Macerich (NYSE:MAC) was downgraded by equities research analysts at BMO Capital Markets from a “market perform” rating to an “underperform” rating in a report released on Tuesday, January 7th, Marketbeat Ratings reports. They presently have a $24.00 target price on the real estate investment trust’s stock. BMO Capital Markets’ price objective points to a potential upside of 4.48% from the company’s previous close.
Several other equities analysts also recently weighed in on MAC. Citigroup reduced their price target on Macerich from $34.00 to $33.00 and set a “neutral” rating for the company in a report on Friday, September 27th. JPMorgan Chase & Co. upgraded Macerich from an “underweight” rating to a “neutral” rating and reduced their price objective for the stock from $40.00 to $34.00 in a report on Wednesday, December 18th. TheStreet upgraded Macerich from a “d+” rating to a “c” rating in a report on Monday, December 9th. SunTrust Banks reduced their price objective on Macerich from $30.00 to $27.00 and set a “hold” rating for the company in a report on Thursday, December 12th. Finally, KeyCorp downgraded Macerich from a “sector weight” rating to an “underweight” rating and set a $21.50 price objective for the company. in a report on Tuesday, December 17th. Five investment analysts have rated the stock with a sell rating and ten have issued a hold rating to the stock. Macerich currently has a consensus rating of “Hold” and an average target price of $31.50.
Macerich stock traded down $0.75 on Tuesday, hitting $22.97. 2,254,535 shares of the stock traded hands, compared to its average volume of 1,898,477. Macerich has a 1 year low of $22.73 and a 1 year high of $46.72. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.77. The business’s fifty day simple moving average is $25.79 and its 200 day simple moving average is $28.61. The firm has a market cap of $3.36 billion, a P/E ratio of 40.30, a price-to-earnings-growth ratio of 4.86 and a beta of 0.71.
Macerich (NYSE:MAC) last issued its quarterly earnings results on Thursday, October 31st. The real estate investment trust reported $0.06 earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.02). Macerich had a net margin of 8.76% and a return on equity of 2.69%. The company had revenue of $214.30 million for the quarter, compared to the consensus estimate of $216.69 million. During the same quarter in the previous year, the business earned $0.52 earnings per share. Macerich’s revenue was down 4.5% compared to the same quarter last year. As a group, analysts predict that Macerich will post 3.54 earnings per share for the current year.
In other Macerich news, Director Steve Hash purchased 10,000 shares of the stock in a transaction that occurred on Wednesday, November 20th. The shares were bought at an average cost of $26.44 per share, with a total value of $264,400.00. Following the acquisition, the director now owns 26,884 shares in the company, valued at $710,812.96. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Christopher J. Zecchini sold 1,500 shares of the company’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $27.70, for a total value of $41,550.00. Following the completion of the sale, the chief accounting officer now owns 5,672 shares of the company’s stock, valued at $157,114.40. The disclosure for this sale can be found here. Company insiders own 1.73% of the company’s stock.
Large investors have recently made changes to their positions in the stock. IFP Advisors Inc increased its position in Macerich by 591.0% during the 4th quarter. IFP Advisors Inc now owns 1,223 shares of the real estate investment trust’s stock valued at $31,000 after buying an additional 1,046 shares in the last quarter. Parallel Advisors LLC increased its holdings in shares of Macerich by 4,159.4% in the third quarter. Parallel Advisors LLC now owns 1,363 shares of the real estate investment trust’s stock valued at $43,000 after purchasing an additional 1,331 shares during the period. Cornerstone Advisors Inc. increased its holdings in shares of Macerich by 91.9% in the third quarter. Cornerstone Advisors Inc. now owns 2,098 shares of the real estate investment trust’s stock valued at $66,000 after purchasing an additional 1,005 shares during the period. Meeder Asset Management Inc. increased its holdings in shares of Macerich by 49.2% in the third quarter. Meeder Asset Management Inc. now owns 2,552 shares of the real estate investment trust’s stock valued at $80,000 after purchasing an additional 841 shares during the period. Finally, CSat Investment Advisory L.P. increased its holdings in shares of Macerich by 69.1% in the second quarter. CSat Investment Advisory L.P. now owns 2,611 shares of the real estate investment trust’s stock valued at $88,000 after purchasing an additional 1,067 shares during the period.
About Macerich
Macerich, an S&P 500 company, is a fully integrated, self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States. Macerich currently owns 51 million square feet of real estate consisting primarily of interests in 47 regional shopping centers.
