Owl Creek Asset Management Exits Position in Equity Commonwealth (EQC)

Equity Commonwealth (EQC) : Owl Creek Asset Management has sold out all of its stake in Equity Commonwealth during the most recent quarter, according to the disclosure filed by the company on Aug 15, 2016 with the SEC. The investment management company has sold out 858,995 shares of Equity Commonwealth which is valued at $25,580,871.

Other Hedge Funds, Including , Connor Clark Lunn Investment Management Ltd. added EQC to its portfolio by purchasing 9,000 company shares during the most recent quarter which is valued at $268,020.Janus Capital Management boosted its stake in EQC in the latest quarter, The investment management firm added 7,200 additional shares and now holds a total of 111,900 shares of Equity Commonwealth which is valued at $3,332,382. Vantage Investment Advisors added EQC to its portfolio by purchasing 100 company shares during the most recent quarter which is valued at $2,978.Rafferty Asset Management reduced its stake in EQC by selling 3,962 shares or 23.15% in the most recent quarter. The Hedge Fund company now holds 13,149 shares of EQC which is valued at $390,394. Equity Commonwealth makes up approx 0.02% of Rafferty Asset Management’s portfolio.Neuberger Berman Group reduced its stake in EQC by selling 16,044 shares or 3.68% in the most recent quarter. The Hedge Fund company now holds 419,587 shares of EQC which is valued at $12,423,971. Equity Commonwealth makes up approx 0.02% of Neuberger Berman Group’s portfolio.

Equity Commonwealth closed down -0.06 points or -0.19% at $31.71 with 2,916,996 shares getting traded on Wednesday. Post opening the session at $31.75, the shares hit an intraday low of $31.52 and an intraday high of $31.905 and the price fluctuated in this range throughout the day.Shares ended Wednesday session in Red.

On the company’s financial health, Equity Commonwealth reported $0.42 EPS for the quarter, beating the analyst consensus estimate by $ 0.12 according to the earnings call on Jul 28, 2016. Analyst had a consensus of $0.30. The company had revenue of $145.37 million for the quarter, compared to analysts expectations of $136.57 million. The company’s revenue was down -28.6 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.52 EPS.

Many Wall Street Analysts have commented on Equity Commonwealth. Equity Commonwealth was Upgraded by BofA/Merrill to ” Buy” on Aug 15, 2016.

Equity Commonwealth (EQC) is an internally managed and self-advised real estate investment trust (REIT). The Company is engaged in the ownership and operation primarily of office buildings in central business district (CBD) and suburban locations throughout the United States. The Company’s two reportable segments include CBD properties and suburban properties. Its portfolio consists of 156 properties (262 buildings) with a combined 42.9 million square feet. The Company’s portfolio comprises 40 properties (53 buildings) with a combined 21.9 million square feet located in CBD locations and 116 properties (209 buildings) with a combined 21.0 million square feet located in suburban locations. Eleven of its properties (11 buildings) with a combined 1.8 million square feet are located in Australia. The Company’s properties are leased to approximately 1800 tenants. Its principal source of funds for its operations is rents from tenants at its properties.

Leave a Reply

Equity Commonwealth - Is it time to Sell?

Top Brokerage Firms are advising their investors on Equity Commonwealth. Subscribe to MoneyFlowIndex.Org Pre-Market Alerts, You will be the first to know the street buzz.