Brokerages forecast that Macerich Co (NYSE:MAC) will announce $212.72 million in sales for the current quarter, according to Zacks. Three analysts have issued estimates for Macerich’s earnings. The highest sales estimate is $214.54 million and the lowest is $209.72 million. Macerich reported sales of $247.42 million during the same quarter last year, which indicates a negative year over year growth rate of 14%. The firm is expected to announce its next earnings report on Wednesday, August 1st.
According to Zacks, analysts expect that Macerich will report full year sales of $887.54 million for the current financial year, with estimates ranging from $881.76 million to $890.71 million. For the next financial year, analysts forecast that the business will post sales of $915.17 million per share, with estimates ranging from $893.61 million to $939.64 million. Zacks’ sales calculations are an average based on a survey of research firms that follow Macerich.
Macerich (NYSE:MAC) last issued its quarterly earnings data on Wednesday, May 2nd. The real estate investment trust reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.81 by ($1.05). Macerich had a net margin of 4.40% and a return on equity of 1.48%. The company had revenue of $212.38 million during the quarter, compared to analysts’ expectations of $216.47 million. During the same quarter last year, the firm posted $0.87 earnings per share. The firm’s quarterly revenue was down 3.4% on a year-over-year basis.
Several equities research analysts have recently weighed in on the company. Morgan Stanley decreased their price objective on Macerich from $62.00 to $58.00 and set an “equal weight” rating for the company in a report on Thursday, June 14th. Boenning Scattergood set a $75.00 price target on Macerich and gave the stock a “buy” rating in a research note on Friday, May 4th. ValuEngine cut Macerich from a “hold” rating to a “sell” rating in a research note on Wednesday, May 2nd. Zacks Investment Research upgraded Macerich from a “sell” rating to a “hold” rating in a research note on Tuesday, March 20th. Finally, BMO Capital Markets upgraded Macerich from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $62.00 to $66.00 in a research report on Friday, April 20th. They noted that the move was a valuation call. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and six have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $64.47.
Macerich traded up $0.02, reaching $57.23, on Friday, according to Marketbeat Ratings. The company’s stock had a trading volume of 23,605 shares, compared to its average volume of 1,204,936. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 1.44. The company has a market capitalization of $8.05 billion, a price-to-earnings ratio of 14.55, a price-to-earnings-growth ratio of 2.15 and a beta of 0.86. Macerich has a fifty-two week low of $52.12 and a fifty-two week high of $69.73.
The firm also recently declared a quarterly dividend, which was paid on Friday, June 1st. Shareholders of record on Tuesday, May 8th were paid a $0.74 dividend. This represents a $2.96 dividend on an annualized basis and a yield of 5.17%. The ex-dividend date was Monday, May 7th. Macerich’s payout ratio is 75.32%.
A number of large investors have recently modified their holdings of MAC. Cbre Clarion Securities LLC boosted its stake in Macerich by 1,523.7% in the 4th quarter. Cbre Clarion Securities LLC now owns 3,205,186 shares of the real estate investment trust’s stock worth $210,517,000 after buying an additional 3,007,786 shares during the last quarter. Prudential Financial Inc. raised its holdings in shares of Macerich by 63.3% in the 1st quarter. Prudential Financial Inc. now owns 1,291,402 shares of the real estate investment trust’s stock worth $72,344,000 after purchasing an additional 500,760 shares during the period. Land & Buildings Investment Management LLC purchased a new position in shares of Macerich in the 4th quarter worth about $29,808,000. BlackRock Inc. raised its holdings in shares of Macerich by 3.7% in the 4th quarter. BlackRock Inc. now owns 11,422,384 shares of the real estate investment trust’s stock worth $750,223,000 after purchasing an additional 412,265 shares during the period. Finally, Element Capital Management LLC raised its holdings in shares of Macerich by 107.8% in the 1st quarter. Element Capital Management LLC now owns 676,809 shares of the real estate investment trust’s stock worth $37,915,000 after purchasing an additional 351,045 shares during the period. 95.10% of the stock is currently owned by hedge funds and other institutional investors.
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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