Macerich Company (NYSE:MAC) has been downgraded by Wells Fargo on February 08 which now rates the stock as Market Perform compared with Outperform rating suggested in the past. Analysts at Mizuho, shed their positive views on January 23 by lowering it fromBuy to Neutral. The stock lost favor of KeyBanc Capital Mkts analysts who expressed their lack of confidence in it using a downgrade from Overweight to Sector Weight on December 20. JP Morgan analysts came out with bearish views on December 19 when the call was made. They think the stock is now Underweight compared to to their prior call for Neutral.
MAC stock dropped -0.16% in recent trade and currently has a stock-market value of $6.2B. The shares finished at $43.38, after trading as low as $42.96 earlier in the session. It hit an intraday high Thursday at $43.68. Trading activity significantly weakened as the volume at ready counter decreased to 1,011,483 shares versus 1,098,350 in average daily trading volume over the past 20 days. So far this year, the volume has averaged about 1,292,140 shares. The stock is now 6.06% above against its bear-market low of $40.9 on December 26, 2018. It has retreated -40.5% since it’s 52-week high of $60.95 reached in August. Now the market price is down -26.34% on the year and up 0.23% YTD.
Wall Street’s most bullish Macerich Company (NYSE:MAC) analysts are predicting the share price to blow past $61 per share during the next 12 months. The current median share price forecast by them is $46, suggesting that the stock could increase 6.04% in that time frame. The average price target of $47.82 calls for a nearly 10.24% increase in the stock price.
Macerich Company (MAC)’s 50 day simple moving average (SMA 50) price is $44.41 and its 200-day simple moving average (SMA 200) price is $51.62. The company’s stock currently has a total float of 140.44M shares. Its weekly volatility is hovering around 1.6% and felt 1.71% volatility in price over a month. On the upside, the share price will test short term resistance at around $43.72. On a downside, the stock is likely to find some support, which begins at $43. The failure to get near-term support could push it to $42.62.
When looking at valuations, Macerich Company (MAC) has a pricey P/E of 104.03x as compared to industry average of 29.09x. Moreover, it trades for 97.26 times the next 12 months of expected earnings. Also, it is trading at rather expensive levels at just over 2.08x price/book and 6.46x price/sales. Compared to others, Macerich Company is in a different league with regards to profitability, having net margins of 6.1%. To put some perspective around this, the industry’s average net margin is 56.28%. MAC’s ROE is 1.9%, which is also considerably worse than the industry’s ROE of 7.4%.
Shares of MAC have dropped -3.2% since the company’s most recent earnings report. Over the past 12 fiscal quarters, Macerich Company (NYSE:MAC) has topped consensus earnings estimates in 1 quarters (8%), missed earnings in 11 quarters (91%), whereas at 0 occasion EPS met analyst expectations. MAC last reported earnings that receded expectations. The company raked in $1.09 per share, 220.59% change on the same period last year. That was worse than consensus for $1.09. Revenue for the recent quarter stood at $246.87 million, down -4% on last year and below the $249.87 million predicted by analysts. For this quarter, Wall Street analysts forecast revenue in a range of $205.51 million to $230.5 million, which should be compared with $251.12 million generated last year. EPS is seen in a range of $0.74 to $0.87, against the $0.94 reported a year ago.