Municipal Employees Retirement System of Michigan Cuts Stake in Taubman Centers, Inc. (NYSE:TCO)
Municipal Employees Retirement System of Michigan lowered its position in Taubman Centers, Inc. (NYSE:TCO) by 15.8% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 23,430 shares of the real estate investment trust’s stock after selling 4,400 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Taubman Centers were worth $1,395,000 at the end of the most recent reporting period.
Several other hedge funds have also modified their holdings of TCO. Teachers Advisors LLC boosted its stake in shares of Taubman Centers by 9.6% in the fourth quarter. Teachers Advisors LLC now owns 115,448 shares of the real estate investment trust’s stock worth $8,535,000 after buying an additional 10,080 shares during the period. Macquarie Group Ltd. boosted its stake in shares of Taubman Centers by 18.1% in the fourth quarter. Macquarie Group Ltd. now owns 202,659 shares of the real estate investment trust’s stock worth $14,983,000 after buying an additional 31,103 shares during the period. Capstone Asset Management Co. boosted its stake in shares of Taubman Centers by 8.8% in the first quarter. Capstone Asset Management Co. now owns 6,076 shares of the real estate investment trust’s stock worth $401,000 after buying an additional 490 shares during the period. Louisiana State Employees Retirement System boosted its stake in shares of Taubman Centers by 2.7% in the first quarter. Louisiana State Employees Retirement System now owns 15,300 shares of the real estate investment trust’s stock worth $1,010,000 after buying an additional 400 shares during the period. Finally, Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Taubman Centers during the first quarter worth $1,509,000. 99.12% of the stock is currently owned by institutional investors.
Shares of Taubman Centers, Inc. (NYSE:TCO) opened at 56.04 on Monday. The firm has a market cap of $3.40 billion, a PE ratio of 43.31 and a beta of 0.49. The company has a 50 day moving average of $59.37 and a 200-day moving average of $63.94. Taubman Centers, Inc. has a 12-month low of $55.46 and a 12-month high of $80.86.
Taubman Centers (NYSE:TCO) last issued its earnings results on Thursday, July 27th. The real estate investment trust reported $0.86 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.84 by $0.02. Taubman Centers had a net margin of 14.71% and a negative return on equity of 110.46%. The company had revenue of $154.68 million for the quarter, compared to the consensus estimate of $142.16 million. During the same quarter in the previous year, the company earned $1.04 EPS. The firm’s revenue for the quarter was down 2.6% compared to the same quarter last year. Equities research analysts forecast that Taubman Centers, Inc. will post $1.15 EPS for the current fiscal year.
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A number of analysts have weighed in on TCO shares. Zacks Investment Research cut shares of Taubman Centers from a “hold” rating to a “sell” rating in a report on Tuesday, April 11th. Jefferies Group LLC reissued a “hold” rating and set a $70.00 target price on shares of Taubman Centers in a report on Monday, April 17th. ValuEngine raised shares of Taubman Centers from a “hold” rating to a “buy” rating in a report on Tuesday, May 16th. Deutsche Bank AG increased their target price on shares of Taubman Centers from $68.00 to $71.00 and gave the stock a “hold” rating in a report on Monday, May 22nd. Finally, Morgan Stanley reissued an “equal weight” rating and set a $56.00 target price (down from $71.00) on shares of Taubman Centers in a report on Saturday, June 3rd. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the company. Taubman Centers presently has a consensus rating of “Hold” and a consensus price target of $75.00.
Taubman Centers Company Profile
Taubman Centers, Inc is a self-administered and self-managed real estate investment trust (REIT). The Company’s segment is focused on owning, developing and managing regional shopping centers. The Taubman Realty Group Limited Partnership (the Operating Partnership or TRG) is majority-owned partnership subsidiary of the Company that owns direct or indirect interests in all of its real estate properties.
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