The Macerich Company (NYSE: MAC) stock jumped 0.15% on Wednesday to $13.16 against a previous-day closing price of $13.14. With 1.27 million shares changed hands, the volume of the stock remained lighter than its average volume of 2.7 million shares. During the session, the REIT – Retail company that operates in wider Real Estate sector, reached to the highest price of $13.24 whereas the lowest price it dropped to was $12.97. The 52-week range on MAC shows that it touched its highest point at $21.70 and its lowest point at $7.40 during that stretch. It currently has a 1-year price target of $11.50. With its current market cap of 2.80 billion, MAC has annualized dividend of $0.68 while the current yield stands at 5.17%. Beta for the stock currently stands at 2.10.
Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of MAC was up-trending over the past week, with a rise of 1.86%, but this was up by 29.78% over a month. Three-month performance surged to 28.77% while six-month performance rose 14.73%. The stock lost -38.42% in the past year, while it has lost -23.84% so far this year. A look at the trailing 12-month EPS for MAC yields -0.40 with Next year EPS estimates of -0.08. For the next quarter, that number is 0.03. This implies an EPS growth rate of 104.30% for this year and 63.60% for next year. EPS is expected to grow by 0.21% annually over the next five years; however, over the past five years, the company experienced an annual growth rate of -54.10%.
Float and Shares Shorts:
At present, 215.13 million MAC shares are outstanding with a float of 206.00 million shares on hand for trading. On Oct 13, 2022, short shares totaled 15.71 million, which was 7.32% higher than short shares on Sep 14, 2022. In addition to Mr. Thomas E. O’Hern CPA as the firm’s CEO & Director, Mr. Edward C. Coppola serves as its Pres & Director.
Through their ownership of 85.49% of MAC’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 48.71% of MAC, in contrast to 34.52% held by mutual funds. Shares owned by individuals account for 12.53%. As the largest shareholder in MAC with 14.18% of the stake, The Vanguard Group, Inc. holds 30,449,970 shares worth 30,449,970. A second-largest stockholder of MAC, BlackRock Fund Advisors, holds 24,588,664 shares, controlling over 11.45% of the firm’s shares. Smead Capital Management, Inc. is the third largest shareholder in MAC, holding 18,116,435 shares or 8.44% stake. With a 7.40% stake in MAC, the Smead Value Fund is the largest stakeholder. A total of 15,900,113 shares are owned by the mutual fund manager. The Vanguard Real Estate Index Fund, which owns about 4.53% of MAC stock, is the second-largest Mutual Fund holder. It holds 9,728,899 shares valued at 108.28 million. iShares Core S&P Mid Cap ETF holds 3.00% of the stake in MAC, owning 6,439,817 shares worth 71.68 million.
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for MAC since 14 analysts follow the stock currently. There are 3 analysts who recommend BUY ratings, while 4 suggest SELL ratings. Of the remaining analysts, 7 believe that the stock is worth HOLDING, 0 give it an OVERWEIGHT rating, and 0 thinks that it’s UNDERWEIGHT. In the same way, a target price assigned to a stock can also reveal much about its potential. With MAC analysts setting a high price target of $20.00 and a low target of $8.00, the average target price over the next 12 months is $11.63. Based on these targets, MAC could surge 51.98% to reach the target high and fall by -39.21% to reach the target low. Reaching the average price target will result in a decline of -11.63% from current levels.
EPS: Estimates vs Actual
It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy. MAC will report FY 2022 earnings on 02/09/2023. Analysts have provided yearly estimates in a range of -$0.18 being high and -$0.32 being low. For MAC, this leads to a yearly average estimate of -$0.24. The earnings surprise of a firm occurs when the actual results change from the consensus earnings estimate. The Macerich Company surprised analysts by -$0.05 when it reported -$0.07 EPS against a consensus estimate of -$0.02. The surprise factor in the prior quarter was -$0.03. The average estimate for the next quarter is thus $0.02.
Summary of Insider Activity:
Insiders traded MAC stock several times over the past three months with 8 Buys and 1 Sells. In these transactions, 104,617 shares were bought while 2,000 shares were sold. The number of buy transactions has increased to 26 while that of sell transactions has risen to 1 over the past year. The total number of shares bought during that period was 426,295 while 2,000 shares were sold.