$153.92 Million in Sales Expected for Mack-Cali Realty Corporation (CLI) This Quarter
Wall Street analysts forecast that Mack-Cali Realty Corporation (NYSE:CLI) will post sales of $153.92 million for the current fiscal quarter, according to Zacks. Three analysts have issued estimates for Mack-Cali Realty Corporation’s earnings. The highest sales estimate is $155.34 million and the lowest is $152.67 million. Mack-Cali Realty Corporation posted sales of $157.52 million in the same quarter last year, which suggests a negative year over year growth rate of 2.3%. The company is scheduled to issue its next quarterly earnings results on Tuesday, October 24th.
On average, analysts expect that Mack-Cali Realty Corporation will report full-year sales of $153.92 million for the current year, with estimates ranging from $576.48 million to $614.90 million. For the next year, analysts expect that the company will post sales of $583.65 million per share, with estimates ranging from $574.77 million to $593.74 million. Zacks’ sales averages are an average based on a survey of analysts that follow Mack-Cali Realty Corporation.
Mack-Cali Realty Corporation (NYSE:CLI) last announced its quarterly earnings results on Wednesday, August 2nd. The real estate investment trust reported $0.60 EPS for the quarter, missing analysts’ consensus estimates of $0.61 by ($0.01). The business had revenue of $162.77 million for the quarter, compared to the consensus estimate of $150.94 million. Mack-Cali Realty Corporation had a negative return on equity of 1.21% and a negative net margin of 3.31%. During the same quarter in the prior year, the business earned $0.55 EPS.
CLI has been the subject of a number of recent analyst reports. ValuEngine downgraded shares of Mack-Cali Realty Corporation from a “buy” rating to a “hold” rating in a report on Friday, September 1st. SunTrust Banks, Inc. raised shares of Mack-Cali Realty Corporation from a “hold” rating to a “buy” rating and set a $30.00 price target for the company in a report on Tuesday, September 5th. They noted that the move was a valuation call. Barclays PLC cut their price target on shares of Mack-Cali Realty Corporation from $29.00 to $28.00 and set an “underweight” rating for the company in a report on Tuesday, July 18th. BidaskClub raised shares of Mack-Cali Realty Corporation from a “sell” rating to a “hold” rating in a report on Saturday, June 17th. Finally, Zacks Investment Research downgraded shares of Mack-Cali Realty Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, September 12th. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $28.43.
A number of hedge funds have recently added to or reduced their stakes in the stock. Pensionfund Sabic acquired a new position in Mack-Cali Realty Corporation during the 3rd quarter worth approximately $498,000. Pensionfund DSM Netherlands acquired a new position in Mack-Cali Realty Corporation in the 3rd quarter valued at approximately $1,233,000. Dynamic Technology Lab Private Ltd acquired a new position in Mack-Cali Realty Corporation in the 2nd quarter valued at approximately $623,000. Public Employees Retirement System of Ohio increased its position in Mack-Cali Realty Corporation by 9.8% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 118,487 shares of the real estate investment trust’s stock valued at $3,216,000 after acquiring an additional 10,577 shares during the period. Finally, The Manufacturers Life Insurance Company increased its position in Mack-Cali Realty Corporation by 1.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 198,724 shares of the real estate investment trust’s stock valued at $5,394,000 after acquiring an additional 3,156 shares during the period. Institutional investors and hedge funds own 99.23% of the company’s stock.
Shares of Mack-Cali Realty Corporation (NYSE:CLI) traded up 1.14% on Friday, reaching $23.88. 99,302 shares of the company’s stock were exchanged. The company’s market cap is $2.14 billion. Mack-Cali Realty Corporation has a 12 month low of $22.70 and a 12 month high of $29.70. The firm’s 50-day moving average price is $23.46 and its 200 day moving average price is $25.90.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 13th. Investors of record on Tuesday, October 3rd will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 3.39%. The ex-dividend date is Monday, October 2nd. Mack-Cali Realty Corporation’s dividend payout ratio is -307.69%.
About Mack-Cali Realty Corporation
Mack-Cali Realty Corporation is a self-administered and self-managed real estate investment trust (REIT). The Company owns and operates a real estate portfolio of Class A office and office/flex properties. It operates in three segments: commercial and other real estate, multi-family real estate and multi-family services.
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