Drive Shack (NYSE:DS) issued its quarterly earnings results on Thursday. The real estate investment trust reported ($0.17) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.09) by ($0.08), Morningstar.com reports. The business had revenue of $87.42 million for the quarter, compared to analysts’ expectations of $88.23 million. Drive Shack had a negative return on equity of 1.16% and a negative net margin of 14.73%.
Shares of DS stock traded down $0.30 during trading hours on Friday, reaching $5.84. 350,593 shares of the stock were exchanged, compared to its average volume of 365,555. The company has a debt-to-equity ratio of 1.85, a quick ratio of 3.13 and a current ratio of 3.13. Drive Shack has a 12-month low of $4.04 and a 12-month high of $8.06. The firm has a market capitalization of $383.03 million, a price-to-earnings ratio of 27.81 and a beta of 1.28.
Several hedge funds have recently added to or reduced their stakes in DS. BlackRock Inc. increased its stake in shares of Drive Shack by 1.7% during the first quarter. BlackRock Inc. now owns 2,966,872 shares of the real estate investment trust’s stock worth $14,181,000 after buying an additional 49,352 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Drive Shack by 189.0% during the first quarter. JPMorgan Chase & Co. now owns 323,680 shares of the real estate investment trust’s stock worth $1,547,000 after buying an additional 211,690 shares during the period. California Public Employees Retirement System increased its stake in shares of Drive Shack by 14.0% during the first quarter. California Public Employees Retirement System now owns 117,112 shares of the real estate investment trust’s stock worth $560,000 after buying an additional 14,413 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Drive Shack by 11.7% during the first quarter. Dimensional Fund Advisors LP now owns 1,996,028 shares of the real estate investment trust’s stock worth $9,541,000 after buying an additional 208,751 shares during the period. Finally, Essex Investment Management Co. LLC purchased a new stake in shares of Drive Shack during the second quarter worth approximately $382,000. Hedge funds and other institutional investors own 56.27% of the company’s stock.
A number of brokerages have issued reports on DS. Zacks Investment Research upgraded shares of Drive Shack from a “strong sell” rating to a “hold” rating in a research note on Tuesday. ValuEngine lowered shares of Drive Shack from a “strong-buy” rating to a “buy” rating in a research note on Thursday, October 11th.
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Drive Shack Company Profile
Drive Shack Inc owns and operates golf-related leisure and entertainment businesses. Its Traditional Golf Properties segment owns and operates golf properties in the United States. As of March 31, 2018, it owned, leased, or managed 74 properties in 12 states. The company's Entertainment Golf Venues segment operates an entertainment golf venue in Orlando, Florida.
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