The stock of Macerich Co (NYSE:MAC) hit a new 52-week low and has $64.97 target or 8.00% below today’s $70.62 share price. The 8 months bearish chart indicates high risk for the $10.19 billion company. The 1-year low was reported on Nov, 2 by Barchart.com. If the $64.97 price target is reached, the company will be worth $815.20M less.
The 52-week low event is an important milestone for every stock because it shows very negative momentum and is time when sellers come in. During such technical setups, fundamental investors usually stay away and are careful buying the stock. The stock decreased 2.71% or $1.97 on October 28, hitting $70.62. Macerich Co (NYSE:MAC) has declined 13.30% since March 31, 2016 and is downtrending. It has underperformed by 15.82% the S&P500.
Macerich Co (NYSE:MAC) Ratings Coverage
Out of 9 analysts covering The Macerich Company (NYSE:MAC), 3 rate it a “Buy”, 1 “Sell”, while 5 “Hold”. This means 33% are positive. The Macerich Company has been the topic of 21 analyst reports since July 21, 2015 according to StockzIntelligence Inc. The company was initiated on Thursday, August 25 by BTIG Research. The rating was maintained by Deutsche Bank on Monday, July 18 with “Hold”. Boenning & Scattergood downgraded the shares of MAC in a report on Wednesday, April 6 to “Neutral” rating. The firm has “Outperform” rating given on Friday, May 6 by RBC Capital Markets. The firm has “Sector Perform” rating by RBC Capital Markets given on Wednesday, October 7. Bank of America upgraded Macerich Co (NYSE:MAC) rating on Tuesday, January 12. Bank of America has “Buy” rating and $92 price target. Deutsche Bank initiated the stock with “Hold” rating in Tuesday, July 21 report. Canaccord Genuity initiated Macerich Co (NYSE:MAC) on Wednesday, July 22 with “Hold” rating. The firm has “Underperform” rating given on Wednesday, March 16 by Credit Suisse. The firm has “Hold” rating given on Wednesday, August 31 by Jefferies.
According to Zacks Investment Research, “MACERICH CO. is a self-administered, self-managed real estate investment trust which is engaged in the acquisition, ownership, redevelopment, management and leasing of regional shopping centers located throughout the United States.”
Insitutional Activity: The institutional sentiment decreased to 0.84 in 2016 Q2. Its down 0.06, from 0.9 in 2016Q1. The ratio fall, as 26 funds sold all Macerich Co shares owned while 136 reduced positions. 36 funds bought stakes while 100 increased positions. They now own 134.93 million shares or 5.87% less from 143.34 million shares in 2016Q1.
Moreover, Strs Ohio has 0.09% invested in Macerich Co (NYSE:MAC) for 249,137 shares. Vanguard Group Inc Inc Inc has invested 0.12% of its portfolio in Macerich Co (NYSE:MAC). Sarasin Llp, a United Kingdom-based fund reported 120,314 shares. Joel Isaacson Company Lc has 34 shares for 0% of their US portfolio. Paloma Prns has 38,458 shares for 0.04% of their US portfolio. Moreover, Teachers Retirement Systems Of The State Of Kentucky has 0.02% invested in Macerich Co (NYSE:MAC) for 15,670 shares. Pinebridge Investments L P accumulated 0.03% or 7,357 shares. Livforsakringsbolaget Skandia Omsesidigt accumulated 9,804 shares or 0.04% of the stock. Blackrock Advsrs Ltd, a Delaware-based fund reported 145,153 shares. The Georgia-based Voya Invest Mngmt Limited Com has invested 0.02% in Macerich Co (NYSE:MAC). Rafferty Asset Management Ltd has 0.09% invested in the company for 15,461 shares. Sg Americas Securities Limited Liability Company has 39,096 shares for 0.02% of their US portfolio. Ibm Retirement Fund, a New York-based fund reported 17,004 shares. Global X Communications Llc holds 0.01% of its portfolio in Macerich Co (NYSE:MAC) for 2,444 shares. Quantitative Inv Limited Liability Corporation last reported 32,000 shares in the company.
Insider Transactions: Since May 16, 2016, the stock had 0 insider purchases, and 8 insider sales for $3.40 million net activity. Shares for $2.02M were sold by Brant Randy L. $128,240 worth of shares were sold by PERLMUTTER ROBERT D on Friday, July 1. The insider O HERN THOMAS E sold $395,150.
More notable recent Macerich Co (NYSE:MAC) news were published by: Forbes.com which released: “Macerich (MAC) Shares Cross 4% Yield Mark” on October 28, 2016, also Nasdaq.com with their article: “Macerich Co. Announces 9% Decline In Q3 Profit” published on October 27, 2016, Prnewswire.com published: “Macerich And WithMeâ„¢ Bring Transformative Smart Retail Concept To The Mall …” on May 19, 2016. More interesting news about Macerich Co (NYSE:MAC) were released by: Latimes.com and their article: “Simon Property makes $16-billion bid for rival mall owner Macerich” published on March 10, 2015 as well as Wsj.com‘s news article titled: “Macerich Settles Proxy Fight With Two Activist Hedge Funds” with publication date: May 04, 2015.
MAC Company Profile
The Macerich Company, incorporated on September 9, 1993, 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. The Firm owns 56 million square feet of real estate consisting primarily of interests in 51 regional shopping centers. It specializes in retail properties in many of the country’s populated markets with significant presence in the Pacific Rim, Arizona, Chicago and the Metro New York to Washington, DC corridor.
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