843 shares during the period. Finally, Advisors Asset Management Inc. boosted its position in shares of Marriott International by 66.2% in the third quarter. Advisors Asset Management Inc. now owns 1,481 shares of the company’s stock worth $163,000 after buying an additional 590 shares during the period. 66.62% of the stock is owned by institutional investors and hedge funds.
In other Marriott International news, EVP Anthony Capuano sold 19,510 shares of the firm’s stock in a transaction dated Monday, December 18th. The stock was sold at an average price of $133.51, for a total transaction of $2,604,780.10. Following the transaction, the executive vice president now directly owns 23,159 shares in the company, valued at $3,091,958.09. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Bruce W. Duncan sold 1,808 shares of the firm’s stock in a transaction dated Friday, December 8th. The shares were sold at an average price of $129.70, for a total value of $234,497.60. Following the transaction, the director now owns 40,008 shares in the company, valued at $5,189,037.60. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 82,775 shares of company stock valued at $10,794,225. 11.32% of the stock is owned by corporate insiders.
Marriott International declared that its board has authorized a stock buyback plan on Thursday, November 9th that authorizes the company to buyback 30,000,000 outstanding shares. This buyback authorization authorizes the company to repurchase shares of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 30th. Investors of record on Friday, February 23rd will be issued a dividend of $0.33 per share. The ex-dividend date of this dividend is Thursday, February 22nd. This represents a $1.32 annualized dividend and a dividend yield of 0.94%. Marriott International’s dividend payout ratio is 35.87%.
Several analysts have recently commented on the company. Susquehanna Bancshares reaffirmed a “positive” rating and issued a $161.00 target price (up previously from $145.00) on shares of Marriott International in a research report on Tuesday. Barclays raised their target price on Marriott International from $105.00 to $130.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 28th. Stifel Nicolaus reaffirmed a “hold” rating and issued a $115.00 target price (up previously from $98.00) on shares of Marriott International in a research report on Wednesday, November 8th. BidaskClub cut Marriott International from a “strong-buy” rating to a “buy” rating in a research report on Friday, November 10th. Finally, Royal Bank of Canada raised their target price on Marriott International to $159.00 and gave the stock an “outperform” rating in a research report on Monday, January 29th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $119.64.
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About Marriott International
Marriott International, Inc (Marriott International) is a lodging company. Marriott International operates in three business segments: North American Full-Service, North American Limited-Service and International. Its North American Full-Service segment includes its Luxury and Premium brands (JW Marriott, Marriott Hotels, Sheraton, Westin, Renaissance Hotels, Le Meridien, Autograph Collection Hotels, Delta Hotels, Gaylord Hotels, and Tribute Portfolio) located in the United States and Canada.
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