Mack Cali Realty (CLI) Shares Up 6%

Mack Cali Realty Corp (NYSE:CLI) shares shot up 6% on Tuesday . The company traded as high as $20.30 and last traded at $20.21. 1,651,511 shares changed hands during mid-day trading, an increase of 164% from the average session volume of 625,181 shares. The stock had previously closed at $19.07.

A number of research firms have weighed in on CLI. Deutsche Bank lifted their price objective on shares of Mack Cali Realty from $20.00 to $21.00 and gave the company a “hold” rating in a report on Tuesday, June 26th. ValuEngine cut shares of Mack Cali Realty from a “hold” rating to a “sell” rating in a report on Wednesday, May 2nd. Zacks Investment Research cut shares of Mack Cali Realty from a “hold” rating to a “sell” rating in a report on Monday, July 9th. TheStreet raised shares of Mack Cali Realty from a “d+” rating to a “c-” rating in a report on Monday, May 14th. Finally, Citigroup lifted their price objective on shares of Mack Cali Realty from $18.00 to $20.00 and gave the company a “neutral” rating in a report on Thursday, June 28th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $24.00.

The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 1.58. The firm has a market cap of $1.73 billion, a price-to-earnings ratio of 9.06 and a beta of 1.19.



Mack Cali Realty (NYSE:CLI) last released its quarterly earnings data on Wednesday, August 1st. The real estate investment trust reported ($0.05) earnings per share for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.49). Mack Cali Realty had a net margin of 13.89% and a return on equity of 4.70%. The firm had revenue of $126.58 million during the quarter, compared to analysts’ expectations of $133.28 million. During the same period in the previous year, the firm posted $0.60 EPS. The firm’s quarterly revenue was down 90.0% on a year-over-year basis. analysts predict that Mack Cali Realty Corp will post 1.79 earnings per share for the current fiscal year.

In related news, Director Nathan Gantcher bought 25,000 shares of the company’s stock in a transaction dated Thursday, June 14th. The shares were acquired at an average price of $19.72 per share, for a total transaction of $493,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael J. Demarco bought 68,301 shares of the company’s stock in a transaction dated Tuesday, June 12th. The stock was bought at an average price of $20.12 per share, for a total transaction of $1,374,216.12. The disclosure for this purchase can be found here. Insiders acquired 118,301 shares of company stock valued at $2,382,216 in the last ninety days. 6.83% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. grew its position in shares of Mack Cali Realty by 8.2% in the second quarter. BlackRock Inc. now owns 13,198,378 shares of the real estate investment trust’s stock valued at $267,663,000 after purchasing an additional 998,387 shares during the period. Centersquare Investment Management LLC acquired a new stake in shares of Mack Cali Realty in the first quarter valued at about $96,338,000. Renaissance Technologies LLC grew its position in shares of Mack Cali Realty by 5.6% in the second quarter. Renaissance Technologies LLC now owns 3,491,605 shares of the real estate investment trust’s stock valued at $70,810,000 after purchasing an additional 183,905 shares during the period. Northern Trust Corp grew its position in shares of Mack Cali Realty by 2.3% in the first quarter. Northern Trust Corp now owns 2,646,236 shares of the real estate investment trust’s stock valued at $44,219,000 after purchasing an additional 58,853 shares during the period. Finally, Frontier Capital Management Co. LLC grew its position in shares of Mack Cali Realty by 5.3% in the first quarter. Frontier Capital Management Co. LLC now owns 2,299,089 shares of the real estate investment trust’s stock valued at $38,418,000 after purchasing an additional 116,443 shares during the period. Institutional investors and hedge funds own 97.36% of the company’s stock.

About Mack Cali Realty (NYSE:CLI)

Mack-Cali Realty Corporation is a fully integrated, self-administered, self-managed real estate investment trust (REIT) providing management, leasing, development, and other tenant-related services for its two-platform operations of waterfront and transit-based office and luxury multi-family assets. Mack-Cali provides its tenants and residents with the most innovative communities that empower them to re-imagine the way they work and live.

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