Macerich (NYSE:MAC) PT Set at $33.00 by Barclays
Macerich (NYSE:MAC) received a $33.00 price target from investment analysts at Barclays in a report released on Tuesday, TipRanks reports. The brokerage currently has a “hold” rating on the real estate investment trust’s stock. Barclays‘s price objective indicates a potential downside of 2.63% from the company’s previous close.
Other research analysts also recently issued research reports about the company. BMO Capital Markets reaffirmed a “buy” rating and issued a $44.00 price objective on shares of Macerich in a research note on Monday, August 5th. Citigroup reduced their target price on shares of Macerich from $46.00 to $34.00 and set a “neutral” rating on the stock in a report on Friday, June 28th. SunTrust Banks dropped their price target on shares of Macerich from $43.00 to $30.00 and set a “hold” rating for the company in a research note on Friday, August 23rd. Morgan Stanley lowered their price objective on Macerich from $30.00 to $26.50 and set an “underweight” rating for the company in a research report on Tuesday, September 3rd. Finally, Zacks Investment Research raised Macerich from a “sell” rating to a “hold” rating and set a $30.00 price objective on the stock in a research note on Monday, August 26th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the company. Macerich presently has a consensus rating of “Hold” and a consensus price target of $40.96.
Shares of NYSE MAC traded up $0.23 during mid-day trading on Tuesday, hitting $33.89. 2,752,018 shares of the stock traded hands, compared to its average volume of 1,501,423. The company has a market cap of $4.79 billion, a PE ratio of 8.80, a price-to-earnings-growth ratio of 4.05 and a beta of 0.76. Macerich has a twelve month low of $27.54 and a twelve month high of $57.38. The company has a debt-to-equity ratio of 1.87, a current ratio of 0.93 and a quick ratio of 0.93. The firm has a 50 day simple moving average of $30.37 and a two-hundred day simple moving average of $37.05.
In related news, President Edward C. Coppola purchased 5,000 shares of Macerich stock in a transaction on Tuesday, June 25th. The stock was acquired at an average cost of $32.88 per share, for a total transaction of $164,400.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, President Edward C. Coppola purchased 3,500 shares of Macerich stock in a transaction on Friday, June 28th. The stock was bought at an average price of $33.34 per share, with a total value of $116,690.00. Following the completion of the acquisition, the president now directly owns 279,808 shares of the company’s stock, valued at approximately $9,328,798.72. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 67,924 shares of company stock valued at $2,123,084. 1.73% of the stock is currently owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in the company. Cornerstone Advisors Inc. grew its stake in Macerich by 183.9% in the second quarter. Cornerstone Advisors Inc. now owns 1,093 shares of the real estate investment trust’s stock valued at $37,000 after acquiring an additional 708 shares during the period. Bessemer Group Inc. grew its position in Macerich by 1,253.3% in the 2nd quarter. Bessemer Group Inc. now owns 1,218 shares of the real estate investment trust’s stock valued at $40,000 after purchasing an additional 1,128 shares during the period. CSat Investment Advisory L.P. increased its stake in Macerich by 50.8% during the 1st quarter. CSat Investment Advisory L.P. now owns 1,544 shares of the real estate investment trust’s stock valued at $67,000 after purchasing an additional 520 shares in the last quarter. Marshall Wace North America L.P. bought a new stake in Macerich during the 1st quarter valued at $78,000. Finally, Machina Capital S.A.S. raised its holdings in Macerich by 195.7% during the second quarter. Machina Capital S.A.S. now owns 3,463 shares of the real estate investment trust’s stock worth $116,000 after buying an additional 2,292 shares during the last quarter. 97.65% of the stock is currently owned by institutional investors.
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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