Kornitzer Capital Management Inc. KS Invests $809,000 in Macerich Company (The) $MAC

Kornitzer Capital Management Inc. KS bought a new stake in Macerich Company (The) (NYSE:MAC) during the second quarter, HoldingsChannel reports. The fund bought 50,000 shares of the real estate investment trust’s stock, valued at approximately $809,000.

A number of other institutional investors also recently bought and sold shares of MAC. Fifth Third Bancorp boosted its holdings in shares of Macerich by 47.7% in the 2nd quarter. Fifth Third Bancorp now owns 3,011 shares of the real estate investment trust’s stock valued at $49,000 after acquiring an additional 972 shares during the last quarter. Signaturefd LLC boosted its holdings in Macerich by 34.9% in the first quarter. Signaturefd LLC now owns 3,329 shares of the real estate investment trust’s stock valued at $57,000 after purchasing an additional 862 shares during the last quarter. Quarry LP grew its position in Macerich by 2,691.6% during the 1st quarter. Quarry LP now owns 3,322 shares of the real estate investment trust’s stock worth $57,000 after purchasing an additional 3,203 shares during the period. Archer Investment Corp purchased a new position in shares of Macerich during the 1st quarter valued at about $98,000. Finally, Inspire Advisors LLC acquired a new position in shares of Macerich in the 1st quarter valued at about $178,000. 87.38% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

MAC has been the topic of several analyst reports. Wall Street Zen lowered Macerich from a “hold” rating to a “sell” rating in a report on Saturday, August 2nd. Bank of America raised shares of Macerich from a “neutral” rating to a “buy” rating and lifted their target price for the company from $19.00 to $23.00 in a report on Friday, September 26th. LADENBURG THALM/SH SH assumed 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. JPMorgan Chase & Co. raised their price target on shares of Macerich from $18.00 to $19.00 and gave the company an “underweight” rating in a research report on Wednesday, August 27th. Finally, Evercore ISI upped their price objective on shares of Macerich from $18.00 to $20.00 and gave the stock an “in-line” rating in a research report on Monday, September 15th. Six investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $20.11.

Macerich Price Performance

Macerich stock opened at $18.01 on Monday. The stock has a market capitalization of $4.55 billion, a P/E ratio of -10.29, a P/E/G ratio of 3.15 and a beta of 2.23. The company’s fifty day moving average price is $17.72 and its 200 day moving average price is $16.55. The company has a debt-to-equity ratio of 2.00, a quick ratio of 0.76 and a current ratio of 0.76. Macerich Company has a 1 year low of $12.48 and a 1 year high of $22.27.

Macerich (NYSE:MAC) last posted its quarterly earnings data on Monday, August 11th. The real estate investment trust reported $0.32 earnings per share for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.02). Macerich had a negative return on equity of 15.15% and a negative net margin of 41.33%.The company had revenue of $249.79 million for the quarter, compared to analyst estimates of $245.19 million. During the same quarter in the prior year, the company posted $0.39 earnings per share. The business’s revenue was up 15.9% on a year-over-year basis. As a group, equities research analysts anticipate that Macerich Company will post 1.55 earnings per share for the current fiscal year.

Macerich Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 23rd. Investors of record on Tuesday, September 9th were issued a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 3.8%. The ex-dividend date was Tuesday, September 9th. Macerich’s payout ratio is presently -38.86%.

Macerich 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.