Macerich (NYSE:MAC) PT Lowered to $14.00

Macerich (NYSE:MAC) had its price objective cut by research analysts at Mizuho from $17.00 to $14.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has an “underperform” rating on the real estate investment trust’s stock. Mizuho’s price target suggests a potential downside of 2.06% from the company’s previous close.

A number of other research firms also recently issued reports on MAC. The Goldman Sachs Group increased their target price on shares of Macerich from $9.00 to $13.00 and gave the stock a “sell” rating in a research report on Thursday, January 11th. Citigroup raised Macerich from a “sell” rating to a “neutral” rating and boosted their price target for the company from $8.00 to $17.00 in a research note on Friday, March 22nd. StockNews.com lowered shares of Macerich from a “hold” rating to a “sell” rating in a research report on Tuesday. Piper Sandler lowered shares of Macerich from a “neutral” rating to an “underweight” rating and dropped their price target for the stock from $17.00 to $11.00 in a research note on Wednesday. Finally, Truist Financial reaffirmed a “hold” rating and issued a $16.00 price objective on shares of Macerich in a research note on Monday, March 25th. Four equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, Macerich currently has a consensus rating of “Hold” and an average price target of $14.83.

Macerich Trading Up 3.6 %

Shares of Macerich stock traded up $0.49 during trading on Wednesday, hitting $14.30. The stock had a trading volume of 2,275,431 shares, compared to its average volume of 1,988,657. The company has a quick ratio of 0.95, a current ratio of 1.03 and a debt-to-equity ratio of 1.85. The company has a market capitalization of $3.08 billion, a PE ratio of -9.16, a P/E/G ratio of 1.51 and a beta of 2.38. Macerich has a 1 year low of $9.05 and a 1 year high of $17.69. The stock has a 50 day simple moving average of $16.09 and a 200 day simple moving average of $14.62.

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

Insider Buying and Selling at Macerich

In other news, Director Edward C. Coppola sold 20,000 shares of the stock in a transaction that occurred on Wednesday, March 27th. The stock was sold at an average price of $17.01, for a total value of $340,200.00. Following the completion of the sale, the director now directly owns 635,667 shares of the company’s stock, valued at $10,812,695.67. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Edward C. Coppola sold 20,000 shares of the business’s stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $17.01, for a total transaction of $340,200.00. Following the transaction, the director now owns 635,667 shares in the company, valued at approximately $10,812,695.67. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Hern Thomas E. O sold 95,000 shares of the stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $16.94, for a total transaction of $1,609,300.00. Following the completion of the sale, the director now owns 102,900 shares of the company’s stock, valued at approximately $1,743,126. The disclosure for this sale can be found here. Insiders have sold 172,964 shares of company stock valued at $2,940,030 in the last 90 days. 0.53% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of MAC. Vanguard Group Inc. boosted its stake in Macerich by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 34,478,278 shares of the real estate investment trust’s stock worth $532,000,000 after buying an additional 336,251 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Macerich by 3.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,654,465 shares of the real estate investment trust’s stock worth $71,818,000 after acquiring an additional 165,649 shares during the period. Kennedy Capital Management LLC boosted its position in shares of Macerich by 0.9% during the 3rd quarter. Kennedy Capital Management LLC now owns 1,540,033 shares of the real estate investment trust’s stock valued at $16,802,000 after acquiring an additional 14,131 shares in the last quarter. Norges Bank bought a new stake in Macerich in the fourth quarter valued at about $22,210,000. Finally, Wellington Management Group LLP acquired a new position in Macerich in the fourth quarter worth about $18,938,000. 87.38% of the stock is currently owned by institutional investors and hedge funds.

About Macerich

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.