Brokerages expect Macerich Co (NYSE:MAC) to announce sales of $217.77 million for the current quarter, Zacks Investment Research reports. Four analysts have provided estimates for Macerich’s earnings, with the highest sales estimate coming in at $232.26 million and the lowest estimate coming in at $209.41 million. Macerich reported sales of $217.63 million during the same quarter last year, which indicates a positive year over year growth rate of 0.1%. The business is scheduled to issue its next quarterly earnings results on Wednesday, October 30th.
On average, analysts expect that Macerich will report full year sales of $877.49 million for the current fiscal year, with estimates ranging from $843.00 million to $936.99 million. For the next financial year, analysts expect that the business will report sales of $899.80 million, with estimates ranging from $828.60 million to $984.69 million. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that cover Macerich.
Macerich (NYSE:MAC) last issued its quarterly earnings data on Thursday, August 1st. The real estate investment trust reported $0.88 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.86 by $0.02. Macerich had a return on equity of 3.49% and a net margin of 11.59%. The firm had revenue of $227.97 million during the quarter, compared to the consensus estimate of $213.18 million. During the same quarter in the previous year, the company posted $0.96 EPS. The business’s revenue for the quarter was down 2.8% compared to the same quarter last year.
MAC traded down $1.06 during trading on Thursday, hitting $27.68. The company’s stock had a trading volume of 1,720,905 shares, compared to its average volume of 1,531,134. The firm’s 50 day moving average price is $30.37 and its two-hundred day moving average price is $35.62. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.87. Macerich has a 12 month low of $27.50 and a 12 month high of $53.61. The stock has a market capitalization of $4.10 billion, a price-to-earnings ratio of 7.19, a price-to-earnings-growth ratio of 4.39 and a beta of 0.77.
In related news, CEO Hern Thomas E. O acquired 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The stock was acquired at an average price of $28.02 per share, for a total transaction of $140,100.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Edward C. Coppola acquired 18,223 shares of the company’s stock in a transaction that occurred on Friday, August 9th. The stock was bought at an average price of $30.78 per share, with a total value of $560,903.94. Following the acquisition, the president now directly owns 284,095 shares of the company’s stock, valued at approximately $8,744,444.10. The disclosure for this purchase can be found here. In the last 90 days, insiders have bought 39,424 shares of company stock valued at $1,192,094. 1.73% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MAC. Cohen & Steers Inc. increased its holdings in Macerich by 105.1% in the second quarter. Cohen & Steers Inc. now owns 13,228,878 shares of the real estate investment trust’s stock valued at $443,035,000 after purchasing an additional 6,780,378 shares during the last quarter. Daiwa Securities Group Inc. increased its holdings in Macerich by 59.2% in the second quarter. Daiwa Securities Group Inc. now owns 3,953,948 shares of the real estate investment trust’s stock valued at $132,418,000 after purchasing an additional 1,470,315 shares during the last quarter. Vanguard Group Inc. increased its holdings in Macerich by 3.6% in the second quarter. Vanguard Group Inc. now owns 20,554,457 shares of the real estate investment trust’s stock valued at $688,368,000 after purchasing an additional 711,878 shares during the last quarter. FIL Ltd increased its holdings in Macerich by 836.0% in the first quarter. FIL Ltd now owns 600,000 shares of the real estate investment trust’s stock valued at $26,010,000 after purchasing an additional 535,900 shares during the last quarter. Finally, Renaissance Technologies LLC increased its holdings in Macerich by 42.0% in the second quarter. Renaissance Technologies LLC now owns 1,677,869 shares of the real estate investment trust’s stock valued at $56,192,000 after purchasing an additional 496,600 shares during the last quarter. Institutional investors and hedge funds own 97.65% of the company’s stock.
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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