Brokerages forecast that Macerich (NYSE:MAC) will announce sales of $214.78 million for the current quarter, according to Zacks Investment Research. Three analysts have issued estimates for Macerich’s earnings. The highest sales estimate is $216.10 million and the lowest is $212.84 million. Macerich posted sales of $247.05 million in the same quarter last year, which would indicate a negative year-over-year growth rate of 13.1%. The firm is expected to report its next earnings report on Thursday, April 26th.
According to Zacks, analysts expect that Macerich will report full year sales of $896.15 million for the current financial year, with estimates ranging from $882.07 million to $907.90 million. For the next financial year, analysts anticipate that the company will report sales of $926.05 million per share, with estimates ranging from $899.27 million to $939.64 million. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Macerich.
Macerich (NYSE:MAC) last issued its quarterly earnings data on Monday, February 5th. The real estate investment trust reported $1.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.14 by ($0.11). The business had revenue of $245.30 million for the quarter, compared to analyst estimates of $237.90 million. Macerich had a net margin of 14.71% and a return on equity of 3.91%. The firm’s quarterly revenue was down 6.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.17 earnings per share.
A number of research firms recently weighed in on MAC. Sandler O’Neill reissued a “hold” rating and set a $71.00 price target on shares of Macerich in a research report on Tuesday, January 23rd. Royal Bank of Canada cut shares of Macerich from an “outperform” rating to a “sector perform” rating and set a $66.00 price objective for the company. in a research note on Wednesday, January 3rd. Barclays reduced their price objective on shares of Macerich from $62.00 to $60.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 30th. Zacks Investment Research cut shares of Macerich from a “hold” rating to a “sell” rating in a research note on Monday, January 15th. Finally, Mizuho set a $63.00 price objective on shares of Macerich and gave the company a “hold” rating in a research note on Friday, February 16th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and four have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $64.83.
Shares of MAC traded down $1.28 during trading hours on Monday, reaching $56.79. 266,351 shares of the stock traded hands, compared to its average volume of 1,629,790. The company has a debt-to-equity ratio of 1.30, a current ratio of 0.88 and a quick ratio of 0.88. Macerich has a 52 week low of $52.12 and a 52 week high of $69.73. The firm has a market capitalization of $8,217.31, a P/E ratio of 14.81, a PEG ratio of 2.20 and a beta of 0.87.
Hedge funds have recently added to or reduced their stakes in the business. APG Asset Management US Inc. purchased a new stake in shares of Macerich during the 4th quarter valued at about $47,842,000. Land & Buildings Investment Management LLC bought a new stake in shares of Macerich in the fourth quarter valued at about $29,808,000. Price Michael F raised its holdings in shares of Macerich by 100.0% in the fourth quarter. Price Michael F now owns 100,000 shares of the real estate investment trust’s stock valued at $6,568,000 after acquiring an additional 50,000 shares in the last quarter. California Public Employees Retirement System raised its holdings in shares of Macerich by 7.0% in the fourth quarter. California Public Employees Retirement System now owns 399,482 shares of the real estate investment trust’s stock valued at $26,238,000 after acquiring an additional 26,103 shares in the last quarter. Finally, BlackRock Inc. raised its holdings in shares of Macerich by 3.7% in the fourth quarter. BlackRock Inc. now owns 11,422,384 shares of the real estate investment trust’s stock valued at $750,223,000 after acquiring an additional 412,265 shares in the last quarter. 97.14% of the stock is owned by institutional investors and hedge funds.
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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 53 million square feet of real estate consisting primarily of interests in 48 regional shopping centers.
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