Macerich (NYSE:MAC) Hits New 52-Week High – Here’s What Happened

The Macerich Company (NYSE:MAC)’s share price hit a new 52-week high on Wednesday . The company traded as high as $19.00 and last traded at $18.98, with a volume of 467169 shares. The stock had previously closed at $18.49.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. The Goldman Sachs Group increased their target price on shares of Macerich from $13.00 to $14.60 and gave the company a “sell” rating in a research report on Thursday, September 19th. Evercore ISI boosted their price objective on Macerich from $15.00 to $16.00 and gave the stock an “in-line” rating in a research note on Wednesday, August 28th. Bank of America raised their target price on Macerich from $17.00 to $19.00 and gave the company a “neutral” rating in a research note on Friday, October 11th. Piper Sandler upped their price target on shares of Macerich from $11.00 to $14.00 and gave the company an “underweight” rating in a report on Tuesday, September 3rd. Finally, StockNews.com upgraded shares of Macerich from a “sell” rating to a “hold” rating in a report on Friday, August 2nd. Four research analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $15.84.

Macerich Price Performance

The stock has a market cap of $4.10 billion, a price-to-earnings ratio of -56.09, a price-to-earnings-growth ratio of 0.61 and a beta of 2.50. The stock has a fifty day simple moving average of $17.09 and a 200-day simple moving average of $15.87. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 1.76.

Institutional Trading of Macerich

A number of hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Macerich by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 34,672,065 shares of the real estate investment trust’s stock valued at $597,400,000 after acquiring an additional 193,787 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Macerich by 4.1% during the second quarter. Dimensional Fund Advisors LP now owns 3,217,373 shares of the real estate investment trust’s stock worth $49,675,000 after purchasing an additional 126,192 shares during the period. Renaissance Technologies LLC grew its stake in shares of Macerich by 10.4% in the 2nd quarter. Renaissance Technologies LLC now owns 1,233,600 shares of the real estate investment trust’s stock valued at $19,047,000 after purchasing an additional 116,200 shares during the period. Russell Investments Group Ltd. raised its holdings in shares of Macerich by 1,845.1% in the 1st quarter. Russell Investments Group Ltd. now owns 1,168,864 shares of the real estate investment trust’s stock worth $20,133,000 after buying an additional 1,108,770 shares in the last quarter. Finally, Millennium Management LLC lifted its position in shares of Macerich by 153.0% during the 2nd quarter. Millennium Management LLC now owns 791,903 shares of the real estate investment trust’s stock worth $12,227,000 after buying an additional 478,930 shares during the period. Institutional investors own 87.38% of the company’s stock.

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.