First Eagle Investment Management LLC Has $3.67 Million Stock Position in Macerich Company (The) $MAC

First Eagle Investment Management LLC reduced its holdings in Macerich Company (The) (NYSE:MAC) by 23.4% in the 2nd quarter, Holdings Channel reports. The fund owned 226,510 shares of the real estate investment trust’s stock after selling 69,300 shares during the period. First Eagle Investment Management LLC’s holdings in Macerich were worth $3,665,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Bank of New York Mellon Corp grew its stake in Macerich by 5.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,246,236 shares of the real estate investment trust’s stock valued at $36,344,000 after acquiring an additional 124,596 shares in the last quarter. Strs Ohio grew its position in Macerich by 358.4% during the second quarter. Strs Ohio now owns 212,700 shares of the real estate investment trust’s stock valued at $3,441,000 after purchasing an additional 166,300 shares in the last quarter. Amalgamated Bank grew its position in Macerich by 1.4% during the second quarter. Amalgamated Bank now owns 71,834 shares of the real estate investment trust’s stock valued at $1,162,000 after purchasing an additional 991 shares in the last quarter. Teacher Retirement System of Texas increased its stake in Macerich by 5.7% in the 2nd quarter. Teacher Retirement System of Texas now owns 38,318 shares of the real estate investment trust’s stock valued at $620,000 after buying an additional 2,074 shares during the period. Finally, Bessemer Group Inc. lifted its position in Macerich by 4,844.6% in the 2nd quarter. Bessemer Group Inc. now owns 36,590 shares of the real estate investment trust’s stock worth $592,000 after buying an additional 35,850 shares in the last quarter. Hedge funds and other institutional investors own 87.38% of the company’s stock.

Macerich Stock Performance

MAC opened at $18.04 on Friday. The company has a debt-to-equity ratio of 2.00, a quick ratio of 0.76 and a current ratio of 0.76. The company has a market cap of $4.56 billion, a PE ratio of -10.31, a price-to-earnings-growth ratio of 2.96 and a beta of 2.25. The stock has a 50-day moving average of $17.64 and a 200-day moving average of $16.77. Macerich Company has a 52-week low of $12.48 and a 52-week high of $22.27.

Macerich (NYSE:MAC) last posted its earnings results on Tuesday, November 4th. The real estate investment trust reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.01). The company had revenue of $253.26 million during the quarter, compared to analyst estimates of $246.77 million. Macerich had a negative return on equity of 15.15% and a negative net margin of 41.33%.The firm’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.38 earnings per share. As a group, equities research analysts forecast that Macerich Company will post 1.55 earnings per share for the current fiscal year.

Macerich Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 29th. Stockholders of record on Monday, December 15th will be paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date is Monday, December 15th. Macerich’s payout ratio is presently -42.77%.

Wall Street Analyst Weigh In

Several research firms have recently commented on MAC. LADENBURG THALM/SH SH initiated coverage on shares of Macerich in a report on Friday, July 18th. They set a “buy” rating and a $25.00 price target on the stock. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Macerich in a research report on Wednesday, October 8th. Scotiabank raised their price target on Macerich from $16.00 to $18.00 and gave the stock a “sector perform” rating in a research note on Thursday, August 28th. Bank of America raised Macerich from a “neutral” rating to a “buy” rating and boosted their price target for the company from $19.00 to $23.00 in a research note on Friday, September 26th. Finally, JPMorgan Chase & Co. increased their price objective on Macerich from $18.00 to $19.00 and gave the stock an “underweight” rating in a report on Wednesday, August 27th. Five equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Macerich currently has a consensus rating of “Hold” and a consensus price target of $19.87.

Macerich Company Profile

Macerich is a fully integrated, self-managed and self-administered real estate investment trust (REIT). As a leading owner, operator and developer of high-quality retail real estate in densely populated and attractive U.S. markets, Macerich’s portfolio is concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, DC corridor.