Macerich (NYSE:MAC) was upgraded by research analysts at Wells Fargo & Company from a “market perform” rating to an “outperform” rating in a research report issued to clients and investors on Tuesday, MarketBeat.com reports. The brokerage presently has a $72.50 price objective on the real estate investment trust’s stock. Wells Fargo & Company’s price target points to a potential upside of 10.08% from the company’s current price.
Several other research analysts have also weighed in on MAC. KeyCorp reissued a “buy” rating and set a $75.00 price objective on shares of Macerich in a report on Thursday, September 28th. Jefferies Group reissued a “hold” rating and set a $57.00 price objective on shares of Macerich in a report on Tuesday, September 26th. Boenning Scattergood raised shares of Macerich from a “neutral” rating to an “outperform” rating in a report on Wednesday, August 23rd. J P Morgan Chase & Co raised shares of Macerich from a “neutral” rating to an “overweight” rating and set a $68.00 price objective for the company in a report on Tuesday, September 26th. Finally, Evercore ISI lowered shares of Macerich from an “in-line” rating to an “underperform” rating and set a $62.00 price objective for the company. in a report on Monday, December 11th. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating and six have given a buy rating to the stock. Macerich currently has a consensus rating of “Hold” and an average price target of $66.85.
Macerich (NYSE:MAC) traded up $0.18 on Tuesday, reaching $65.86. 1,152,269 shares of the company were exchanged, compared to its average volume of 1,493,041. The firm has a market cap of $9,217.81, a price-to-earnings ratio of 16.45, a price-to-earnings-growth ratio of 3.07 and a beta of 0.88. Macerich has a 1-year low of $52.12 and a 1-year high of $73.34. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.85 and a current ratio of 0.85.
A number of large investors have recently modified their holdings of MAC. Third Point LLC bought a new stake in Macerich in the 3rd quarter valued at about $94,878,000. Balyasny Asset Management LLC bought a new stake in Macerich in the 2nd quarter valued at about $22,446,000. Canada Pension Plan Investment Board lifted its position in Macerich by 39.4% in the 3rd quarter. Canada Pension Plan Investment Board now owns 1,252,483 shares of the real estate investment trust’s stock valued at $68,849,000 after purchasing an additional 353,900 shares during the last quarter. Third Avenue Management LLC lifted its position in Macerich by 69.3% in the 3rd quarter. Third Avenue Management LLC now owns 847,701 shares of the real estate investment trust’s stock valued at $46,599,000 after purchasing an additional 346,900 shares during the last quarter. Finally, Koch Industries Inc. bought a new stake in Macerich in the 2nd quarter valued at about $289,000. Hedge funds and other institutional investors own 97.58% of the company’s stock.
About Macerich
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.
