Brokerages expect Macerich Co (NYSE:MAC) to announce sales of $213.41 million for the current fiscal quarter, Zacks reports. Four analysts have issued estimates for Macerich’s earnings, with the lowest sales estimate coming in at $200.16 million and the highest estimate coming in at $227.28 million. Macerich reported sales of $234.55 million in the same quarter last year, which indicates a negative year-over-year growth rate of 9%. The company is expected to issue its next quarterly earnings results on Wednesday, August 7th.
According to Zacks, analysts expect that Macerich will report full-year sales of $871.96 million for the current financial year, with estimates ranging from $825.20 million to $932.40 million. For the next financial year, analysts anticipate that the company will post sales of $899.73 million, with estimates ranging from $839.00 million to $988.00 million. Zacks’ sales averages are a mean average based on a survey of sell-side analysts that that provide coverage for Macerich.
Macerich (NYSE:MAC) last released its earnings results on Thursday, May 2nd. The real estate investment trust reported $0.05 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.81 by ($0.76). The firm had revenue of $216.34 million during the quarter, compared to analysts’ expectations of $206.88 million. Macerich had a return on equity of 3.75% and a net margin of 10.67%. The company’s revenue was down 4.4% compared to the same quarter last year. During the same period in the prior year, the company posted $0.82 earnings per share.
MAC has been the subject of several analyst reports. Citigroup reduced their target price on shares of Macerich from $46.00 to $34.00 and set a “neutral” rating for the company in a report on Friday, June 28th. Morgan Stanley reduced their target price on shares of Macerich from $180.00 to $170.00 and set an “underweight” rating for the company in a report on Thursday, June 20th. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $61.08.
In related news, President Edward C. Coppola acquired 2,500 shares of the business’s stock in a transaction on Friday, May 24th. The stock was acquired at an average cost of $39.91 per share, with a total value of $99,775.00. Following the acquisition, the president now directly owns 270,595 shares in the company, valued at approximately $10,799,446.45. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, President Edward C. Coppola acquired 3,500 shares of the business’s stock in a transaction on Friday, June 28th. The shares were bought at an average cost of $33.34 per share, with a total value of $116,690.00. Following the completion of the acquisition, the president now owns 279,808 shares in the company, valued at $9,328,798.72. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 79,000 shares of company stock valued at $2,845,735. Insiders own 1.73% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in MAC. First Trust Advisors LP lifted its position in Macerich by 9.4% in the first quarter. First Trust Advisors LP now owns 22,841 shares of the real estate investment trust’s stock worth $990,000 after buying an additional 1,961 shares during the last quarter. Horizon Investments LLC bought a new stake in shares of Macerich during the first quarter worth $260,000. Redwood Investment Management LLC bought a new stake in shares of Macerich during the first quarter worth $271,000. Accident Compensation Corp lifted its position in shares of Macerich by 8.0% during the first quarter. Accident Compensation Corp now owns 29,596 shares of the real estate investment trust’s stock worth $1,283,000 after purchasing an additional 2,185 shares during the last quarter. Finally, Marshall Wace North America L.P. bought a new stake in shares of Macerich during the first quarter worth $78,000. 97.60% of the stock is owned by institutional investors and hedge funds.
Macerich stock opened at $33.28 on Thursday. The business has a 50 day moving average price of $36.17. The stock has a market cap of $4.70 billion, a price-to-earnings ratio of 8.64, a price-to-earnings-growth ratio of 4.89 and a beta of 0.73. Macerich has a 12-month low of $31.93 and a 12-month high of $60.95. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.66.
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 51 million square feet of real estate consisting primarily of interests in 47 regional shopping centers.
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