State of New Jersey Common Pension Fund D Sells 7,173 Shares of Marriott International, Inc. (NASDAQ:MAR)

Key Points

• The State of New Jersey Common Pension Fund D reduced its ownership in Marriott International by 8.3% in the first quarter, selling 7,173 shares and holding a total of 79,184 shares valued at approximately $18.86 million.
• Marriott International announced a share buyback program allowing the repurchase of 25 million shares, a move reflecting the management's belief that the stock is undervalued.
• The company reported $6.74 billion in revenue for the last quarter, exceeding analyst expectations, with a corresponding earnings per share (EPS) of $2.65.

State of New Jersey Common Pension Fund D lowered its holdings in shares of Marriott International, Inc. (NASDAQ:MAR - Free Report) by 8.3% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 79,184 shares of the company's stock after selling 7,173 shares during the period. State of New Jersey Common Pension Fund D's holdings in Marriott International were worth $18,862,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Motley Fool Asset Management LLC lifted its position in Marriott International by 0.3% during the first quarter. Motley Fool Asset Management LLC now owns 12,824 shares of the company's stock worth $3,055,000 after acquiring an additional 39 shares during the last quarter. 4J Wealth Management LLC lifted its position in Marriott International by 3.6% during the first quarter. 4J Wealth Management LLC now owns 1,224 shares of the company's stock worth $292,000 after acquiring an additional 43 shares during the last quarter. Obsidian Personal Planning Solutions LLC lifted its position in Marriott International by 2.2% during the fourth quarter. Obsidian Personal Planning Solutions LLC now owns 2,019 shares of the company's stock worth $587,000 after acquiring an additional 44 shares during the last quarter. Harbour Investments Inc. lifted its position in Marriott International by 6.6% during the first quarter. Harbour Investments Inc. now owns 758 shares of the company's stock worth $180,000 after acquiring an additional 47 shares during the last quarter. Finally, Sound Income Strategies LLC lifted its position in Marriott International by 46.7% during the first quarter. Sound Income Strategies LLC now owns 157 shares of the company's stock worth $37,000 after acquiring an additional 50 shares during the last quarter. Institutional investors own 70.70% of the company's stock.

Marriott International Stock Performance

Shares of MAR opened at $265.20 on Friday. Marriott International, Inc. has a 52 week low of $205.40 and a 52 week high of $307.52. The stock has a market capitalization of $71.99 billion, a price-to-earnings ratio of 29.90, a PEG ratio of 2.54 and a beta of 1.44. The stock has a fifty day moving average of $269.01 and a 200-day moving average of $260.90.

Marriott International (NASDAQ:MAR - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The company reported $2.65 EPS for the quarter, meeting analysts' consensus estimates of $2.65. Marriott International had a negative return on equity of 93.44% and a net margin of 9.60%. The company had revenue of $6.74 billion during the quarter, compared to analysts' expectations of $6.66 billion. During the same period in the prior year, the company earned $2.50 EPS. Marriott International's revenue was up 4.7% compared to the same quarter last year. As a group, equities analysts forecast that Marriott International, Inc. will post 10.1 EPS for the current year.

Marriott International announced that its Board of Directors has authorized a share buyback program on Thursday, August 7th that allows the company to buyback 25,000,000 shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company's management believes its stock is undervalued.

Marriott International Dividend Announcement

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

Insider Buying and Selling at Marriott International

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

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on MAR shares. Morgan Stanley dropped their price target on shares of Marriott International from $275.00 to $267.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. UBS Group dropped their price target on shares of Marriott International from $302.00 to $299.00 and set a "neutral" rating for the company in a research report on Wednesday, May 21st. JPMorgan Chase & Co. started coverage on shares of Marriott International in a research report on Monday, June 23rd. They issued a "neutral" rating and a $284.00 price target for the company. Barclays dropped their price target on shares of Marriott International from $283.00 to $236.00 and set an "equal weight" rating for the company in a research report on Tuesday, April 22nd. Finally, BMO Capital Markets dropped their price target on shares of Marriott International from $285.00 to $280.00 and set a "market perform" rating for the company in a research report on Wednesday, August 6th. Twelve analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, Marriott International has an average rating of "Moderate Buy" and an average price target of $280.89.

Marriott International Company 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.

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