The Macerich Co. (MAC) Sets New 52-Week High at $86.97
The Macerich Co. (NYSE:MAC) shares hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $86.97 and last traded at $86.89, with a volume of 377,892 shares trading hands. The stock had previously closed at $85.25.
MAC has been the topic of a number of research analyst reports. Mizuho initiated coverage on The Macerich in a report on Wednesday, April 13th. They issued a “neutral” rating and a $88.00 price target on the stock. Evercore ISI boosted their price target on The Macerich to $81.00 in a report on Monday, March 21st. Zacks Investment Research raised The Macerich from a “hold” rating to a “buy” rating and set a $87.00 price target on the stock in a report on Thursday, April 21st. Bank of America Corp. cut The Macerich from a “buy” rating to a “neutral” rating in a report on Monday, March 28th. Finally, Royal Bank Of Canada raised The Macerich from a “sector perform” rating to an “outperform” rating and boosted their price target for the stock from $82.00 to $87.00 in a report on Friday, May 6th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and one has given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $85.21.
The firm’s 50 day moving average is $79.12 and its 200-day moving average is $78.57. The company has a market cap of $12.83 billion and a P/E ratio of 15.31.
The Macerich (NYSE:MAC) last posted its earnings results on Tuesday, May 3rd. The real estate investment trust reported $0.87 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.86 by $0.01. The firm earned $256 million during the quarter, compared to analyst estimates of $288.89 million. During the same quarter last year, the business posted $0.79 earnings per share. The company’s revenue for the quarter was down 19.6% on a year-over-year basis. Equities research analysts forecast that The Macerich Co. will post $4.10 earnings per share for the current fiscal year.
In other news, COO Robert D. Perlmutter sold 1,500 shares of the stock in a transaction on Friday, July 1st. The shares were sold at an average price of $85.49, for a total transaction of $128,235.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Hern Thomas E. O sold 5,000 shares of the stock in a transaction on Monday, May 16th. The stock was sold at an average price of $74.71, for a total transaction of $373,550.00. Following the sale, the chief financial officer now directly owns 56,377 shares of the company’s stock, valued at approximately $4,211,925.67. The disclosure for this sale can be found here.
Other large investors recently modified their holdings of the company. Nationwide Fund Advisors increased its stake in shares of The Macerich by 8.7% in the fourth quarter. Nationwide Fund Advisors now owns 166,844 shares of the real estate investment trust’s stock valued at $13,463,000 after buying an additional 13,286 shares in the last quarter. Korea Investment CORP increased its stake in shares of The Macerich by 19.8% in the fourth quarter. Korea Investment CORP now owns 64,800 shares of the real estate investment trust’s stock valued at $5,228,000 after buying an additional 10,700 shares in the last quarter. World Asset Management Inc increased its stake in shares of The Macerich by 10.7% in the fourth quarter. World Asset Management Inc now owns 18,176 shares of the real estate investment trust’s stock valued at $1,466,000 after buying an additional 1,751 shares in the last quarter. Swiss National Bank increased its stake in shares of The Macerich by 18.9% in the fourth quarter. Swiss National Bank now owns 285,541 shares of the real estate investment trust’s stock valued at $23,040,000 after buying an additional 45,400 shares in the last quarter. Finally, First Trust Advisors LP increased its stake in shares of The Macerich by 50.3% in the fourth quarter. First Trust Advisors LP now owns 261,949 shares of the real estate investment trust’s stock valued at $21,137,000 after buying an additional 87,630 shares in the last quarter.
The Macerich 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. It owns 56 million square feet of real estate consisting primarily of interests in 51 regional shopping centers.
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