The Goldman Sachs Group Issues Pessimistic Forecast for Macerich (NYSE:MAC) Stock Price

Macerich (NYSE:MAC) had its price objective cut by analysts at The Goldman Sachs Group from $16.70 to $14.40 in a research note issued on Monday,Benzinga reports. The brokerage currently has a “sell” rating on the real estate investment trust’s stock. The Goldman Sachs Group’s target price would indicate a potential downside of 9.41% from the stock’s previous close.

Other analysts have also issued reports about the stock. Scotiabank cut their price target on shares of Macerich from $22.00 to $21.00 and set a “sector perform” rating for the company in a research report on Thursday. Piper Sandler dropped their target price on Macerich from $17.00 to $16.00 and set an “underweight” rating for the company in a report on Friday, February 28th. Mizuho raised Macerich from an “underperform” rating to a “neutral” rating and lifted their price target for the stock from $14.00 to $22.00 in a research note on Wednesday, December 4th. Morgan Stanley upgraded shares of Macerich from an “underweight” rating to an “equal weight” rating and set a $20.00 target price on the stock in a report on Wednesday, January 15th. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Macerich in a research note on Tuesday, December 17th. They issued a “hold” rating and a $22.00 target price on the stock. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $19.03.

Macerich Price Performance

MAC traded down $0.99 during trading on Monday, reaching $15.90. The stock had a trading volume of 1,201,384 shares, compared to its average volume of 1,788,746. The business has a 50-day moving average of $19.92 and a 200-day moving average of $19.05. Macerich has a one year low of $12.99 and a one year high of $22.27. The company has a debt-to-equity ratio of 1.68, a quick ratio of 0.92 and a current ratio of 0.92. The stock has a market cap of $4.01 billion, a PE ratio of 40.75, a PEG ratio of 0.71 and a beta of 2.62.

Insider Activity at Macerich

In related news, Director Andrea M. Stephen sold 63,289 shares of the business’s stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $20.59, for a total transaction of $1,303,120.51. Following the completion of the sale, the director now owns 83,479 shares in the company, valued at $1,718,832.61. The trade was a 43.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.53% of the stock is owned by insiders.

Hedge Funds Weigh In On Macerich

A number of hedge funds have recently modified their holdings of MAC. Citigroup Inc. lifted its holdings in shares of Macerich by 32.3% during the third quarter. Citigroup Inc. now owns 359,069 shares of the real estate investment trust’s stock worth $6,549,000 after purchasing an additional 87,611 shares during the period. Quest Partners LLC lifted its position in Macerich by 851.9% in the third quarter. Quest Partners LLC now owns 30,529 shares of the real estate investment trust’s stock valued at $557,000 after purchasing an additional 27,322 shares during the period. Bamco Inc. NY increased its position in Macerich by 742.3% during the 3rd quarter. Bamco Inc. NY now owns 1,695,420 shares of the real estate investment trust’s stock worth $30,924,000 after purchasing an additional 1,494,145 shares during the period. Friedenthal Financial acquired a new stake in shares of Macerich in the 4th quarter valued at approximately $771,000. Finally, Smead Capital Management Inc. lifted its holdings in shares of Macerich by 3.5% in the 3rd quarter. Smead Capital Management Inc. now owns 20,433,449 shares of the real estate investment trust’s stock valued at $372,706,000 after buying an additional 688,790 shares during the period. 87.38% of the stock is currently owned by hedge funds and other institutional investors.

About Macerich

Macerich is a fully integrated, self-managed and self-administered real estate investment trust (REIT). As a leading owner, operator and developer of high-quality retail real estate in densely populated and attractive U.S. markets, Macerich’s portfolio is concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, DC corridor.