Macerich Co (NYSE:MAC) – Equities researchers at Boenning Scattergood reduced their Q3 2018 EPS estimates for Macerich in a research report issued on Tuesday, according to Zacks Investment Research. Boenning Scattergood analyst F. Van. Dijkum now expects that the real estate investment trust will post earnings of $1.01 per share for the quarter, down from their prior forecast of $1.02. Boenning Scattergood currently has a “Buy” rating and a $75.00 price target on the stock. Boenning Scattergood also issued estimates for Macerich’s Q4 2018 earnings at $1.13 EPS.
Several other research analysts have also commented on the company. Wells Fargo & Co upgraded Macerich from a “market perform” rating to an “outperform” rating and set a $72.50 price target for the company in a research report on Tuesday, December 19th. Evercore ISI lowered Macerich from an “in-line” rating to an “underperform” rating and set a $62.00 price target for the company. in a research report on Monday, December 11th. Mizuho restated a “hold” rating and set a $60.00 price target on shares of Macerich in a research report on Friday, November 10th. BMO Capital Markets set a $55.00 price target on Macerich and gave the stock a “hold” rating in a research report on Monday, October 30th. Finally, Royal Bank of Canada restated a “buy” rating and set a $66.00 price target on shares of Macerich in a research report on Thursday, November 2nd. Three investment analysts have rated the stock with a sell rating, twelve have given a hold rating and five have given a buy rating to the stock. Macerich presently has an average rating of “Hold” and an average target price of $66.85.
Macerich (MAC) traded up $1.46 on Thursday, hitting $63.02. The stock had a trading volume of 1,293,400 shares, compared to its average volume of 1,640,227. Macerich has a 1-year low of $52.12 and a 1-year high of $70.96. The stock has a market capitalization of $8,665.98, a price-to-earnings ratio of 60.02, a P/E/G ratio of 2.87 and a beta of 0.88. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.85 and a current ratio of 0.85.
Macerich (NYSE:MAC) last issued its quarterly earnings data on Monday, October 30th. The real estate investment trust reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.98 by ($0.86). The business had revenue of $242.50 million during the quarter, compared to analysts’ expectations of $226.00 million. Macerich had a return on equity of 3.56% and a net margin of 14.92%. The company’s revenue was down 4.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.04 earnings per share.
A number of large investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp boosted its holdings in Macerich by 5.2% in the third quarter. Bank of New York Mellon Corp now owns 2,899,041 shares of the real estate investment trust’s stock valued at $159,359,000 after purchasing an additional 143,975 shares during the period. Dimensional Fund Advisors LP raised its stake in Macerich by 2.5% in the third quarter. Dimensional Fund Advisors LP now owns 2,047,155 shares of the real estate investment trust’s stock valued at $112,533,000 after buying an additional 49,918 shares in the last quarter. Third Point LLC acquired a new stake in Macerich in the third quarter valued at $94,878,000. Canada Pension Plan Investment Board raised its stake in Macerich by 39.4% in the third quarter. Canada Pension Plan Investment Board now owns 1,252,483 shares of the real estate investment trust’s stock valued at $68,849,000 after buying an additional 353,900 shares in the last quarter. Finally, Legal & General Group Plc raised its stake in Macerich by 6.3% in the third quarter. Legal & General Group Plc now owns 1,224,305 shares of the real estate investment trust’s stock valued at $67,301,000 after buying an additional 72,046 shares in the last quarter. Hedge funds and other institutional investors own 97.57% of the company’s stock.
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Macerich Company Profile
The Macerich Company is a self-administered and self-managed real estate investment trust (REIT). The Company is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community/power shopping centers located throughout the United States. The Company owns ownership interests in, The Macerich Partnership, L.P.
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