Public Sector Pension Investment Board Sells 72,290 Shares of Marriott International, Inc. (NASDAQ:MAR)

Key Points

• The Public Sector Pension Investment Board reduced its stake in Marriott International by 70.6%, owning 30,090 shares valued at approximately $7.17 million after the sale of 72,290 shares during the first quarter.
• Marriott's CEO, Anthony Capuano, sold 12,000 shares for $3,166,800, which represents an 8.82% decrease in his ownership, while insider Rajeev Menon sold 2,500 shares, decreasing his ownership by 30.47%.
• The company has initiated a share repurchase plan authorizing the buyback of 25 million shares, indicating management's belief that the stock is undervalued.

Public Sector Pension Investment Board trimmed its holdings in shares of Marriott International, Inc. (NASDAQ:MAR - Free Report) by 70.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,090 shares of the company's stock after selling 72,290 shares during the period. Public Sector Pension Investment Board's holdings in Marriott International were worth $7,167,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. increased its stake in shares of Marriott International by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 20,236,478 shares of the company's stock valued at $4,820,329,000 after buying an additional 184,387 shares during the period. Capital International Investors grew its stake in shares of Marriott International by 0.3% during the fourth quarter. Capital International Investors now owns 4,720,306 shares of the company's stock worth $1,316,682,000 after purchasing an additional 15,923 shares during the period. Invesco Ltd. grew its stake in shares of Marriott International by 18.9% during the first quarter. Invesco Ltd. now owns 4,123,836 shares of the company's stock worth $982,298,000 after purchasing an additional 654,766 shares during the period. Price T Rowe Associates Inc. MD grew its stake in shares of Marriott International by 5.2% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,507,144 shares of the company's stock worth $699,345,000 after purchasing an additional 123,484 shares during the period. Finally, Northern Trust Corp grew its stake in shares of Marriott International by 16.3% during the fourth quarter. Northern Trust Corp now owns 2,333,994 shares of the company's stock worth $651,044,000 after purchasing an additional 327,415 shares during the period. 70.70% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Marriott International news, CEO Anthony Capuano sold 12,000 shares of the business's stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $263.90, for a total transaction of $3,166,800.00. Following the transaction, the chief executive officer owned 124,067 shares of the company's stock, valued at $32,741,281.30. The trade was a 8.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Rajeev Menon sold 2,500 shares of the company's stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $268.28, for a total value of $670,700.00. Following the completion of the transaction, the insider directly owned 5,706 shares in the company, valued at $1,530,805.68. The trade was a 30.47% decrease in their position. The disclosure for this sale can be found here. 10.68% of the stock is owned by insiders.

Marriott International Stock Performance

MAR traded down $1.35 on Friday, hitting $265.20. 1,083,449 shares of the company were exchanged, compared to its average volume of 1,526,014. Marriott International, Inc. has a 12 month low of $205.40 and a 12 month high of $307.52. The company has a market cap of $71.99 billion, a PE ratio of 29.90, a PEG ratio of 2.53 and a beta of 1.44. The stock's fifty day moving average is $269.01 and its 200-day moving average is $260.70.

Marriott International (NASDAQ:MAR - Get Free Report) last released its earnings results on Tuesday, August 5th. The company reported $2.65 earnings per share (EPS) for the quarter, hitting the consensus estimate of $2.65. The business had revenue of $6.74 billion for the quarter, compared to analyst estimates of $6.66 billion. Marriott International had a negative return on equity of 93.44% and a net margin of 9.60%. Marriott International's revenue was up 4.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.50 earnings per share. As a group, equities research analysts expect that Marriott International, Inc. will post 10.1 EPS for the current fiscal year.

Marriott International declared that its board has approved a stock repurchase plan on Thursday, August 7th that permits the company to repurchase 25,000,000 outstanding shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company's management believes its shares are undervalued.

Marriott International Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Thursday, August 21st will be given a dividend of $0.67 per share. This represents a $2.68 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend is Thursday, August 21st. Marriott International's payout ratio is 30.21%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on MAR shares. Melius Research raised Marriott International to a "strong-buy" rating in a research note on Monday, April 21st. Morgan Stanley reduced their target price on Marriott International from $275.00 to $267.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. JPMorgan Chase & Co. assumed coverage on Marriott International in a research note on Monday, June 23rd. They issued a "neutral" rating and a $284.00 target price for the company. Barclays decreased their target price on Marriott International from $283.00 to $236.00 and set an "equal weight" rating for the company in a research note on Tuesday, April 22nd. Finally, Robert W. Baird boosted their target price on Marriott International from $265.00 to $285.00 and gave the company a "neutral" rating in a research note on Wednesday, July 16th. Twelve research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, Marriott International currently has a consensus rating of "Moderate Buy" and an average target price of $280.89.

Marriott International Profile

Marriott International, Inc engages in operating, franchising, and licensing hotel, residential, timeshare, and other lodging properties worldwide. It operates its properties under the JW Marriott, The Ritz-Carlton, The Luxury Collection, W Hotels, St. Regis, EDITION, Bvlgari, Marriott Hotels, Sheraton, Westin, Autograph Collection, Renaissance Hotels, Le Méridien, Delta Hotels by Marriott, Tribute Portfolio, Gaylord Hotels, Design Hotels, Marriott Executive Apartments, Apartments by Marriott Bonvoy, Courtyard by Marriott, Fairfield by Marriott, Residence Inn by Marriott, SpringHill Suites by Marriott, Four Points by Sheraton, TownePlace Suites by Marriott, Aloft Hotels, AC Hotels by Marriott, Moxy Hotels, Element Hotels, Protea Hotels by Marriott, City Express by Marriott, and St.