Macerich (NYSE:MAC) Hits New 52-Week Low at $31.86

Macerich Co (NYSE:MAC) hit a new 52-week low during trading on Friday . The company traded as low as $31.86 and last traded at $31.95, with a volume of 716349 shares trading hands. The stock had previously closed at $32.95.

Several research firms have recently issued reports on MAC. Barclays set a €81.00 ($94.19) price target on Fresenius Medical Care AG & Co. KGaA and gave the stock a “buy” rating in a research report on Thursday. Citigroup reiterated a “buy” rating on shares of Healthequity in a research note on Friday, June 28th. Finally, Morgan Stanley reiterated an “overweight” rating on shares of in a research note on Thursday, June 20th. Three analysts have rated the stock with a sell rating, eleven have given a hold rating and three have assigned a buy rating to the company. Macerich has an average rating of “Hold” and a consensus target price of $59.33.

The firm’s 50 day moving average price is $34.32. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.66. The firm has a market cap of $4.63 billion, a P/E ratio of 8.28, a price-to-earnings-growth ratio of 4.83 and a beta of 0.73.

Macerich (NYSE:MAC) last issued its earnings results on Thursday, May 2nd. The real estate investment trust reported $0.05 EPS for the quarter, missing the Zacks’ consensus estimate of $0.81 by ($0.76). Macerich had a net margin of 10.67% and a return on equity of 3.75%. The company had revenue of $216.34 million during the quarter, compared to analyst estimates of $206.88 million. During the same quarter in the previous year, the firm earned $0.82 earnings per share. The business’s revenue was down 4.4% on a year-over-year basis. On average, sell-side analysts anticipate that Macerich Co will post 3.56 EPS for the current year.

In other news, CEO Hern Thomas E. O acquired 10,000 shares of the stock in a transaction on Wednesday, May 8th. The shares were purchased at an average cost of $40.99 per share, for a total transaction of $409,900.00. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, President Edward C. Coppola purchased 5,000 shares of the stock in a transaction dated Tuesday, June 25th. The shares were bought at an average price of $32.88 per share, for a total transaction of $164,400.00. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 79,000 shares of company stock worth $2,845,735. 1.73% of the stock is owned by corporate insiders.

Several institutional investors have recently bought and sold shares of MAC. Cornerstone Advisors Inc. lifted its position in shares of Macerich by 183.9% during the second quarter. Cornerstone Advisors Inc. now owns 1,093 shares of the real estate investment trust’s stock worth $37,000 after purchasing an additional 708 shares in the last quarter. Liberty Wealth Management LLC acquired a new position in Macerich in the fourth quarter valued at approximately $39,000. CSat Investment Advisory L.P. raised its holdings in Macerich by 63.1% in the fourth quarter. CSat Investment Advisory L.P. now owns 1,024 shares of the real estate investment trust’s stock worth $44,000 after purchasing an additional 396 shares during the period. Pearl River Capital LLC acquired a new stake in Macerich in the first quarter worth $62,000. Finally, Marshall Wace North America L.P. bought a new stake in shares of Macerich during the first quarter worth $78,000. Institutional investors and hedge funds own 97.60% of the company’s stock.

Macerich Company Profile (NYSE:MAC)

Macerich, an S&P 500 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. Macerich currently owns 51 million square feet of real estate consisting primarily of interests in 47 regional shopping centers.

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