Entropy Technologies LP Increases Position in CubeSmart $CUBE

Entropy Technologies LP boosted its holdings in CubeSmart (NYSE:CUBE) by 66.1% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 32,801 shares of the real estate investment trust’s stock after purchasing an additional 13,052 shares during the period. Entropy Technologies LP’s holdings in CubeSmart were worth $1,394,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. T. Rowe Price Investment Management Inc. boosted its stake in shares of CubeSmart by 28.8% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 8,664,210 shares of the real estate investment trust’s stock valued at $370,049,000 after buying an additional 1,937,055 shares during the last quarter. Millennium Management LLC raised its holdings in CubeSmart by 129.6% in the first quarter. Millennium Management LLC now owns 2,261,419 shares of the real estate investment trust’s stock valued at $96,585,000 after acquiring an additional 1,276,340 shares in the last quarter. Nuveen LLC bought a new position in CubeSmart during the 1st quarter valued at $53,980,000. JPMorgan Chase & Co. grew its holdings in CubeSmart by 29.3% during the 1st quarter. JPMorgan Chase & Co. now owns 5,561,206 shares of the real estate investment trust’s stock worth $237,519,000 after acquiring an additional 1,261,746 shares in the last quarter. Finally, Long Pond Capital LP acquired a new position in CubeSmart during the 1st quarter worth $47,358,000. 97.61% of the stock is currently owned by hedge funds and other institutional investors.

CubeSmart Stock Up 1.7%

Shares of CubeSmart stock opened at $36.24 on Friday. The stock has a market capitalization of $8.26 billion, a price-to-earnings ratio of 22.10, a PEG ratio of 8.91 and a beta of 0.99. CubeSmart has a twelve month low of $34.24 and a twelve month high of $50.69. The company has a current ratio of 0.06, a quick ratio of 0.06 and a debt-to-equity ratio of 1.18. The business’s 50 day simple moving average is $39.47 and its 200-day simple moving average is $40.87.

CubeSmart (NYSE:CUBE) last issued its quarterly earnings data on Friday, October 31st. The real estate investment trust reported $0.65 EPS for the quarter, hitting analysts’ consensus estimates of $0.65. CubeSmart had a return on equity of 13.12% and a net margin of 35.44%.The firm had revenue of $285.08 million during the quarter, compared to the consensus estimate of $282.57 million. During the same period in the prior year, the business earned $0.67 EPS. The firm’s revenue was up 5.2% on a year-over-year basis. Equities research analysts forecast that CubeSmart will post 2.64 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Wall Street Zen cut shares of CubeSmart from a “hold” rating to a “sell” rating in a research report on Monday, November 17th. Weiss Ratings restated a “hold (c)” rating on shares of CubeSmart in a research note on Wednesday, October 8th. KeyCorp reiterated a “sector weight” rating on shares of CubeSmart in a research report on Monday, November 10th. Royal Bank Of Canada lowered their price target on CubeSmart from $47.00 to $46.00 and set an “outperform” rating for the company in a report on Monday, November 3rd. Finally, Citigroup reduced their price objective on CubeSmart from $45.00 to $43.00 and set a “neutral” rating on the stock in a research note on Monday, August 25th. Seven research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $45.94.

About CubeSmart

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, in most locations, climate-controlled storage space for residential and commercial customers. According to the 2023 Self-Storage Almanac, CubeSmart is one of the top three owners and operators of self-storage properties in the United States.