Macerich Co (NYSE:MAC) Short Interest Update

Macerich Co (NYSE:MAC) was the target of a significant increase in short interest in June. As of June 30th, there was short interest totalling 21,858,900 shares, an increase of 15.2% from the May 30th total of 18,976,700 shares. Currently, 15.6% of the company’s stock are sold short. Based on an average daily trading volume, of 1,510,000 shares, the days-to-cover ratio is presently 14.5 days.

In related news, President Edward C. Coppola bought 3,500 shares of the stock in a transaction dated Friday, June 28th. The stock was acquired at an average price of $33.34 per share, for a total transaction of $116,690.00. Following the completion of the purchase, the president now owns 279,808 shares in the company, valued at $9,328,798.72. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Scott W. Kingsmore bought 3,000 shares of the stock in a transaction dated Thursday, May 30th. The stock was bought at an average price of $37.14 per share, with a total value of $111,420.00. The disclosure for this purchase can be found here. In the last quarter, insiders bought 79,000 shares of company stock valued at $2,845,735. Insiders own 1.73% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in MAC. Norges Bank bought a new position in Macerich during the 4th quarter worth approximately $63,471,000. Lasalle Investment Management Securities LLC bought a new position in Macerich during the 4th quarter worth approximately $48,232,000. JPMorgan Chase & Co. lifted its holdings in Macerich by 519.9% during the 1st quarter. JPMorgan Chase & Co. now owns 1,093,975 shares of the real estate investment trust’s stock worth $47,424,000 after buying an additional 917,498 shares during the last quarter. Daiwa Securities Group Inc. lifted its holdings in shares of Macerich by 31.2% in the 1st quarter. Daiwa Securities Group Inc. now owns 2,483,633 shares of the real estate investment trust’s stock worth $107,665,000 after purchasing an additional 590,435 shares during the last quarter. Finally, Presima Inc. lifted its holdings in shares of Macerich by 53.8% in the 1st quarter. Presima Inc. now owns 1,535,000 shares of the real estate investment trust’s stock worth $66,542,000 after purchasing an additional 536,700 shares during the last quarter. 97.60% of the stock is currently owned by institutional investors.



MAC has been the subject of a number of recent research reports. Citigroup reiterated a “buy” rating on shares of Healthequity in a research note on Friday, June 28th. Morgan Stanley reiterated an “overweight” rating on shares of in a research note on Thursday, June 20th. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $61.08.

NYSE:MAC traded up $0.06 during trading hours on Friday, reaching $33.37. 1,318,610 shares of the stock were exchanged, compared to its average volume of 1,729,411. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.66. The company’s 50 day moving average is $35.10. Macerich has a 52 week low of $31.93 and a 52 week high of $60.95. The firm has a market cap of $4.70 billion, a PE ratio of 8.67, a P/E/G ratio of 4.90 and a beta of 0.73.

Macerich (NYSE:MAC) last released its earnings results on Thursday, May 2nd. The real estate investment trust reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.76). Macerich had a return on equity of 3.75% and a net margin of 10.67%. The firm had revenue of $216.34 million for the quarter, compared to the consensus estimate of $206.88 million. During the same period in the prior year, the business earned $0.82 EPS. The company’s quarterly revenue was down 4.4% on a year-over-year basis. Research analysts predict that Macerich will post 3.56 earnings per share for the current year.

Macerich Company Profile

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 51 million square feet of real estate consisting primarily of interests in 47 regional shopping centers.

Further Reading: Book Value Per Share – BVPS

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