Voloridge Investment Management LLC purchased a new position in CubeSmart (NYSE:CUBE) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 80,563 shares of the real estate investment trust’s stock, valued at approximately $2,812,000.
A number of other hedge funds have also bought and sold shares of CUBE. Public Employees Retirement System of Ohio raised its position in shares of CubeSmart by 1.5% during the third quarter. Public Employees Retirement System of Ohio now owns 270,198 shares of the real estate investment trust’s stock valued at $9,430,000 after buying an additional 4,037 shares during the last quarter. Point72 Asset Management L.P. grew its stake in CubeSmart by 316.3% during the third quarter. Point72 Asset Management L.P. now owns 12,904 shares of the real estate investment trust’s stock valued at $450,000 after acquiring an additional 9,804 shares in the last quarter. Penserra Capital Management LLC increased its holdings in CubeSmart by 37.4% in the 3rd quarter. Penserra Capital Management LLC now owns 5,049 shares of the real estate investment trust’s stock valued at $175,000 after acquiring an additional 1,375 shares during the last quarter. Parametric Portfolio Associates LLC increased its holdings in CubeSmart by 7.7% in the 3rd quarter. Parametric Portfolio Associates LLC now owns 274,974 shares of the real estate investment trust’s stock valued at $9,597,000 after acquiring an additional 19,594 shares during the last quarter. Finally, California State Teachers Retirement System lifted its stake in CubeSmart by 2.4% in the 3rd quarter. California State Teachers Retirement System now owns 306,153 shares of the real estate investment trust’s stock worth $10,685,000 after purchasing an additional 7,136 shares in the last quarter. Institutional investors and hedge funds own 98.01% of the company’s stock.
CubeSmart stock opened at $30.22 on Tuesday. CubeSmart has a 52-week low of $27.97 and a 52-week high of $36.32. The company has a quick ratio of 0.09, a current ratio of 0.09 and a debt-to-equity ratio of 1.00. The firm’s fifty day moving average is $32.01 and its 200 day moving average is $33.90. The company has a market cap of $5.97 billion, a price-to-earnings ratio of 18.43, a PEG ratio of 5.44 and a beta of 0.09.
CubeSmart (NYSE:CUBE) last issued its quarterly earnings data on Thursday, October 24th. The real estate investment trust reported $0.22 EPS for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.21). CubeSmart had a return on equity of 9.98% and a net margin of 28.58%. The business had revenue of $166.55 million during the quarter, compared to analysts’ expectations of $164.01 million. During the same period in the previous year, the business earned $0.43 earnings per share. The business’s quarterly revenue was up 8.6% on a year-over-year basis. On average, equities research analysts anticipate that CubeSmart will post 1.68 earnings per share for the current fiscal year.
In related news, CEO Christopher P. Marr sold 79,888 shares of CubeSmart stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $36.15, for a total value of $2,887,951.20. Following the completion of the transaction, the chief executive officer now owns 403,687 shares in the company, valued at $14,593,285.05. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.04% of the stock is currently owned by company insiders.
Several research firms have commented on CUBE. Zacks Investment Research downgraded shares of CubeSmart from a “buy” rating to a “hold” rating in a report on Tuesday, October 22nd. Cfra cut CubeSmart from a “hold” rating to a “sell” rating in a report on Monday, October 28th. Stifel Nicolaus began coverage on CubeSmart in a research report on Monday, August 19th. They issued a “hold” rating and a $35.00 target price on the stock. Raymond James upgraded CubeSmart from an “outperform” rating to a “strong-buy” rating and boosted their target price for the stock from $38.00 to $38.50 in a research report on Monday, October 21st. Finally, Robert W. Baird set a $35.00 price target on CubeSmart and gave the company a “hold” rating in a research note on Wednesday, August 21st. One analyst has rated the stock with a sell rating, six have given a hold rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $35.50.
CubeSmart Company Profile
CubeSmart is a self-administered and self-managed real estate investment trust. The Company's self-storage properties are designed to offer affordable, easily accessible and secure storage space for residential and commercial customers. According to the 2019 Self-Storage Almanac, CubeSmart is one of the top three owners and operators of self-storage properties in the United States.
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