Macerich (NYSE:MAC) Lowered to Sell at StockNews.com

Macerich (NYSE:MAC) was downgraded by StockNews.com from a “hold” rating to a “sell” rating in a research note issued to investors on Thursday.

A number of other brokerages have also recently weighed in on MAC. The Goldman Sachs Group upped their price target 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. Piper Sandler boosted their price objective on shares of Macerich from $12.00 to $17.00 and gave the stock a “neutral” rating in a report on Wednesday, December 20th. Citigroup upgraded shares of Macerich from a “sell” rating to a “neutral” rating and boosted their price objective for the stock from $8.00 to $17.00 in a report on Friday, March 22nd. Finally, Truist Financial reiterated a “hold” rating and issued a $16.00 price objective on shares of Macerich in a report on Monday, March 25th. Two equities research analysts have rated the stock with a sell rating and three have given a hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $14.40.

Macerich Trading Down 1.3 %

Shares of NYSE MAC traded down $0.20 during trading on Thursday, hitting $15.17. 1,680,068 shares of the company traded hands, compared to its average volume of 1,934,586. Macerich has a 1 year low of $9.05 and a 1 year high of $17.69. The company has a 50-day moving average price of $16.50 and a 200-day moving average price of $14.32. The firm has a market capitalization of $3.27 billion, a P/E ratio of -11.94, a P/E/G ratio of 1.78 and a beta of 2.33. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 1.67.

Macerich (NYSE:MAC) last announced its quarterly earnings data 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 31.00% and a negative return on equity of 10.26%. The company had revenue of $238.70 million for the quarter, compared to analysts’ expectations of $224.49 million. During the same period in the prior year, the firm earned $0.53 earnings per share. The firm’s quarterly revenue was up 4.6% on a year-over-year basis. On average, equities analysts predict that Macerich will post 1.8 EPS for the current year.

Insider Buying and Selling

In related news, President Edward C. Coppola sold 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $17.20, for a total transaction of $860,000.00. Following the completion of the sale, the president now directly owns 655,667 shares in the company, valued at $11,277,472.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, President Edward C. Coppola sold 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $17.20, for a total transaction of $860,000.00. Following the completion of the sale, the president now directly owns 655,667 shares in the company, valued at $11,277,472.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Hern Thomas E. O sold 95,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $16.94, for a total transaction of $1,609,300.00. Following the sale, the director now owns 102,900 shares of the company’s stock, valued at $1,743,126. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 172,964 shares of company stock worth $2,940,030. Corporate insiders own 0.57% of the company’s stock.

Institutional Investors Weigh In On Macerich

Hedge funds have recently made changes to their positions in the company. Point72 Hong Kong Ltd purchased a new stake in shares of Macerich in the 2nd quarter valued at approximately $29,000. Signaturefd LLC lifted its position in Macerich by 152.4% in the 4th quarter. Signaturefd LLC now owns 2,166 shares of the real estate investment trust’s stock worth $33,000 after buying an additional 1,308 shares in the last quarter. Harvest Fund Management Co. Ltd purchased a new stake in Macerich in the 3rd quarter worth approximately $36,000. Anchor Investment Management LLC purchased a new stake in Macerich in the 4th quarter worth approximately $40,000. Finally, Quest Partners LLC purchased a new stake in Macerich in the 4th quarter worth approximately $41,000. Hedge funds and other institutional investors own 87.38% of the company’s stock.

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.