IRSA Propiedades Comerciales (NASDAQ:IRCP) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research note issued on Wednesday.
According to Zacks, “IRSA Propiedades Comerciales S.A. is a real estate company which focused on the acquisition, development, administration and operation of shopping centres and office buildings. IRSA Propiedades Comerciales SA, formerly known as Alto Palermo SA, is based in Argentina. “
Separately, JPMorgan Chase & Co. downgraded shares of IRSA Propiedades Comerciales from an “overweight” rating to a “neutral” rating and set a $34.00 price target for the company. in a report on Wednesday, August 29th.
IRSA Propiedades Comerciales (NASDAQ:IRCP) last announced its quarterly earnings results on Thursday, August 23rd. The financial services provider reported $4.49 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.36 by $2.13. The business had revenue of $50.03 million during the quarter. IRSA Propiedades Comerciales had a net margin of 333.56% and a return on equity of 53.77%. On average, research analysts anticipate that IRSA Propiedades Comerciales will post 1.73 EPS for the current year.
Institutional investors and hedge funds have recently made changes to their positions in the company. Bienville Capital Management LLC purchased a new position in shares of IRSA Propiedades Comerciales in the 2nd quarter valued at about $471,000. Senvest Management LLC grew its stake in IRSA Propiedades Comerciales by 190.3% in the 2nd quarter. Senvest Management LLC now owns 166,913 shares of the financial services provider’s stock valued at $5,173,000 after acquiring an additional 109,413 shares during the last quarter. Wells Fargo & Company MN grew its stake in IRSA Propiedades Comerciales by 4.2% in the 2nd quarter. Wells Fargo & Company MN now owns 301,282 shares of the financial services provider’s stock valued at $9,942,000 after acquiring an additional 12,212 shares during the last quarter. Finally, Standard Life Aberdeen plc grew its stake in IRSA Propiedades Comerciales by 21.3% in the 2nd quarter. Standard Life Aberdeen plc now owns 659,386 shares of the financial services provider’s stock valued at $20,434,000 after acquiring an additional 115,786 shares during the last quarter. Institutional investors and hedge funds own 6.74% of the company’s stock.
About IRSA Propiedades Comerciales
IRSA Propiedades Comerciales SA operates as an investment arm of IRSA Inversiones y Representaciones SA Alto Palermo SA engages in the ownership, acquisition, development, leasing, management, and operation of shopping centers, as well as residential and commercial complexes in Argentina. As of June 30, 2007, it owned and operated ten shopping centers covering a total of 264,995 square meters in Argentina, including six in the Buenos Aires metropolitan area and four in the provinces of Cordoba, Mendoza, Salta, and Santa Fe; and a condominium called Torres de Abasto located in front of the Abasto Shopping Center in Buenos Aires.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for IRSA Propiedades Comerciales Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for IRSA Propiedades Comerciales and related companies with MarketBeat.com's FREE daily email newsletter.