Is DiamondRock Hospitality Company (NYSE:DRH) the right investment to pursue these days? Investors who are in the know are turning less bullish. The number of long hedge fund positions decreased by 6 recently.
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With these “truths” under our belt, we’re going to take a peek at the recent action encompassing DiamondRock Hospitality Company (NYSE:DRH).
How are hedge funds trading DiamondRock Hospitality Company (NYSE:DRH)?
At year’s end, a total of 6 of the hedge funds we track held long positions in this stock, a change of -50% from the previous quarter. With the smart money’s sentiment swirling, there exists a few noteworthy hedge fund managers who were boosting their stakes meaningfully.
When looking at the hedgies we track, Ken Griffin’s Citadel Investment Group had the largest position in DiamondRock Hospitality Company (NYSE:DRH), worth close to $53.1 million, accounting for 0.1% of its total 13F portfolio. Coming in second is Pzena Investment Management, managed by Richard S. Pzena, which held a $21.6 million position; 0.2% of its 13F portfolio is allocated to the company. Some other peers with similar optimism include Jim Simons’s Renaissance Technologies, Israel Englander’s Millennium Management and J. Alan Reid, Jr.’s Forward Management.
Seeing as DiamondRock Hospitality Company (NYSE:DRH) has faced a declination in interest from the entirety of the hedge funds we track, it’s easy to see that there exists a select few hedge funds that slashed their full holdings at the end of the year. Interestingly, Ken Heebner’s Capital Growth Management said goodbye to the largest stake of all the hedgies we key on, worth about $76.9 million in stock.. D. E. Shaw’s fund, D E Shaw, also dumped its stock, about $3.2 million worth. These moves are important to note, as aggregate hedge fund interest was cut by 6 funds at the end of the year.
Insider trading activity in DiamondRock Hospitality Company (NYSE:DRH)
Insider buying is best served when the company in focus has seen transactions within the past half-year. Over the latest half-year time period, DiamondRock Hospitality Company (NYSE:DRH) has experienced zero unique insiders purchasing, and zero insider sales (see the details of insider trades here).
Let’s check out hedge fund and insider activity in other stocks similar to DiamondRock Hospitality Company (NYSE:DRH). These stocks are RLJ Lodging Trust (NYSE:RLJ), LaSalle Hotel Properties (NYSE:LHO), Pebblebrook Hotel Trust (NYSE:PEB), Sunstone Hotel Investors Inc (NYSE:SHO), and Strategic Hotels and Resorts Inc (NYSE:BEE). All of these stocks are in the reit – hotel/motel industry and their market caps are closest to DRH’s market cap.