Insider Buying: SITE Centers Corp. (NASDAQ:SITC) COO Purchases $97,324.48 in Stock
SITE Centers Corp. (NASDAQ:SITC) COO Michael Makinen bought 20,576 shares of the business’s stock in a transaction on Thursday, March 19th. The stock was purchased at an average price of $4.73 per share, for a total transaction of $97,324.48. Following the purchase, the chief operating officer now directly owns 67,957 shares in the company, valued at approximately $321,436.61. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link.
SITC opened at $5.70 on Thursday. SITE Centers Corp. has a 52-week low of $3.60 and a 52-week high of $15.85. The business’s fifty day moving average is $10.56 and its 200-day moving average is $13.35.
SITE Centers (NASDAQ:SITC) last released its earnings results on Thursday, February 13th. The company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.23). The firm had revenue of $111.79 million during the quarter, compared to the consensus estimate of $111.53 million. The business’s quarterly revenue was down 8.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.31 earnings per share.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. DekaBank Deutsche Girozentrale bought a new stake in shares of SITE Centers during the 4th quarter worth $268,000. Campbell & CO Investment Adviser LLC raised its position in SITE Centers by 36.4% in the fourth quarter. Campbell & CO Investment Adviser LLC now owns 44,537 shares of the company’s stock valued at $624,000 after purchasing an additional 11,886 shares during the last quarter. Nisa Investment Advisors LLC raised its position in SITE Centers by 14.2% in the fourth quarter. Nisa Investment Advisors LLC now owns 89,046 shares of the company’s stock valued at $1,248,000 after purchasing an additional 11,050 shares during the last quarter. Parametric Portfolio Associates LLC raised its position in shares of SITE Centers by 11.7% during the third quarter. Parametric Portfolio Associates LLC now owns 869,216 shares of the company’s stock worth $13,134,000 after acquiring an additional 91,388 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its position in shares of SITE Centers by 1.8% during the fourth quarter. Russell Investments Group Ltd. now owns 1,907,540 shares of the company’s stock worth $26,682,000 after acquiring an additional 33,270 shares during the last quarter.
A number of equities research analysts have recently issued reports on the company. Morgan Stanley upgraded SITE Centers from an “equal” rating to an “equal weight” rating and upped their price objective for the stock from $13.50 to $16.00 in a research note on Tuesday, December 17th. Evercore ISI assumed coverage on SITE Centers in a research note on Friday, February 14th. They set a “hold” rating and a $15.00 price objective on the stock. Citigroup upped their price objective on SITE Centers from $13.50 to $14.50 and gave the stock a “neutral” rating in a research note on Wednesday, December 4th. BidaskClub cut SITE Centers from a “hold” rating to a “sell” rating in a research note on Friday, March 13th. Finally, SunTrust Banks dropped their price objective on SITE Centers from $13.00 to $11.00 and set a “hold” rating on the stock in a research note on Wednesday, March 11th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $14.50.
About SITE Centers
SITE is an owner and manager of open-air shopping centers that provide a highly-compelling shopping experience and merchandise mix for retail partners and consumers. The Company is a self-administered and self-managed REIT operating as a fully integrated real estate company, and is publicly traded on the New York Stock Exchange under the ticker symbol SITC.
Further Reading: What is a Roth IRA?
Receive News & Ratings for SITE Centers Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for SITE Centers and related companies with MarketBeat.com's FREE daily email newsletter.