Taubman Centers, Inc. (NYSE:TCO) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Wednesday.

According to Zacks, “Taubman Centers’ performance in the near term is anticipated to be adversely affected by the choppy retail real estate environment. Notably, with a rapid shift in customers’ shopping preferences and growing online purchases, mall traffic continues to suffer. These have made retailers reconsider their footprint and eventually opt for store closures. In addition, retailers that are not being able to cope with competition are filing bankruptcies. Also, hike in interest rates and unfavorable foreign currency movements increase its risks. Amid these, year to date, Taubman’s shares have underperformed the industry it belongs to. Nevertheless, the company’s focus on implementing cost-saving initiatives might support funds from operations (FFO), going forward.”

TCO has been the topic of several other reports. BidaskClub upgraded Taubman Centers from a “hold” rating to a “buy” rating in a research note on Friday, June 30th. Deutsche Bank AG increased their price target on Taubman Centers from $68.00 to $71.00 and gave the stock a “hold” rating in a research report on Monday, May 22nd. Morgan Stanley restated an “equal weight” rating and set a $56.00 price target (down from $71.00) on shares of Taubman Centers in a research report on Saturday, June 3rd. Boenning Scattergood restated a “hold” rating on shares of Taubman Centers in a research report on Monday, July 31st. Finally, ValuEngine upgraded Taubman Centers from a “hold” rating to a “buy” rating in a research report on Tuesday, May 16th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $75.00.

Shares of Taubman Centers (NYSE:TCO) traded down 0.25% during midday trading on Wednesday, hitting $56.91. The company had a trading volume of 34,098 shares. Taubman Centers has a one year low of $56.14 and a one year high of $80.86. The firm has a market cap of $3.46 billion, a price-to-earnings ratio of 43.98 and a beta of 0.49. The company’s 50 day moving average is $59.37 and its 200 day moving average is $63.94.

Taubman Centers (NYSE:TCO) last released its quarterly earnings data on Thursday, July 27th. The real estate investment trust reported $0.86 earnings per share for the quarter, beating the consensus estimate of $0.84 by $0.02. Taubman Centers had a negative return on equity of 110.46% and a net margin of 14.71%. The company had revenue of $154.68 million for the quarter, compared to analyst estimates of $142.16 million. During the same period in the prior year, the company posted $1.04 EPS. The company’s revenue was down 2.6% compared to the same quarter last year. Equities analysts forecast that Taubman Centers will post $1.15 earnings per share for the current fiscal year.

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A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its position in Taubman Centers by 0.6% in the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 9,334 shares of the real estate investment trust’s stock valued at $616,000 after buying an additional 53 shares in the last quarter. World Asset Management Inc increased its position in Taubman Centers by 1.4% in the second quarter. World Asset Management Inc now owns 4,917 shares of the real estate investment trust’s stock valued at $293,000 after buying an additional 69 shares in the last quarter. State of Wisconsin Investment Board increased its position in Taubman Centers by 0.7% in the second quarter. State of Wisconsin Investment Board now owns 11,748 shares of the real estate investment trust’s stock valued at $700,000 after buying an additional 80 shares in the last quarter. Utah Retirement Systems increased its position in Taubman Centers by 0.7% in the second quarter. Utah Retirement Systems now owns 15,104 shares of the real estate investment trust’s stock valued at $900,000 after buying an additional 101 shares in the last quarter. Finally, Stifel Financial Corp increased its position in Taubman Centers by 1.7% in the first quarter. Stifel Financial Corp now owns 7,174 shares of the real estate investment trust’s stock valued at $473,000 after buying an additional 120 shares in the last quarter. 98.73% of the stock is currently owned by hedge funds and other institutional investors.

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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Analyst Recommendations for Taubman Centers (NYSE:TCO)

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