Engineers Gate Manager LP Reduces Stock Holdings in Macerich Company (The) $MAC

Key Points

• Engineers Gate Manager LP cut its Macerich position by 62.1% in the second quarter, selling 55,545 shares and retaining 33,864 shares valued at approximately $853,000. Institutional investors collectively own 87.38% of MAC.
• Macerich missed quarterly earnings expectations, reporting a loss of $0.10 per share versus the consensus loss estimate of $0.05, although revenue of $249.71 million exceeded forecasts.
• The company declared a quarterly dividend of $0.17 per share, equivalent to an annualized $0.68 payout and a 3.0% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $26, compared with the reported share price of $22.66.

Engineers Gate Manager LP lowered its holdings in shares of Macerich Company (The) (NYSE:MAC - Free Report) by 62.1% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 33,864 shares of the real estate investment trust's stock after selling 55,545 shares during the quarter. Engineers Gate Manager LP's holdings in Macerich were worth $853,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in MAC. Hantz Financial Services Inc. raised its stake in Macerich by 80.4% during the 4th quarter. Hantz Financial Services Inc. now owns 1,535 shares of the real estate investment trust's stock worth $28,000 after acquiring an additional 684 shares during the period. Northwestern Mutual Wealth Management Co. bought a new position in Macerich in the 2nd quarter worth $36,000. Global Retirement Partners LLC purchased a new stake in shares of Macerich during the second quarter worth about $39,000. Caitong International Asset Management Co. Ltd bought a new stake in shares of Macerich during the fourth quarter valued at approximately $49,000. Finally, Integrated Wealth Concepts LLC purchased a new stake in Macerich in the 2nd quarter worth $61,000. Institutional investors own 87.38% of the company's stock.

Macerich Price Performance

Macerich stock opened at $22.66 on Monday. The company has a debt-to-equity ratio of 1.67, a current ratio of 0.88 and a quick ratio of 0.88. The stock has a market cap of $6.42 billion, a price-to-earnings ratio of -34.85, a price-to-earnings-growth ratio of 1.63 and a beta of 2.06. The firm has a 50-day moving average of $24.41 and a two-hundred day moving average of $22.79. Macerich Company has a 1 year low of $16.03 and a 1 year high of $26.67.

Macerich (NYSE:MAC - Get Free Report) last issued its earnings results on Tuesday, August 4th. The real estate investment trust reported ($0.10) EPS for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.05). The company had revenue of $249.71 million for the quarter, compared to analysts' expectations of $239.77 million. Macerich had a negative return on equity of 6.26% and a negative net margin of 16.85%.The business's revenue was up .0% compared to the same quarter last year. During the same period last year, the business posted $0.33 earnings per share. On average, research analysts forecast that Macerich Company will post 1.49 earnings per share for the current year.

Macerich Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 28th. Stockholders of record on Monday, September 14th will be given a dividend of $0.17 per share. The ex-dividend date of this dividend is Monday, September 14th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.0%. Macerich's dividend payout ratio is presently -104.62%.

Insider Activity at Macerich

In related news, CAO Christopher Zecchini sold 2,740 shares of the company's stock in a transaction dated Wednesday, September 9th. The shares were sold at an average price of $23.28, for a total value of $63,787.20. Following the completion of the sale, the chief accounting officer directly owned 847 shares of the company's stock, valued at $19,718.16. This represents a 76.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.21% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on MAC. Morgan Stanley increased their target price on Macerich from $20.00 to $25.00 and gave the company an "equal weight" rating in a research report on Thursday, June 18th. The Goldman Sachs Group reaffirmed a "sell" rating and issued a $21.00 price objective on shares of Macerich in a research note on Tuesday, September 1st. Deutsche Bank Aktiengesellschaft raised Macerich from a "hold" rating to a "buy" rating and boosted their target price for the company from $20.00 to $27.00 in a research report on Tuesday, June 2nd. LADENBURG THALM/SH SH increased their price target on Macerich from $27.00 to $30.00 and gave the company a "buy" rating in a report on Tuesday, June 16th. Finally, Mizuho set a $28.00 price target on Macerich in a research report on Wednesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $26.00.

Macerich Profile

Macerich NYSE: MAC is a self-managed real estate investment trust that owns, operates and develops retail real estate in the United States. The company focuses primarily on high-quality shopping centers and regional malls located in densely populated markets with strong consumer and tourism activity.

Macerich's properties accommodate a range of retailers, restaurants, entertainment venues and service businesses. Its activities include leasing and managing retail space, operating shopping centers, and pursuing property redevelopment and expansion projects designed to enhance tenant offerings and the surrounding customer experience.

The company's portfolio is concentrated in major metropolitan areas, particularly across the Western United States, while also including select properties in other prominent U.S.

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