Macerich (NYSE:MAC) Reaches New 52-Week High at $16.69

Shares of The Macerich Company (NYSE:MACGet Free Report) hit a new 52-week high during trading on Wednesday . The company traded as high as $16.69 and last traded at $16.50, with a volume of 180984 shares trading hands. The stock had previously closed at $16.29.

Analysts Set New Price Targets

A number of research firms recently weighed in on MAC. StockNews.com began coverage on shares of Macerich in a report on Thursday, October 5th. They set a “sell” rating on the stock. The Goldman Sachs Group upped their target price on shares of Macerich from $9.00 to $13.00 and gave the stock a “sell” rating in a report on Thursday, January 11th. Finally, Piper Sandler upped their target price on shares of Macerich from $12.00 to $17.00 and gave the stock a “neutral” rating in a report on Wednesday, December 20th. Two analysts have rated the stock with a sell rating and one has assigned a hold rating to the company’s stock. According to MarketBeat, Macerich has an average rating of “Reduce” and a consensus target price of $13.25.

Check Out Our Latest Stock Report on MAC

Macerich Stock Up 0.3 %

The stock’s fifty day moving average price is $14.29 and its 200 day moving average price is $12.44. The stock has a market cap of $3.59 billion, a P/E ratio of -10.73, a price-to-earnings-growth ratio of 3.37 and a beta of 2.29. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 1.72.

Macerich (NYSE:MACGet Free Report) last issued its quarterly earnings results on Tuesday, October 31st. The real estate investment trust reported ($1.22) EPS for the quarter, missing analysts’ consensus estimates of $0.44 by ($1.66). The company had revenue of $218.20 million during the quarter, compared to the consensus estimate of $200.63 million. Macerich had a negative return on equity of 12.04% and a negative net margin of 38.30%. Macerich’s quarterly revenue was up 3.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.46 EPS. As a group, research analysts forecast that The Macerich Company will post 1.77 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Macerich

A number of institutional investors have recently made changes to their positions in the stock. State of Alaska Department of Revenue grew its holdings in shares of Macerich by 72.1% during the 2nd quarter. State of Alaska Department of Revenue now owns 242,733 shares of the real estate investment trust’s stock valued at $2,733,000 after purchasing an additional 101,653 shares during the last quarter. SG Americas Securities LLC grew its holdings in shares of Macerich by 642.9% during the 3rd quarter. SG Americas Securities LLC now owns 115,705 shares of the real estate investment trust’s stock valued at $1,262,000 after purchasing an additional 100,131 shares during the last quarter. Shell Asset Management Co. grew its holdings in shares of Macerich by 33.5% during the 2nd quarter. Shell Asset Management Co. now owns 20,816 shares of the real estate investment trust’s stock valued at $235,000 after purchasing an additional 5,223 shares during the last quarter. State of New Jersey Common Pension Fund D grew its holdings in shares of Macerich by 31.4% during the 2nd quarter. State of New Jersey Common Pension Fund D now owns 248,530 shares of the real estate investment trust’s stock valued at $2,801,000 after purchasing an additional 59,329 shares during the last quarter. Finally, Citigroup Inc. grew its holdings in shares of Macerich by 151.9% during the 2nd quarter. Citigroup Inc. now owns 318,527 shares of the real estate investment trust’s stock valued at $3,590,000 after purchasing an additional 192,057 shares during the last quarter. Institutional investors own 90.14% of the company’s stock.

Macerich Company Profile

(Get Free Report)

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.

Further Reading

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