Macerich (NYSE:MAC) Trading Up 9.1%

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Macerich Co (NYSE:MAC)’s share price was up 9.1% during trading on Monday . The stock traded as high as $8.82 and last traded at $8.78, approximately 5,449,057 shares were traded during trading. A decline of 20% from the average daily volume of 6,831,886 shares. The stock had previously closed at $8.05.

Several equities analysts recently commented on MAC shares. ValuEngine upgraded Macerich from a “strong sell” rating to a “sell” rating in a research report on Wednesday, April 1st. SunTrust Banks reduced their target price on Macerich from $24.00 to $9.00 and set a “hold” rating for the company in a research report on Friday, April 24th. Citigroup cut their price objective on Macerich from $23.00 to $5.00 and set a “neutral” rating for the company in a report on Tuesday, April 7th. Wells Fargo & Co cut their price objective on Macerich from $26.00 to $7.00 and set an “equal weight” rating for the company in a report on Thursday, May 7th. Finally, Compass Point began coverage on Macerich in a report on Thursday, June 4th. They issued a “neutral” rating and a $9.00 price objective for the company. Seven investment analysts have rated the stock with a sell rating and ten have assigned a hold rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $17.56.

The company has a debt-to-equity ratio of 2.19, a quick ratio of 3.05 and a current ratio of 3.05. The business has a 50 day moving average price of $8.26 and a two-hundred day moving average price of $15.31. The company has a market cap of $1.24 billion, a P/E ratio of 13.19 and a beta of 1.78.

Macerich (NYSE:MAC) last released its earnings results on Tuesday, May 12th. The real estate investment trust reported $0.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.02 by $0.03. Macerich had a return on equity of 3.38% and a net margin of 10.40%. The company had revenue of $227.00 million during the quarter, compared to analyst estimates of $214.96 million. During the same quarter in the previous year, the company posted $0.05 EPS. Macerich’s revenue for the quarter was up 4.9% on a year-over-year basis. As a group, research analysts expect that Macerich Co will post 2.9 EPS for the current year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State Street Corp raised its position in Macerich by 2.9% during the 1st quarter. State Street Corp now owns 6,375,712 shares of the real estate investment trust’s stock valued at $35,895,000 after purchasing an additional 177,437 shares during the last quarter. Smead Capital Management Inc. raised its position in Macerich by 78.8% during the 1st quarter. Smead Capital Management Inc. now owns 4,151,063 shares of the real estate investment trust’s stock valued at $23,370,000 after purchasing an additional 1,829,823 shares during the last quarter. Bank of New York Mellon Corp raised its position in Macerich by 1.5% during the 1st quarter. Bank of New York Mellon Corp now owns 2,139,472 shares of the real estate investment trust’s stock valued at $12,046,000 after purchasing an additional 31,793 shares during the last quarter. Geode Capital Management LLC raised its position in Macerich by 7.2% during the 1st quarter. Geode Capital Management LLC now owns 1,889,446 shares of the real estate investment trust’s stock valued at $10,637,000 after purchasing an additional 126,463 shares during the last quarter. Finally, Norges Bank bought a new position in Macerich during the 4th quarter valued at approximately $40,883,000. 89.37% of the stock is owned by institutional investors.

Macerich Company Profile (NYSE:MAC)

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.

See Also: Liquidity

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