Macerich Co (MAC) Expected to Announce Quarterly Sales of $201.93 Million

Wall Street brokerages expect Macerich Co (NYSE:MAC) to announce sales of $201.93 million for the current fiscal quarter, Zacks reports. Two analysts have issued estimates for Macerich’s earnings. The highest sales estimate is $203.70 million and the lowest is $200.16 million. Macerich posted sales of $234.55 million during the same quarter last year, which suggests a negative year over year growth rate of 13.9%. The company is scheduled to issue its next quarterly earnings results on Wednesday, August 7th.

On average, analysts expect that Macerich will report full-year sales of $838.87 million for the current financial year, with estimates ranging from $825.20 million to $854.62 million. For the next fiscal year, analysts forecast that the business will report sales of $872.29 million, with estimates ranging from $839.01 million to $917.26 million. Zacks’ sales averages are an average based on a survey of sell-side research analysts that cover Macerich.

Macerich (NYSE:MAC) last announced its earnings results on Thursday, May 2nd. The real estate investment trust reported $0.05 EPS for the quarter, missing the consensus estimate of $0.81 by ($0.76). Macerich had a net margin of 10.67% and a return on equity of 3.75%. The business had revenue of $216.34 million for the quarter, compared to the consensus estimate of $206.88 million. During the same quarter in the previous year, the company earned $0.82 EPS. The firm’s revenue for the quarter was down 4.4% on a year-over-year basis.

Several equities research analysts recently commented on the company. Mizuho lowered Macerich from a “buy” rating to a “neutral” rating and set a $48.00 target price on the stock. in a research report on Wednesday, January 23rd. ValuEngine lowered Macerich from a “sell” rating to a “strong sell” rating in a research report on Thursday, January 24th. 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. Deutsche Bank dropped their price target on Macerich from $51.00 to $50.00 and set a “hold” rating on the stock in a research note on Tuesday, February 12th. Finally, Royal Bank of Canada reaffirmed a “hold” rating and set a $46.00 price target on shares of Macerich in a research note on Tuesday, February 26th. Three research analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $54.00.

In other news, President Edward C. Coppola purchased 5,000 shares of the company’s stock in a transaction that occurred on Friday, May 10th. The shares were acquired at an average cost of $40.50 per share, with a total value of $202,500.00. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Hern Thomas E. O purchased 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 8th. The shares were purchased at an average cost of $40.99 per share, for a total transaction of $409,900.00. The disclosure for this purchase can be found here. 1.73% of the stock is currently owned by corporate insiders.

Institutional investors have recently modified their holdings of the company. Liberty Wealth Management LLC bought a new position in shares of Macerich in the fourth quarter valued at approximately $39,000. CSat Investment Advisory L.P. lifted its holdings in shares of Macerich by 63.1% in the fourth quarter. CSat Investment Advisory L.P. now owns 1,024 shares of the real estate investment trust’s stock valued at $44,000 after purchasing an additional 396 shares in the last quarter. Fifth Third Bancorp lifted its holdings in shares of Macerich by 40.4% in the first quarter. Fifth Third Bancorp now owns 1,323 shares of the real estate investment trust’s stock valued at $57,000 after purchasing an additional 381 shares in the last quarter. Pearl River Capital LLC bought a new position in shares of Macerich in the first quarter valued at approximately $62,000. Finally, Meeder Asset Management Inc. lifted its holdings in shares of Macerich by 1,480.2% in the fourth quarter. Meeder Asset Management Inc. now owns 1,754 shares of the real estate investment trust’s stock valued at $76,000 after purchasing an additional 1,643 shares in the last quarter. 98.01% of the stock is owned by hedge funds and other institutional investors.

Shares of Macerich stock opened at $41.74 on Friday. Macerich has a one year low of $39.71 and a one year high of $60.95. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.90 and a current ratio of 0.90. The stock has a market cap of $5.93 billion, a P/E ratio of 10.84, a price-to-earnings-growth ratio of 6.51 and a beta of 0.83.

The company also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Wednesday, May 8th will be paid a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 7.19%. The ex-dividend date is Tuesday, May 7th. Macerich’s dividend payout ratio (DPR) is currently 77.92%.

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.

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