Macerich (MAC) Hits New 12-Month Low at $40.52

Macerich Co (NYSE:MAC)’s share price reached a new 52-week low during trading on Tuesday . The stock traded as low as $40.52 and last traded at $40.66, with a volume of 72776 shares. The stock had previously closed at $43.00.

Several equities analysts recently commented on MAC shares. JPMorgan Chase & Co. cut Macerich from a “neutral” rating to an “underweight” rating in a research report on Wednesday, December 19th. Royal Bank of Canada restated a “hold” rating and set a $46.00 target price on shares of Macerich in a research report on Tuesday, February 26th. Jefferies Financial Group restated a “hold” rating and set a $46.00 target price on shares of Macerich in a research report on Wednesday, February 13th. BMO Capital Markets restated a “buy” rating and set a $56.00 target price on shares of Macerich in a research report on Thursday, February 7th. Finally, Deutsche Bank reduced their target price on Macerich from $51.00 to $50.00 and set a “hold” rating for the company in a research report on Tuesday, February 12th. Three equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $55.62.

The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.68. The firm has a market capitalization of $5.79 billion, a PE ratio of 10.66, a PEG ratio of 6.86 and a beta of 0.88.

Macerich (NYSE:MAC) last posted its quarterly earnings data on Thursday, February 7th. The real estate investment trust reported $1.09 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.09. Macerich had a return on equity of 2.41% and a net margin of 6.25%. The firm had revenue of $246.90 million during the quarter, compared to analysts’ expectations of $228.64 million. During the same period in the prior year, the business earned $1.03 EPS. The company’s revenue for the quarter was up .7% compared to the same quarter last year. As a group, analysts expect that Macerich Co will post 3.56 EPS for the current year.

In other news, SVP Kenneth Volk sold 5,000 shares of the company’s stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $42.19, for a total value of $210,950.00. Following the completion of the transaction, the senior vice president now directly owns 12,399 shares in the company, valued at approximately $523,113.81. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 3.76% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MAC. Cohen & Steers Inc. lifted its stake in shares of Macerich by 1,008.6% in the 4th quarter. Cohen & Steers Inc. now owns 2,907,664 shares of the real estate investment trust’s stock valued at $125,844,000 after acquiring an additional 2,645,377 shares during the last quarter. Daiwa Securities Group Inc. lifted its stake in shares of Macerich by 9,289.0% in the 4th quarter. Daiwa Securities Group Inc. now owns 1,893,198 shares of the real estate investment trust’s stock valued at $81,938,000 after acquiring an additional 1,873,034 shares during the last quarter. Norges Bank bought a new stake in shares of Macerich in the 4th quarter valued at about $63,471,000. Morgan Stanley lifted its stake in shares of Macerich by 31.6% in the 3rd quarter. Morgan Stanley now owns 5,757,801 shares of the real estate investment trust’s stock valued at $318,350,000 after acquiring an additional 1,383,314 shares during the last quarter. Finally, Lasalle Investment Management Securities LLC bought a new stake in shares of Macerich in the 4th quarter valued at about $48,232,000. 97.52% of the stock is owned by institutional investors.

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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.

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