Analysts expect Macerich Co (NYSE:MAC) to announce $217.03 million in sales for the current fiscal quarter, Zacks Investment Research reports. Four analysts have issued estimates for Macerich’s earnings, with the highest sales estimate coming in at $229.30 million and the lowest estimate coming in at $209.41 million. Macerich reported sales of $217.63 million during the same quarter last year, which would suggest a negative year-over-year growth rate of 0.3%. The firm is expected to report its next quarterly earnings report on Wednesday, October 30th.
According to Zacks, analysts expect that Macerich will report full-year sales of $876.34 million for the current financial year, with estimates ranging from $843.00 million to $932.40 million. For the next financial year, analysts expect that the firm will report sales of $900.63 million, with estimates ranging from $828.60 million to $988.00 million. Zacks’ sales averages are a mean average based on a survey of research analysts that cover Macerich.
Macerich (NYSE:MAC) last posted its earnings results on Thursday, August 1st. The real estate investment trust reported $0.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.02. The firm had revenue of $227.97 million during the quarter, compared to analyst estimates of $213.18 million. Macerich had a net margin of 11.59% and a return on equity of 3.49%. Macerich’s revenue was down 2.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.96 EPS.
A number of brokerages have recently weighed in on MAC. Barclays set a $33.00 price target on shares of Macerich and gave the stock a “hold” rating in a research note on Tuesday. SunTrust Banks cut their price target on shares of Macerich from $43.00 to $30.00 and set a “hold” rating on the stock in a report on Friday, August 23rd. Morgan Stanley dropped their price objective on shares of Macerich from $30.00 to $26.50 and set an “underweight” rating on the stock in a research note on Tuesday, September 3rd. Zacks Investment Research upgraded shares of Macerich from a “sell” rating to a “hold” rating and set a $30.00 price objective on the stock in a research note on Monday, August 26th. Finally, Citigroup dropped their price objective on shares of Macerich from $46.00 to $34.00 and set a “neutral” rating on the stock in a research note on Friday, June 28th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $40.96.
In other Macerich news, CEO Hern Thomas E. O bought 5,000 shares of the firm’s stock in a transaction on Wednesday, August 21st. The stock was bought at an average cost of $28.02 per share, with a total value of $140,100.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Kenneth Volk bought 3,000 shares of the firm’s stock in a transaction on Friday, August 9th. The stock was acquired at an average cost of $30.43 per share, with a total value of $91,290.00. The disclosure for this purchase can be found here. Insiders acquired 67,924 shares of company stock valued at $2,123,084 over the last three months. Insiders own 1.73% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Cornerstone Advisors Inc. boosted its holdings in Macerich by 183.9% in the 2nd quarter. Cornerstone Advisors Inc. now owns 1,093 shares of the real estate investment trust’s stock valued at $37,000 after purchasing an additional 708 shares during the period. Bessemer Group Inc. boosted its holdings in Macerich by 1,253.3% in the 2nd quarter. Bessemer Group Inc. now owns 1,218 shares of the real estate investment trust’s stock valued at $40,000 after purchasing an additional 1,128 shares during the period. CSat Investment Advisory L.P. boosted its holdings in Macerich by 50.8% in the 1st quarter. CSat Investment Advisory L.P. now owns 1,544 shares of the real estate investment trust’s stock valued at $67,000 after purchasing an additional 520 shares during the period. Marshall Wace North America L.P. bought a new stake in Macerich in the 1st quarter valued at $78,000. Finally, Machina Capital S.A.S. boosted its holdings in Macerich by 195.7% in the 2nd quarter. Machina Capital S.A.S. now owns 3,463 shares of the real estate investment trust’s stock valued at $116,000 after purchasing an additional 2,292 shares during the period. 97.65% of the stock is owned by institutional investors and hedge funds.
Shares of NYSE:MAC opened at $33.42 on Tuesday. The company has a 50 day moving average of $30.37 and a 200-day moving average of $37.05. The firm has a market cap of $4.75 billion, a P/E ratio of 8.68, a P/E/G ratio of 4.29 and a beta of 0.76. Macerich has a twelve month low of $27.54 and a twelve month high of $57.38. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.87.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Monday, August 19th were given a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 8.98%. The ex-dividend date of this dividend was Friday, August 16th. Macerich’s dividend payout ratio is 77.92%.
Macerich Company Profile
Macerich, an S&P 500 company, is a fully integrated, self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States. Macerich currently owns 51 million square feet of real estate consisting primarily of interests in 47 regional shopping centers.
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