Macerich (MAC) Upgraded at ValuEngine

Macerich (NYSE:MAC) was upgraded by analysts at ValuEngine from a “strong sell” rating to a “sell” rating in a research report issued to clients and investors on Wednesday.

Several other research analysts have also recently weighed in on MAC. Bank of America boosted their target price on Macerich from $60.00 to $62.00 and gave the stock a “neutral” rating in a report on Monday, August 13th. SunTrust Banks restated a “hold” rating and set a $60.00 target price on shares of Macerich in a report on Thursday, August 16th. Zacks Investment Research cut Macerich from a “hold” rating to a “sell” rating in a report on Tuesday, August 21st. Evercore ISI upgraded Macerich from an “in-line” rating to an “outperform” rating in a report on Monday, September 17th. Finally, BMO Capital Markets reiterated a “buy” rating and issued a $64.00 price objective on shares of Macerich in a report on Tuesday, September 25th. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $63.78.

Shares of Macerich stock opened at $49.57 on Wednesday. The company has a market cap of $7.09 billion, a PE ratio of 12.61, a P/E/G ratio of 2.16 and a beta of 0.83. Macerich has a 1-year low of $48.16 and a 1-year high of $69.73. The company has a debt-to-equity ratio of 1.48, a quick ratio of 0.96 and a current ratio of 0.96.

Macerich (NYSE:MAC) last issued its earnings results on Wednesday, October 31st. The real estate investment trust reported $0.52 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.20 by $0.32. The business had revenue of $242.20 million for the quarter, compared to analysts’ expectations of $220.02 million. Macerich had a return on equity of 3.29% and a net margin of 8.35%. The business’s revenue for the quarter was down .1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.12 EPS. As a group, analysts expect that Macerich will post 3.86 earnings per share for the current fiscal year.

In related news, insider Dana K. Anderson sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 6th. The stock was sold at an average price of $51.65, for a total value of $516,500.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 3.76% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Commonwealth Bank of Australia lifted its stake in Macerich by 737.2% during the second quarter. Commonwealth Bank of Australia now owns 1,800 shares of the real estate investment trust’s stock worth $100,000 after purchasing an additional 1,585 shares in the last quarter. Envestnet Asset Management Inc. lifted its stake in Macerich by 9,246.4% during the second quarter. Envestnet Asset Management Inc. now owns 2,617 shares of the real estate investment trust’s stock worth $149,000 after purchasing an additional 2,589 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Macerich during the second quarter worth $207,000. Engineers Gate Manager LP acquired a new position in Macerich during the third quarter worth $205,000. Finally, Mackenzie Financial Corp acquired a new position in Macerich during the third quarter worth $208,000. Hedge funds and other institutional investors own 96.68% of the company’s stock.

Macerich Company Profile

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 52 million square feet of real estate consisting primarily of interests in 48 regional shopping centers.

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To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Macerich (NYSE:MAC)

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