Ontario Teachers’ Pension Plan Bo.. recently announced the acquisition of new stake in The Macerich Company (NYSE:MAC). The institutional investor has increased its shareholding in the Real Estate company by 5.48% to 24.56 million shares with purchase of 1.28 million shares. This fresh investment now brings its stake to 17.36% valued currently at $187.42 million. In addition, The Vanguard Group, Inc. raised its holdings by 0.41 million to 19.31 million shares. And BlackRock Fund Advisors has lifted its position by 38.45% or 4.41 million shares – to 15.88 million shares.
With over 3.91 million The Macerich Company (MAC) shares trading Friday and a closing price of $8.09 on the day, the dollar volume was approximately $31.65 million. The shares have shown a positive weekly performance of 8.88% and its price on 08/28/20 gained nearly 4.25%. Currently, there are 144.10M common shares owned by the public and among those 113.54M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 17 analysts who have offered their price forecasts for MAC have a consensus price objective of $10.82. The analysts have set the share’s price value over the next 12 months at a high of $57.00 and a low of $4.00 should the stock experience a downside. Incidentally, analysts’ outlook for the The Macerich Company stock is 3.30 for the next 12 months. The average price target is 23.24% above its last price level and an upside to the estimated low will see the stock lose -102.25% over that period. But an upside of 85.81% will see the stock hit the forecast high price target while mean target price for the stock is $8.00.
Insiders at the company have transacted a total of 38 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 35 of these insider trades were purchases, accounting for 1,712,838 shares. Insider sales of the common stock occurred on 3 occasions, with total insider shares sold totaling 1,656 shares.
The top 3 mutual fund holders in The Macerich Company are Ontario Teachers Pension Plan, Vanguard Real Estate Index Fund, and Vanguard Total Stock Market Index. Ontario Teachers Pension Plan owns 23.29 million shares of the company’s stock, all valued at over $177.68 million. The company sold -1.01 million shares recently to bring their total holdings to about 16.45% of the shares outstanding. Vanguard Real Estate Index Fund sold 27271.0 shares to see its total holdings shrink to 5.03 million shares valued at over $38.39 million and representing 3.56% of the shares outstanding. Vanguard Total Stock Market Index sold 2720.0 shares to bring its total holdings to over 4.3 million shares at a value of $32.84 million. Vanguard Total Stock Market Index now owns shares totaling to 3.04% of the shares outstanding.
Shares of The Macerich Company (NYSE: MAC) opened at $7.75, down -$0.01 from a prior closing price of $7.76. However, the script later closed the day at $8.09, up 4.25%. The company’s stock has a 5-day price change of 8.88% and 13.31% over the past three months. MAC shares are trading -68.29% year to date (YTD), with the 12-month market performance down to -69.72% lower. It has a 12-month low price of $4.56 and touched a high of $32.34 over the same period. Currently, 3.91 million shares have been traded, compared to an average intraday trading volume of 6.31 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 2.79%, -1.44%, and -43.14% respectively.
Institutional ownership of The Macerich Company (NYSE: MAC) 144.10M shares outstanding. Mutual fund holders own 39.87%, while other institutional holders and individual stakeholders account for 65.57% and 18.78% respectively.
It has a market capitalization of $1.25B and a beta (3y monthly) value of 1.84. The stock’s trailing 12-month PE ratio is 22.53, while the earnings-per-share (ttm) stands at $0.36. The company has a PEG of 107.31 and the debt-to-equity ratio at 2.42. Price movements for the stock have been influenced by the stock’s volatility, which stands at 6.40% over the week and 5.99% over the month.
Analysts forecast that The Macerich Company (MAC) will achieve an EPS of -$0.18 for the current quarter, -$0.11 for the next quarter and -$0.34 for 2021. The lowest estimate earnings-per-share for the quarter is -$0.51 while analysts give the company a high EPS estimate of -$0.03. Comparatively, EPS for the current quarter was $0.31 a year ago. Earnings per share for the fiscal year are expected to increase by 62.10%, and 41.40% over the next financial year. EPS should grow at an annualized rate of 0.21% over the next five years, compared to -42.10% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 17 brokerage firm advisors rate The Macerich Company (MAC) as a “Hold” at a consensus score of 3.30. Specifically, 2 Wall Street analysts polled rate the stock as a buy, while 9 of the 17 advise that investors “hold,” and 5 rated it as a “Sell.”
Looking at the support for the MAC, a number of firms have released research notes about the stock. Goldman stated their Sell rating for the stock in a research note on July 01, 2020, with the firm’s price target at $6.50. Evercore ISI coverage for the The Macerich Company (MAC) stock in a research note released on June 15, 2020 offered a Underperform rating with a price target of. Compass Point was of a view on June 04, 2020 that the stock is Neutral, while Evercore ISI gave the stock In-line rating on May 14, 2020, issuing a price target of. Morgan Stanley on their part issued Equal-Weight rating on March 02, 2020.