Taubman Centers, Inc. (TCO) Rating Lowered to Sell at Zacks Investment Research
Taubman Centers, Inc. (NYSE:TCO) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday.
According to Zacks, “Shares of Taubman Centers have underperformed its industry, year to date. The Zacks Consensus Estimate for third-quarter and current-year funds from operations (FFO) per share remained unchanged in a month’s time. Notably, with a rapid shift in customers’ shopping preferences and growing online purchases, mall traffic continues to suffer. These have made retailers reconsider their footprint and eventually opt for store closures. In addition, retailers that are not being able to cope with competition are filing bankruptcies. Also, hike in interest rates and unfavorable foreign currency movements increase its risks. Nevertheless, the company’s focus on implementing cost-saving initiatives might support FFO, going forward.”
TCO has been the topic of several other research reports. BidaskClub raised shares of Taubman Centers from a “hold” rating to a “buy” rating in a research note on Friday, June 30th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $57.00 target price on shares of Taubman Centers in a research note on Tuesday, September 26th. Boenning Scattergood reaffirmed a “hold” rating on shares of Taubman Centers in a research note on Monday, July 31st. J P Morgan Chase & Co lowered shares of Taubman Centers from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $64.00 to $57.00 in a research note on Tuesday, September 26th. Finally, BMO Capital Markets started coverage on shares of Taubman Centers in a research report on Monday, September 11th. They issued an “underperform” rating on the stock. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and three have given a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $67.14.
Taubman Centers (TCO) traded down 1.51% during mid-day trading on Tuesday, hitting $48.93. 175,880 shares of the company were exchanged. Taubman Centers has a 12-month low of $48.77 and a 12-month high of $76.79. The stock has a market cap of $2.97 billion, a P/E ratio of 37.81 and a beta of 0.51. The company has a 50 day moving average of $50.79 and a 200 day moving average of $57.18.
Taubman Centers (NYSE:TCO) last issued its earnings results on Thursday, July 27th. The real estate investment trust reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.84 by $0.02. The company had revenue of $154.68 million for the quarter, compared to analyst estimates of $142.16 million. Taubman Centers had a net margin of 14.71% and a negative return on equity of 110.46%. The company’s revenue for the quarter was down 2.6% on a year-over-year basis. During the same quarter last year, the firm earned $1.04 EPS. On average, equities research analysts expect that Taubman Centers will post $1.08 earnings per share for the current fiscal year.
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In other news, Director Myron E. Ullman III purchased 12,325 shares of the business’s stock in a transaction that occurred on Wednesday, August 9th. The shares were acquired at an average cost of $56.90 per share, for a total transaction of $701,292.50. Following the transaction, the director now directly owns 16,646 shares of the company’s stock, valued at approximately $947,157.40. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 31.20% of the company’s stock.
Hedge funds have recently made changes to their positions in the business. Creative Planning raised its holdings in Taubman Centers by 8.0% during the 2nd quarter. Creative Planning now owns 2,790 shares of the real estate investment trust’s stock worth $166,000 after buying an additional 206 shares during the period. Virtu KCG Holdings LLC acquired a new stake in Taubman Centers during the 2nd quarter worth approximately $227,000. Riverhead Capital Management LLC raised its holdings in Taubman Centers by 83.2% during the 2nd quarter. Riverhead Capital Management LLC now owns 4,397 shares of the real estate investment trust’s stock worth $262,000 after buying an additional 1,997 shares during the period. Shelton Capital Management acquired a new stake in Taubman Centers during the 2nd quarter worth approximately $269,000. Finally, LS Investment Advisors LLC raised its holdings in Taubman Centers by 16.8% during the 2nd quarter. LS Investment Advisors LLC now owns 4,805 shares of the real estate investment trust’s stock worth $286,000 after buying an additional 692 shares during the period.
About Taubman Centers
Taubman Centers, Inc is a self-administered and self-managed real estate investment trust (REIT). The Company’s segment is focused on owning, developing and managing regional shopping centers. The Taubman Realty Group Limited Partnership (the Operating Partnership or TRG) is majority-owned partnership subsidiary of the Company that owns direct or indirect interests in all of its real estate properties.
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