SL Green Realty (NYSE:SLG) Hits New 1-Year Low – Should You Sell?

SL Green Realty Corporation (NYSE:SLG) shares hit a new 52-week low during mid-day trading on Monday . The company traded as low as $35.52 and last traded at $36.8730, with a volume of 201490 shares changing hands. The stock had previously closed at $36.85.

Analyst Ratings Changes

Several equities analysts recently weighed in on SLG shares. JPMorgan Chase & Co. reduced their price target on shares of SL Green Realty from $52.00 to $51.00 and set a “neutral” rating on the stock in a report on Wednesday, January 14th. Raymond James Financial set a $44.00 price objective on shares of SL Green Realty in a research note on Tuesday, February 3rd. Zacks Research raised SL Green Realty from a “strong sell” rating to a “hold” rating in a report on Wednesday, February 25th. Scotiabank decreased their target price on SL Green Realty from $66.00 to $61.00 and set a “sector outperform” rating for the company in a report on Wednesday, January 14th. Finally, Barclays lowered their price target on shares of SL Green Realty from $54.00 to $43.00 and set an “equal weight” rating on the stock in a report on Thursday. Seven research analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, SL Green Realty has an average rating of “Hold” and an average price target of $53.30.

SL Green Realty Price Performance

The company has a market cap of $2.69 billion, a price-to-earnings ratio of -23.37 and a beta of 1.66. The company has a debt-to-equity ratio of 1.05, a current ratio of 2.66 and a quick ratio of 2.66. The stock has a 50 day simple moving average of $44.09 and a two-hundred day simple moving average of $50.02.

SL Green Realty (NYSE:SLG) last posted its quarterly earnings data on Wednesday, January 28th. The real estate investment trust reported $1.13 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.03. SL Green Realty had a negative return on equity of 2.44% and a negative net margin of 9.66%.The company had revenue of $159.82 million during the quarter, compared to analysts’ expectations of $162.73 million. During the same period last year, the firm earned $1.81 EPS. The firm’s revenue for the quarter was up 14.5% on a year-over-year basis. On average, equities research analysts predict that SL Green Realty Corporation will post 5.43 earnings per share for the current fiscal year.

Insider Activity at SL Green Realty

In other news, insider Andrew S. Levine sold 1,493 shares of the firm’s stock in a transaction dated Monday, December 22nd. The shares were sold at an average price of $45.27, for a total value of $67,588.11. Following the transaction, the insider directly owned 7,045 shares in the company, valued at approximately $318,927.15. This trade represents a 17.49% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Marc Holliday sold 22,223 shares of the firm’s stock in a transaction that occurred on Tuesday, December 23rd. The stock was sold at an average price of $44.40, for a total value of $986,701.20. Following the completion of the sale, the chief executive officer directly owned 9,698 shares in the company, valued at approximately $430,591.20. This trade represents a 69.62% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 5.04% of the company’s stock.

Hedge Funds Weigh In On SL Green Realty

Several large investors have recently made changes to their positions in the business. State Street Corp lifted its stake in SL Green Realty by 1.0% during the second quarter. State Street Corp now owns 4,257,874 shares of the real estate investment trust’s stock valued at $264,636,000 after purchasing an additional 41,873 shares during the last quarter. Alyeska Investment Group L.P. raised its holdings in shares of SL Green Realty by 25.5% during the fourth quarter. Alyeska Investment Group L.P. now owns 3,041,226 shares of the real estate investment trust’s stock valued at $139,501,000 after acquiring an additional 617,488 shares during the period. Goldman Sachs Group Inc. lifted its position in shares of SL Green Realty by 62.0% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,918,292 shares of the real estate investment trust’s stock valued at $133,862,000 after acquiring an additional 1,117,357 shares in the last quarter. Cohen & Steers Inc. purchased a new position in SL Green Realty during the 4th quarter worth approximately $121,675,000. Finally, Geode Capital Management LLC grew its stake in SL Green Realty by 0.4% during the 2nd quarter. Geode Capital Management LLC now owns 1,833,682 shares of the real estate investment trust’s stock valued at $113,518,000 after acquiring an additional 6,690 shares in the last quarter. Institutional investors own 89.96% of the company’s stock.

About SL Green Realty

SL Green Realty Corp. (NYSE: SLG) is a publicly traded real estate investment trust (REIT) focused primarily on the acquisition, management and development of commercial office properties in Manhattan. As one of New York City’s largest office landlords, the company’s portfolio includes Class A office buildings and mixed-use projects located in prime Midtown and Downtown submarkets. SL Green generates revenue through leasing office space to a diverse mix of tenants spanning financial services, technology, media and professional services firms.

Founded in 1980 by real estate investor Stephen L.