Macerich (NYSE:MAC) Price Target Cut to $18.00

Macerich (NYSE:MAC) had its price objective dropped by Compass Point from $20.00 to $18.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the real estate investment trust’s stock. Compass Point’s target price would suggest a potential upside of 30.43% from the stock’s previous close.

Other research analysts have also recently issued research reports about the stock. The Goldman Sachs Group upped their target price on shares of Macerich from $9.00 to $13.00 and gave the company a “sell” rating in a report on Thursday, January 11th. Mizuho lowered their target price on shares of Macerich from $17.00 to $14.00 and set an “underperform” rating for the company in a report on Wednesday. StockNews.com cut shares of Macerich from a “hold” rating to a “sell” rating in a report on Tuesday. Citigroup upgraded shares of Macerich from a “sell” rating to a “neutral” rating and increased their price target for the stock from $8.00 to $17.00 in a research note on Friday, March 22nd. Finally, Truist Financial reiterated a “hold” rating and set a $16.00 price target on shares of Macerich in a research note on Monday, March 25th. Four analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, Macerich currently has an average rating of “Hold” and an average price target of $14.83.

Macerich Trading Up 2.5 %

NYSE MAC opened at $13.80 on Wednesday. The company has a quick ratio of 0.95, a current ratio of 1.03 and a debt-to-equity ratio of 1.85. Macerich has a 52 week low of $9.05 and a 52 week high of $17.69. The stock has a market capitalization of $2.98 billion, a PE ratio of -8.83, a price-to-earnings-growth ratio of 1.55 and a beta of 2.38. The firm has a 50 day moving average of $16.16 and a two-hundred day moving average of $14.63.

Macerich (NYSE:MAC) last posted its quarterly earnings results on Wednesday, February 7th. The real estate investment trust reported $0.29 EPS for the quarter, missing the consensus estimate of $0.55 by ($0.26). Macerich had a negative return on equity of 13.42% and a negative net margin of 38.96%. The firm had revenue of $238.70 million for the quarter, compared to analyst estimates of $224.49 million. During the same quarter last year, the firm earned $0.53 EPS. The company’s revenue was up 4.6% on a year-over-year basis. As a group, research analysts expect that Macerich will post 1.8 EPS for the current fiscal year.

Insiders Place Their Bets

In other Macerich news, Director Hern Thomas E. O sold 7,964 shares of the company’s stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $16.39, for a total transaction of $130,529.96. Following the completion of the transaction, the director now owns 197,900 shares in the company, valued at approximately $3,243,581. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, President Edward C. Coppola sold 50,000 shares of the stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $17.20, for a total value of $860,000.00. Following the completion of the transaction, the president now owns 655,667 shares in the company, valued at approximately $11,277,472.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Hern Thomas E. O sold 7,964 shares of the stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $16.39, for a total transaction of $130,529.96. Following the completion of the transaction, the director now owns 197,900 shares of the company’s stock, valued at approximately $3,243,581. The disclosure for this sale can be found here. In the last quarter, insiders sold 172,964 shares of company stock worth $2,940,030. 0.53% of the stock is owned by insiders.

Hedge Funds Weigh In On Macerich

A number of large investors have recently made changes to their positions in MAC. Signaturefd LLC increased its holdings in shares of Macerich by 152.4% in the 4th quarter. Signaturefd LLC now owns 2,166 shares of the real estate investment trust’s stock valued at $33,000 after purchasing an additional 1,308 shares in the last quarter. Harvest Fund Management Co. Ltd purchased a new position in shares of Macerich in the 3rd quarter valued at about $36,000. Anchor Investment Management LLC purchased a new position in shares of Macerich in the 4th quarter valued at about $40,000. Quest Partners LLC acquired a new stake in Macerich in the 4th quarter valued at about $41,000. Finally, Fidelis Capital Partners LLC acquired a new stake in Macerich in the 1st quarter valued at about $46,000. Hedge funds and other institutional investors own 87.38% of the company’s stock.

Macerich Company Profile

Macerich is a fully integrated, self-managed and self-administered real estate investment trust (REIT). As a leading owner, operator and developer of high-quality retail real estate in densely populated and attractive U.S. markets, Macerich's portfolio is concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, DC corridor.