Zacks Investment Research upgraded shares of IRSA Propiedades Comerciales (NASDAQ:IRCP) from a sell rating to a hold rating in a report published on Saturday morning, Zacks.com reports.

According to Zacks, “IRSA Propiedades Comerciales S.A. is a real estate company which focused on the acquisition, development, administration and operation of shopping centres and office buildings. IRSA Propiedades Comerciales SA, formerly known as Alto Palermo SA, is based in Argentina. “

NASDAQ IRCP opened at $20.00 on Friday. The business has a 50-day moving average of $18.33. The company has a current ratio of 4.36, a quick ratio of 4.35 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $606.77 million, a PE ratio of 0.96 and a beta of 0.47. IRSA Propiedades Comerciales has a 12 month low of $16.82 and a 12 month high of $37.00.

IRSA Propiedades Comerciales (NASDAQ:IRCP) last posted its quarterly earnings results on Thursday, May 9th. The financial services provider reported ($0.32) EPS for the quarter. The company had revenue of $51.49 million during the quarter. IRSA Propiedades Comerciales had a return on equity of 15.59% and a net margin of 121.57%. Research analysts forecast that IRSA Propiedades Comerciales will post -2.14 earnings per share for the current year.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Newfoundland Capital Management grew its holdings in shares of IRSA Propiedades Comerciales by 4.8% in the fourth quarter. Newfoundland Capital Management now owns 205,395 shares of the financial services provider’s stock worth $3,703,000 after purchasing an additional 9,428 shares during the last quarter. 683 Capital Management LLC grew its holdings in shares of IRSA Propiedades Comerciales by 76.8% in the fourth quarter. 683 Capital Management LLC now owns 72,050 shares of the financial services provider’s stock worth $1,299,000 after purchasing an additional 31,303 shares during the last quarter. Macquarie Group Ltd. bought a new position in IRSA Propiedades Comerciales during the 4th quarter worth about $1,010,000. VR Advisory Services Ltd bought a new position in IRSA Propiedades Comerciales during the 4th quarter worth about $932,000. Finally, City of London Investment Management Co. Ltd. bought a new position in IRSA Propiedades Comerciales during the 4th quarter worth about $480,000. Hedge funds and other institutional investors own 5.73% of the company’s stock.

About IRSA Propiedades Comerciales

IRSA Propiedades Comerciales SA operates as an investment arm of IRSA Inversiones y Representaciones SA Alto Palermo SA engages in the ownership, acquisition, development, leasing, management, and operation of shopping centers, as well as residential and commercial complexes in Argentina. As of June 30, 2007, it owned and operated ten shopping centers covering a total of 264,995 square meters in Argentina, including six in the Buenos Aires metropolitan area and four in the provinces of Cordoba, Mendoza, Salta, and Santa Fe; and a condominium called Torres de Abasto located in front of the Abasto Shopping Center in Buenos Aires.

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