Macerich (NYSE:MAC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Tuesday, March 20th.
According to Zacks, “Shares of Macerich have underperformed the industry over the past three months. In addition, the stock has seen the Zacks Consensus Estimate for 2018 funds from operations (FFO) per share being revised downward in a month’s time. The company's fourth-quarter 2017 results reflect a year-over-year decline in revenues. Notably, shrinking footfall amid shift of consumers toward online channels, store closures and bankruptcy of retailers are expected to adversely affect the company’s performance in the near term. However, Macerich’s increasing adoption of the omni-channel model in retailing is anticipated to enhance the shopping experience and bolster sales volume at tenant stores. Additionally, the company enjoys a premium portfolio and presence of well-capitalized tenants in its roster.”
Several other analysts have also recently commented on MAC. Evercore ISI cut Macerich from an “in-line” rating to an “underperform” rating and set a $62.00 target price on the stock. in a report on Monday, December 11th. Wells Fargo upgraded Macerich from a “market perform” rating to an “outperform” rating and set a $72.50 price target on the stock in a report on Tuesday, December 19th. Royal Bank of Canada cut Macerich from an “outperform” rating to a “sector perform” rating and set a $66.00 price target on the stock. in a report on Wednesday, January 3rd. Sandler O’Neill restated a “hold” rating and set a $71.00 price target on shares of Macerich in a report on Tuesday, January 23rd. Finally, Barclays cut their target price on Macerich from $62.00 to $60.00 and set an “equal weight” rating on the stock in a report on Tuesday, January 30th. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating and four have given a buy rating to the company. Macerich presently has an average rating of “Hold” and a consensus target price of $64.83.
MAC stock traded down $0.48 during midday trading on Tuesday, reaching $57.60. The company had a trading volume of 1,096,456 shares, compared to its average volume of 1,693,502. The company has a market cap of $8,141.25, a PE ratio of 14.68, a price-to-earnings-growth ratio of 2.17 and a beta of 0.87. Macerich has a 1-year low of $52.12 and a 1-year high of $69.73. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 1.30.
Macerich (NYSE:MAC) last released its quarterly earnings data on Monday, February 5th. The real estate investment trust reported $1.03 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.14 by ($0.11). Macerich had a net margin of 14.71% and a return on equity of 3.91%. The firm had revenue of $245.30 million during the quarter, compared to analyst estimates of $237.90 million. During the same period in the prior year, the company earned $1.17 EPS. The business’s quarterly revenue was down 6.2% compared to the same quarter last year. analysts anticipate that Macerich will post 3.96 EPS for the current fiscal year.
Institutional investors have recently made changes to their positions in the company. Cbre Clarion Securities LLC grew its stake in shares of Macerich by 1,523.7% during the 4th quarter. Cbre Clarion Securities LLC now owns 3,205,186 shares of the real estate investment trust’s stock worth $210,517,000 after acquiring an additional 3,007,786 shares during the period. Third Point LLC bought a new position in shares of Macerich during the 3rd quarter worth $94,878,000. APG Asset Management US Inc. bought a new position in shares of Macerich during the 4th quarter worth $47,842,000. Governors Lane LP bought a new position in shares of Macerich during the 4th quarter worth $45,713,000. Finally, Land & Buildings Investment Management LLC bought a new position in shares of Macerich during the 4th quarter worth $29,808,000. 97.14% of the stock is owned by hedge funds and other institutional investors.
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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 53 million square feet of real estate consisting primarily of interests in 48 regional shopping centers.
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