Mack-Cali Realty Corporation (CLI) Downgraded by Zacks Investment Research to Sell
Zacks Investment Research lowered shares of Mack-Cali Realty Corporation (NYSE:CLI) from a hold rating to a sell rating in a report issued on Tuesday.
According to Zacks, “Shares of Mack-Cali have underperformed its industry, year to date. Moreover, the stock has seen the Zacks Consensus Estimate for current-year funds from operations (FFO) per share being revised downward in a month’s time. Notably, the company’s second-quarter 2017 core FFO per share missed the Zacks Consensus Estimate by a penny. Also, the company lowered its guidance for full-year 2017, mainly due to lower leasing starts. The company has been making solid strides in its 20/15 strategic plan, which is aimed at transforming the company by focusing on waterfront and transit-based office holdings, and on luxury multi-family portfolio growth. It also includes planned exits from non-core markets and capital improvements in core assets. Such efforts have the capacity to drive growth and improve cash flow in the long run. However, the earnings-dilutive effects of disposition in the near term remain headwinds. Rate hikes add to its woes.”
A number of other equities analysts have also recently weighed in on CLI. Deutsche Bank AG lifted their price target on Mack-Cali Realty Corporation from $28.00 to $29.00 and gave the stock a hold rating in a research note on Thursday, May 25th. BidaskClub raised Mack-Cali Realty Corporation from a sell rating to a hold rating in a research note on Saturday, June 17th. Barclays PLC dropped their price target on Mack-Cali Realty Corporation from $29.00 to $28.00 and set an underweight rating on the stock in a research note on Tuesday, July 18th. Evercore ISI reissued an outperform rating and issued a $29.00 price target (down previously from $33.00) on shares of Mack-Cali Realty Corporation in a research note on Wednesday, August 9th. Finally, ValuEngine cut Mack-Cali Realty Corporation from a buy rating to a hold rating in a research note on Friday, September 1st. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company. The stock currently has a consensus rating of Hold and an average target price of $29.43.
Shares of Mack-Cali Realty Corporation (CLI) opened at 23.38 on Tuesday. The firm’s market capitalization is $2.10 billion. Mack-Cali Realty Corporation has a 1-year low of $22.70 and a 1-year high of $29.70. The firm’s 50 day moving average is $24.33 and its 200 day moving average is $26.58.
Mack-Cali Realty Corporation (NYSE:CLI) last issued its quarterly earnings results on Wednesday, August 2nd. The real estate investment trust reported $0.60 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.61 by ($0.01). The company had revenue of $162.77 million during the quarter, compared to analysts’ expectations of $150.94 million. Mack-Cali Realty Corporation had a negative return on equity of 1.21% and a negative net margin of 3.31%. During the same period in the prior year, the business posted $0.55 EPS. Analysts anticipate that Mack-Cali Realty Corporation will post ($0.06) EPS for the current fiscal year.
ILLEGAL ACTIVITY WARNING: This report was reported by The Cerbat Gem and is the sole property of of The Cerbat Gem. If you are viewing this report on another site, it was stolen and republished in violation of US & international copyright and trademark legislation. The correct version of this report can be accessed at https://www.thecerbatgem.com/2017/09/13/mack-cali-realty-corporation-cli-downgraded-by-zacks-investment-research-to-sell.html.
A number of large investors have recently added to or reduced their stakes in CLI. Glen Harbor Capital Management LLC grew its stake in Mack-Cali Realty Corporation by 8.0% during the 1st quarter. Glen Harbor Capital Management LLC now owns 6,426 shares of the real estate investment trust’s stock valued at $173,000 after acquiring an additional 476 shares in the last quarter. Oregon Public Employees Retirement Fund grew its stake in Mack-Cali Realty Corporation by 1.3% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 31,300 shares of the real estate investment trust’s stock valued at $843,000 after acquiring an additional 400 shares in the last quarter. Great West Life Assurance Co. Can grew its stake in Mack-Cali Realty Corporation by 3.6% during the 1st quarter. Great West Life Assurance Co. Can now owns 95,502 shares of the real estate investment trust’s stock valued at $2,572,000 after acquiring an additional 3,297 shares in the last quarter. State Treasurer State of Michigan grew its stake in Mack-Cali Realty Corporation by 1.1% during the 1st quarter. State Treasurer State of Michigan now owns 36,500 shares of the real estate investment trust’s stock valued at $983,000 after acquiring an additional 400 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its stake in Mack-Cali Realty Corporation by 1.2% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 88,275 shares of the real estate investment trust’s stock valued at $2,378,000 after acquiring an additional 1,043 shares in the last quarter. 99.23% of the stock is currently owned by institutional investors.
About Mack-Cali Realty Corporation
Mack-Cali Realty Corporation is a self-administered and self-managed real estate investment trust (REIT). The Company owns and operates a real estate portfolio of Class A office and office/flex properties. It operates in three segments: commercial and other real estate, multi-family real estate and multi-family services.
Receive News & Stock Ratings for Mack-Cali Realty Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Mack-Cali Realty Corporation and related stocks with our FREE daily email newsletter.