Caxton Associates LLP Makes New $5.04 Million Investment in Site Centers Corp. $SITC

Key Points

• Caxton Associates LLP acquired a new stake in Site Centers Corp. ($SITC), purchasing 392,300 shares valued at approximately $5,037,000, representing around 0.75% of the company.
• Site Centers recently announced a special dividend of $3.25 per share, which was paid to investors on August 29th, following an ex-dividend date of September 2nd.
• Despite a challenging earnings report showing a 63.8% decline in revenue year-over-year, analyst ratings for Site Centers remain relatively stable, with a consensus rating of "Hold" and a target price of $31.46.

Caxton Associates LLP purchased a new stake in shares of Site Centers Corp. (NYSE:SITC - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 392,300 shares of the company's stock, valued at approximately $5,037,000. Caxton Associates LLP owned about 0.75% of Site Centers at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the company. Conversant Capital LLC lifted its holdings in Site Centers by 506.4% in the 1st quarter. Conversant Capital LLC now owns 1,940,579 shares of the company's stock worth $24,917,000 after purchasing an additional 1,620,579 shares during the last quarter. Irenic Capital Management LP acquired a new stake in Site Centers in the 1st quarter worth approximately $18,911,000. Rush Island Management LP lifted its holdings in Site Centers by 161.0% in the 4th quarter. Rush Island Management LP now owns 1,582,301 shares of the company's stock worth $24,193,000 after purchasing an additional 976,110 shares during the last quarter. Man Group plc lifted its holdings in Site Centers by 1,126.0% in the 4th quarter. Man Group plc now owns 771,623 shares of the company's stock worth $11,798,000 after purchasing an additional 708,685 shares during the last quarter. Finally, Nuveen LLC acquired a new stake in Site Centers in the 1st quarter worth approximately $6,360,000. 88.70% of the stock is currently owned by institutional investors and hedge funds.

Site Centers Stock Performance

Shares of SITC traded down $0.21 on Friday, reaching $8.82. 820,764 shares of the stock traded hands, compared to its average volume of 1,026,283. The stock's 50-day moving average price is $11.05 and its 200-day moving average price is $11.82. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.74 and a quick ratio of 1.74. The firm has a market cap of $462.56 million, a price-to-earnings ratio of 1.30 and a beta of 1.40. Site Centers Corp. has a 12 month low of $8.82 and a 12 month high of $30.56.

Site Centers (NYSE:SITC - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The company reported $0.16 EPS for the quarter, meeting the consensus estimate of $0.16. The business had revenue of $30.66 million for the quarter, compared to analyst estimates of $33.10 million. Site Centers had a return on equity of 36.67% and a net margin of 189.28%.Site Centers's quarterly revenue was down 63.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.27 EPS. Equities analysts forecast that Site Centers Corp. will post 3.24 EPS for the current fiscal year.

Site Centers Dividend Announcement

The firm also recently disclosed a special dividend, which was paid on Friday, August 29th. Shareholders of record on Friday, August 15th were paid a $3.25 dividend. The ex-dividend date of this dividend was Tuesday, September 2nd. Site Centers's payout ratio is currently 7.69%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on SITC shares. LADENBURG THALM/SH SH started coverage on Site Centers in a report on Tuesday. They issued a "neutral" rating and a $10.00 target price for the company. Wall Street Zen raised Site Centers from a "sell" rating to a "hold" rating in a research report on Friday, June 6th. Finally, Piper Sandler reaffirmed an "overweight" rating on shares of Site Centers in a research report on Tuesday, July 8th. Two research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $28.39.

About Site Centers

SITE Centers is an owner and manager of open-air shopping centers located in suburban, high household income communities. The Company is a self-administered and self-managed REIT operating as a fully integrated real estate company, and is publicly traded on the New York Stock Exchange under the ticker symbol SITC.