Mack Cali Realty Corp (NYSE:CLI) was the target of a large increase in short interest in the month of July. As of July 31st, there was short interest totalling 1,394,300 shares, an increase of 5.3% from the June 30th total of 1,324,200 shares. Based on an average trading volume of 417,600 shares, the short-interest ratio is currently 3.3 days. Currently, 1.6% of the shares of the company are short sold.
In other Mack Cali Realty news, Director Alan R. Batkin purchased 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 19th. The shares were acquired at an average price of $23.95 per share, for a total transaction of $47,900.00. Following the purchase, the director now owns 2,000 shares in the company, valued at $47,900. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 6.83% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Renaissance Technologies LLC boosted its stake in Mack Cali Realty by 5.3% in the second quarter. Renaissance Technologies LLC now owns 5,012,500 shares of the real estate investment trust’s stock valued at $116,741,000 after buying an additional 253,500 shares in the last quarter. Frontier Capital Management Co. LLC boosted its stake in Mack Cali Realty by 0.7% in the first quarter. Frontier Capital Management Co. LLC now owns 2,676,565 shares of the real estate investment trust’s stock valued at $59,420,000 after buying an additional 18,650 shares in the last quarter. Northern Trust Corp boosted its stake in Mack Cali Realty by 8.0% in the second quarter. Northern Trust Corp now owns 2,638,144 shares of the real estate investment trust’s stock valued at $61,442,000 after buying an additional 194,701 shares in the last quarter. Nuveen Asset Management LLC boosted its stake in Mack Cali Realty by 304.2% in the second quarter. Nuveen Asset Management LLC now owns 1,693,130 shares of the real estate investment trust’s stock valued at $39,433,000 after buying an additional 1,274,275 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in Mack Cali Realty by 3.5% in the second quarter. Bank of New York Mellon Corp now owns 1,662,148 shares of the real estate investment trust’s stock valued at $38,711,000 after buying an additional 56,100 shares in the last quarter. 92.66% of the stock is currently owned by institutional investors.
Mack Cali Realty (NYSE:CLI) last released its earnings results on Wednesday, August 7th. The real estate investment trust reported ($0.43) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.84). The company had revenue of $130.46 million for the quarter, compared to analyst estimates of $132.61 million. Mack Cali Realty had a return on equity of 14.57% and a net margin of 49.47%. The business’s revenue for the quarter was up 3.1% compared to the same quarter last year. During the same period last year, the company posted $0.45 earnings per share. Analysts expect that Mack Cali Realty will post 1.62 EPS for the current fiscal year.
A number of equities research analysts recently weighed in on the company. Zacks Investment Research upgraded Mack Cali Realty from a “sell” rating to a “hold” rating and set a $19.00 price objective on the stock in a research report on Tuesday, May 28th. Evercore ISI reiterated a “hold” rating and set a $24.00 price objective on shares of Mack Cali Realty in a research report on Sunday. BTIG Research reiterated a “buy” rating and set a $30.00 price objective (up previously from $26.00) on shares of Mack Cali Realty in a research report on Thursday, June 13th. ValuEngine cut Mack Cali Realty from a “buy” rating to a “hold” rating in a research report on Tuesday, August 6th. Finally, TheStreet upgraded Mack Cali Realty from a “c” rating to a “b-” rating in a research report on Monday, May 6th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $22.62.
About Mack Cali Realty
One of the country's leading real estate investment trusts (REITs), Mack-Cali Realty Corporation is an owner, manager and developer of premier office and multifamily properties in select waterfront and transit-oriented markets throughout the Northeast. Mack-Cali is headquartered in Jersey City, New Jersey, and is the visionary behind the city's flourishing waterfront, where the company is leading development, improvement and place-making initiatives for Harborside, a master-planned destination comprised of class A office, luxury apartments, diverse retail and restaurants, and public spaces.
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