Mack Cali Realty Corp (NYSE:CLI) Short Interest Up 7.7% in October

Mack Cali Realty Corp (NYSE:CLI) saw a significant growth in short interest during the month of October. As of October 31st, there was short interest totalling 1,950,000 shares, a growth of 7.7% from the September 30th total of 1,810,000 shares. Based on an average trading volume of 421,900 shares, the days-to-cover ratio is presently 4.6 days. Currently, 2.3% of the company’s shares are short sold.

Hedge funds have recently modified their holdings of the business. Advisor Group Inc. increased its holdings in Mack Cali Realty by 33.1% in the second quarter. Advisor Group Inc. now owns 1,849 shares of the real estate investment trust’s stock worth $43,000 after purchasing an additional 460 shares in the last quarter. Tower Research Capital LLC TRC acquired a new stake in Mack Cali Realty in the second quarter valued at approximately $51,000. Marshall Wace North America L.P. grew its stake in Mack Cali Realty by 35.9% in the first quarter. Marshall Wace North America L.P. now owns 3,408 shares of the real estate investment trust’s stock valued at $76,000 after acquiring an additional 900 shares during the period. YorkBridge Wealth Partners LLC acquired a new stake in Mack Cali Realty in the third quarter valued at approximately $217,000. Finally, Royal Bank of Canada increased its holdings in shares of Mack Cali Realty by 155.5% during the second quarter. Royal Bank of Canada now owns 10,237 shares of the real estate investment trust’s stock valued at $238,000 after acquiring an additional 6,230 shares in the last quarter. Institutional investors and hedge funds own 92.24% of the company’s stock.

A number of equities analysts have recently issued reports on the company. Zacks Investment Research upgraded Mack Cali Realty from a “sell” rating to a “hold” rating and set a $23.00 price objective for the company in a research report on Monday, October 14th. ValuEngine downgraded Mack Cali Realty from a “buy” rating to a “hold” rating in a research report on Tuesday, August 6th. Deutsche Bank raised their price objective on Mack Cali Realty from $23.00 to $24.00 and gave the stock a “hold” rating in a research report on Thursday, October 10th. Evercore ISI restated a “hold” rating and set a $24.00 price objective on shares of Mack Cali Realty in a research report on Sunday, August 11th. Finally, Peel Hunt restated a “buy” rating on shares of Mack Cali Realty in a research report on Tuesday, October 22nd. Five research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $24.55.

CLI stock traded down $0.24 during mid-day trading on Friday, reaching $21.33. The company’s stock had a trading volume of 774,466 shares, compared to its average volume of 431,407. The company has a market cap of $1.95 billion, a price-to-earnings ratio of 11.66, a price-to-earnings-growth ratio of 8.47 and a beta of 1.06. The business’s 50 day moving average price is $21.77 and its 200 day moving average price is $22.41. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 1.76. Mack Cali Realty has a 12 month low of $18.74 and a 12 month high of $24.88.

Mack Cali Realty (NYSE:CLI) last issued its earnings results on Wednesday, October 30th. The real estate investment trust reported ($0.65) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.39 by ($1.04). The business had revenue of $131.88 million during the quarter, compared to the consensus estimate of $120.85 million. Mack Cali Realty had a return on equity of 11.35% and a net margin of 39.15%. The company’s revenue for the quarter was down .2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.43 earnings per share. As a group, equities analysts expect that Mack Cali Realty will post 1.59 EPS for the current fiscal year.

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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