Macerich Company (The) (NYSE:MAC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Monday.

According to Zacks, “Shares of Macerich underperformed the Zacks categorized REIT – Equity Trust – Retail industry in the last three months. Notably, increasing consumer purchases through the Internet has emerged as a pressing concern for retail REITs. While Macerich is striving to counter such pressure through various initiatives, this factor poses a challenge to the company’s growth and is likely to restrict any growth in margins in the near term. Also, geographic concentration of assets and hike in interest rate raise its risk. Nevertheless, estimates for funds from operations (FFO) per share have been stable lately ahead of the company’s second-quarter earnings release. The company has mixed record of surprises in recent quarters. The company also enjoys a premium portfolio and presence of well-capitalized tenants in its roster.”

Other equities analysts have also recently issued research reports about the company. BTIG Research restated a “buy” rating and issued a $82.00 price target on shares of Macerich Company (The) in a report on Monday, April 3rd. Barclays PLC reduced their target price on Macerich Company (The) from $66.00 to $63.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 19th. BidaskClub upgraded Macerich Company (The) from a “sell” rating to a “hold” rating in a research note on Thursday, July 6th. Jefferies Group LLC reiterated a “hold” rating and set a $57.00 target price on shares of Macerich Company (The) in a research note on Monday. Finally, Canaccord Genuity reduced their target price on Macerich Company (The) from $77.00 to $71.00 and set a “hold” rating for the company in a research note on Monday, March 27th. Four research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $72.20.

Macerich Company (MAC) traded up 0.75% on Monday, hitting $59.05. 396,926 shares of the stock traded hands. Macerich Company has a 12-month low of $56.06 and a 12-month high of $94.51. The stock has a market cap of $8.37 billion, a price-to-earnings ratio of 51.80 and a beta of 0.77. The firm’s 50-day moving average price is $58.25 and its 200-day moving average price is $64.52.

Macerich Company (The) (NYSE:MAC) last released its quarterly earnings results on Thursday, April 27th. The real estate investment trust reported $0.87 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.84 by $0.03. The firm had revenue of $219.90 million during the quarter, compared to analysts’ expectations of $222.65 million. Macerich Company (The) had a return on equity of 3.72% and a net margin of 16.01%. Macerich Company (The)’s quarterly revenue was down 6.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.87 EPS. On average, equities research analysts anticipate that Macerich Company will post $0.98 EPS for the current fiscal year.

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In other news, CEO Arthur M. Coppola sold 100,000 shares of the firm’s stock in a transaction on Friday, June 30th. The stock was sold at an average price of $58.13, for a total transaction of $5,813,000.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 3.75% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently modified their holdings of MAC. ProShare Advisors LLC raised its position in shares of Macerich Company (The) by 160.7% in the first quarter. ProShare Advisors LLC now owns 109,994 shares of the real estate investment trust’s stock worth $2,747,000 after buying an additional 67,804 shares during the period. Retirement Systems of Alabama raised its position in shares of Macerich Company (The) by 2.1% in the first quarter. Retirement Systems of Alabama now owns 58,433 shares of the real estate investment trust’s stock worth $3,763,000 after buying an additional 1,212 shares during the period. State of Alaska Department of Revenue raised its position in shares of Macerich Company (The) by 48.4% in the first quarter. State of Alaska Department of Revenue now owns 52,492 shares of the real estate investment trust’s stock worth $3,379,000 after buying an additional 17,116 shares during the period. DnB Asset Management AS raised its position in shares of Macerich Company (The) by 9.4% in the first quarter. DnB Asset Management AS now owns 11,695 shares of the real estate investment trust’s stock worth $753,000 after buying an additional 1,000 shares during the period. Finally, Kissinger Financial Services LLC raised its position in shares of Macerich Company (The) by 11.2% in the first quarter. Kissinger Financial Services LLC now owns 12,700 shares of the real estate investment trust’s stock worth $817,000 after buying an additional 1,284 shares during the period. 94.62% of the stock is currently owned by institutional investors.

Macerich Company (The) Company Profile

The Macerich Company is a self-administered and self-managed real estate investment trust (REIT). The Company is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community/power shopping centers located throughout the United States. The Company owns ownership interests in, The Macerich Partnership, L.P.

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Analyst Recommendations for Macerich Company (The) (NYSE:MAC)

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