Taubman Centers, Inc. (NYSE:TCO) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Monday.
According to Zacks, “Shares of Taubman Centers have underperformed its industry, year to date. Also, the stock has seen the Zacks Consensus Estimate for third-quarter 2017 funds from operations (FFO) per share being revised downward in two months’ time. Notably, with a rapid shift in customers’ shopping preferences and growing online purchases, mall traffic continues to suffer. These have made retailers reconsider their footprint and eventually opt for store closures. In addition, retailers that are not being able to cope with competition are filing bankruptcies. Also, hike in interest rates and unfavorable foreign currency movements increase its risks. Nevertheless, the company’s focus on implementing cost-saving initiatives might support FFO, going forward.”
Several other equities research analysts also recently commented on TCO. J P Morgan Chase & Co downgraded shares of Taubman Centers from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $64.00 to $57.00 in a research note on Tuesday, September 26th. Jefferies Group LLC restated a “hold” rating and issued a $57.00 target price on shares of Taubman Centers in a research note on Tuesday, September 26th. Boenning Scattergood restated a “hold” rating on shares of Taubman Centers in a research note on Monday, July 31st. BidaskClub downgraded shares of Taubman Centers from a “buy” rating to a “hold” rating in a research note on Saturday, August 5th. Finally, BMO Capital Markets started coverage on Taubman Centers in a report on Monday, September 11th. They issued an “underperform” rating for the company. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and three have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $67.14.
Taubman Centers (NYSE TCO) traded up 0.19% during mid-day trading on Monday, hitting $48.05. 303,389 shares of the company were exchanged. The stock’s 50 day moving average is $50.40 and its 200-day moving average is $56.81. The company has a market cap of $2.92 billion, a price-to-earnings ratio of 37.13 and a beta of 0.51. Taubman Centers has a 12-month low of $47.01 and a 12-month high of $76.79.
Taubman Centers (NYSE:TCO) last issued its earnings results on Thursday, July 27th. The real estate investment trust reported $0.86 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.84 by $0.02. Taubman Centers had a net margin of 14.71% and a negative return on equity of 110.46%. The company had revenue of $154.68 million for the quarter, compared to the consensus estimate of $142.16 million. During the same quarter in the previous year, the company earned $1.04 EPS. The firm’s revenue for the quarter was down 2.6% compared to the same quarter last year. Equities research analysts predict that Taubman Centers will post $1.07 EPS for the current year.
In other news, Director Myron E. Ullman III acquired 12,325 shares of the company’s stock in a transaction on Wednesday, August 9th. The stock was purchased at an average cost of $56.90 per share, with a total value of $701,292.50. Following the acquisition, the director now owns 16,646 shares of the company’s stock, valued at approximately $947,157.40. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 31.20% of the company’s stock.
Several institutional investors have recently bought and sold shares of TCO. Creative Planning grew its position in shares of Taubman Centers by 8.0% during the 2nd quarter. Creative Planning now owns 2,790 shares of the real estate investment trust’s stock worth $166,000 after buying an additional 206 shares during the period. Virtu KCG Holdings LLC acquired a new position in shares of Taubman Centers during the 2nd quarter worth about $227,000. Riverhead Capital Management LLC grew its position in shares of Taubman Centers by 83.2% during the 2nd quarter. Riverhead Capital Management LLC now owns 4,397 shares of the real estate investment trust’s stock worth $262,000 after buying an additional 1,997 shares during the period. Shelton Capital Management acquired a new position in shares of Taubman Centers during the 2nd quarter worth about $269,000. Finally, LS Investment Advisors LLC grew its position in shares of Taubman Centers by 16.8% during the 2nd quarter. LS Investment Advisors LLC now owns 4,805 shares of the real estate investment trust’s stock worth $286,000 after buying an additional 692 shares during the period.
About Taubman Centers
Taubman Centers, Inc is a self-administered and self-managed real estate investment trust (REIT). The Company’s segment is focused on owning, developing and managing regional shopping centers. The Taubman Realty Group Limited Partnership (the Operating Partnership or TRG) is majority-owned partnership subsidiary of the Company that owns direct or indirect interests in all of its real estate properties.
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