Burgundy Asset Management Ltd. Sells 2,007,605 Shares of Equity Commonwealth $EQC

Key Points

• Burgundy Asset Management Ltd. reduced its stake in Equity Commonwealth by 52.8%, now holding 1,797,621 shares valued at approximately $2.89 million.
• Institutional investors now control 96.00% of Equity Commonwealth's stock, with several funds increasing or initiating positions during the first quarter.
• Wall Street analysts have started coverage on Equity Commonwealth, issuing a "sell" rating as the stock trades near its 1-year low of $1.40.

Burgundy Asset Management Ltd. reduced its holdings in shares of Equity Commonwealth (NYSE:EQC - Free Report) by 52.8% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,797,621 shares of the real estate investment trust's stock after selling 2,007,605 shares during the quarter. Burgundy Asset Management Ltd. owned approximately 1.67% of Equity Commonwealth worth $2,894,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Equity Commonwealth in the first quarter worth $26,000. Coldstream Capital Management Inc. acquired a new stake in Equity Commonwealth in the 4th quarter valued at $31,000. Raymond James Financial Inc. bought a new stake in Equity Commonwealth during the 4th quarter worth about $58,000. Two Sigma Securities LLC bought a new stake in Equity Commonwealth during the 4th quarter worth about $59,000. Finally, Deerfield Management Company L.P. Series C acquired a new position in shares of Equity Commonwealth during the 4th quarter worth about $77,000. 96.00% of the stock is currently owned by institutional investors and hedge funds.

Equity Commonwealth Stock Performance

NYSE:EQC remained flat at $1.58 during mid-day trading on Friday. The company has a market cap of $169.73 million, a price-to-earnings ratio of 4.05 and a beta of 0.57. The stock's 50 day simple moving average is $1.58 and its 200-day simple moving average is $1.60. Equity Commonwealth has a 52-week low of $1.40 and a 52-week high of $20.60.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen initiated coverage on Equity Commonwealth in a research report on Saturday, May 17th. They issued a "sell" rating on the stock.

Equity Commonwealth Profile

Equity Commonwealth NYSE: EQC is a Chicago based, internally managed and self-advised real estate investment trust (REIT) with commercial office properties in the United States. EQC's portfolio is comprised of four properties totaling 1.5 million square feet.