Taubman Centers, Inc. (TCO) Stock Rating Lowered by Zacks Investment Research
Taubman Centers, Inc. (NYSE:TCO) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Monday.
According to Zacks, “Shares of Taubman Centers have underperformed its industry, year to date. Also, the stock has seen the Zacks Consensus Estimate for third-quarter 2017 funds from operations (FFO) per share being revised downward in two months’ 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 subject of several other research reports. J P Morgan Chase & Co downgraded shares of Taubman Centers from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $64.00 to $57.00 in a report on Tuesday, September 26th. BMO Capital Markets initiated coverage on shares of Taubman Centers in a report on Monday, September 11th. They set an “underperform” rating for the company. Morgan Stanley downgraded shares of Taubman Centers from an “equal weight” rating to an “underweight” rating in a report on Monday, September 18th. Jefferies Group LLC reissued a “neutral” rating on shares of Taubman Centers in a report on Friday, October 13th. Finally, BidaskClub raised shares of Taubman Centers from a “hold” rating to a “buy” rating in a report on Wednesday, July 19th. Three analysts have rated the stock with a sell rating, nine have given a hold rating and three have assigned a buy rating to the company. The company has an average rating of “Hold” and an average target price of $67.14.
Taubman Centers (NYSE:TCO) traded up 0.2665% during midday trading on Monday, reaching $48.0878. The company’s stock had a trading volume of 311,126 shares. The firm has a market cap of $2.92 billion, a P/E ratio of 37.1621 and a beta of 0.51. Taubman Centers has a one year low of $47.01 and a one year high of $76.79. The firm has a 50 day moving average price of $50.40 and a 200 day moving average price of $56.81.
Taubman Centers (NYSE:TCO) last released its quarterly earnings data on Thursday, July 27th. The real estate investment trust reported $0.86 EPS for the quarter, beating the consensus estimate of $0.84 by $0.02. Taubman Centers had a net margin of 14.71% and a negative return on equity of 110.46%. The business had revenue of $154.68 million during the quarter, compared to the consensus estimate of $142.16 million. During the same quarter in the prior year, the firm earned $1.04 EPS. The business’s revenue was down 2.6% on a year-over-year basis. Equities research analysts forecast that Taubman Centers will post $1.07 EPS for the current fiscal year.
In other Taubman Centers news, Director Myron E. Ullman III purchased 12,325 shares of the stock in a transaction that occurred on Wednesday, August 9th. The stock was purchased at an average price of $56.90 per share, with a total value of $701,292.50. Following the acquisition, the director now owns 16,646 shares in the company, valued at $947,157.40. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 31.20% of the stock is currently owned by company insiders.
Large investors have recently made changes to their positions in the stock. Creative Planning lifted its holdings in shares of Taubman Centers by 8.0% in the 2nd quarter. Creative Planning now owns 2,790 shares of the real estate investment trust’s stock valued at $166,000 after acquiring an additional 206 shares during the last quarter. Virtu KCG Holdings LLC purchased a new stake in Taubman Centers in the 2nd quarter worth about $227,000. Riverhead Capital Management LLC raised its position in Taubman Centers by 83.2% in the 2nd quarter. Riverhead Capital Management LLC now owns 4,397 shares of the real estate investment trust’s stock worth $262,000 after purchasing an additional 1,997 shares during the period. Shelton Capital Management purchased a new stake in Taubman Centers in the 2nd quarter worth about $269,000. Finally, LS Investment Advisors LLC raised its position in Taubman Centers by 16.8% in the 2nd quarter. LS Investment Advisors LLC now owns 4,805 shares of the real estate investment trust’s stock worth $286,000 after purchasing 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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