Traders Buy High Volume of Put Options on Macerich (MAC)
Macerich Co (NYSE:MAC) was the recipient of unusually large options trading activity on Wednesday. Stock traders bought 1,148 put options on the company. This is an increase of 2,196% compared to the typical volume of 50 put options.
Shares of MAC opened at $54.68 on Thursday. Macerich has a 1-year low of $52.45 and a 1-year high of $69.73. The stock has a market cap of $7.82 billion, a P/E ratio of 13.91, a P/E/G ratio of 2.23 and a beta of 0.80. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.91 and a quick ratio of 0.91.
Macerich (NYSE:MAC) last posted its quarterly earnings results on Wednesday, August 1st. The real estate investment trust reported $0.05 EPS for the quarter, missing the consensus estimate of $0.96 by ($0.91). Macerich had a net margin of 2.52% and a return on equity of 1.58%. The business had revenue of $234.50 million during the quarter, compared to the consensus estimate of $216.37 million. During the same quarter in the prior year, the firm posted $0.19 EPS. The company’s revenue for the quarter was down 5.1% compared to the same quarter last year. research analysts forecast that Macerich will post 3.91 EPS for the current fiscal year.
Large investors have recently bought and sold shares of the company. Commonwealth Bank of Australia raised its holdings in shares of Macerich by 737.2% in the 2nd quarter. Commonwealth Bank of Australia now owns 1,800 shares of the real estate investment trust’s stock valued at $100,000 after purchasing an additional 1,585 shares in the last quarter. Envestnet Asset Management Inc. raised its stake in shares of Macerich by 9,246.4% during the 2nd quarter. Envestnet Asset Management Inc. now owns 2,617 shares of the real estate investment trust’s stock worth $149,000 after acquiring an additional 2,589 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Macerich during the 2nd quarter worth approximately $207,000. ING Groep NV bought a new position in shares of Macerich during the 2nd quarter worth approximately $219,000. Finally, Gideon Capital Advisors Inc. bought a new position in shares of Macerich during the 2nd quarter worth approximately $234,000. Institutional investors and hedge funds own 96.30% of the company’s stock.
MAC has been the subject of a number of recent analyst reports. Morgan Stanley dropped their price target on shares of Macerich from $62.00 to $58.00 and set an “equal weight” rating for the company in a research note on Thursday, June 14th. BMO Capital Markets set a $66.00 price target on shares of Macerich and gave the stock a “buy” rating in a research note on Wednesday, August 1st. Zacks Investment Research raised shares of Macerich from a “sell” rating to a “hold” rating in a research note on Monday, September 3rd. SunTrust Banks reaffirmed a “hold” rating and set a $60.00 price target on shares of Macerich in a research note on Thursday, August 16th. Finally, Goldman Sachs Group raised shares of Macerich from a “sell” rating to a “neutral” rating and lifted their price target for the stock from $52.00 to $64.00 in a research note on Tuesday, July 17th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and seven have assigned a buy rating to the stock. Macerich has an average rating of “Hold” and an average price target of $64.79.
Macerich, an S&P 500 company, is a fully integrated self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States. Macerich currently owns 52 million square feet of real estate consisting primarily of interests in 48 regional shopping centers.
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