Third Avenue Management Lowers stake in Macerich Co (MAC)

Macerich Co (MAC) : Third Avenue Management reduced its stake in Macerich Co by 23.42% during the most recent quarter end. The investment management company now holds a total of 1,054,701 shares of Macerich Co which is valued at $89,101,140 after selling 322,600 shares in Macerich Co , the firm said in a disclosure report filed with the SEC on Aug 11, 2016.Macerich Co makes up approximately 3.76% of Third Avenue Management’s portfolio.

Other Hedge Funds, Including , Omers Administration Corp boosted its stake in MAC in the latest quarter, The investment management firm added 1,200 additional shares and now holds a total of 12,800 shares of Macerich Co which is valued at $1,081,344. Macerich Co makes up approx 0.02% of Omers Administration Corp’s portfolio. Ropes Wealth Advisors sold out all of its stake in MAC during the most recent quarter. The investment firm sold 16 shares of MAC which is valued $1,348.Sanders Morris Harris boosted its stake in MAC in the latest quarter, The investment management firm added 890 additional shares and now holds a total of 9,911 shares of Macerich Co which is valued at $872,366. Macerich Co makes up approx 0.22% of Sanders Morris Harris’s portfolio.Capstone Asset Management Co reduced its stake in MAC by selling 70 shares or 0.69% in the most recent quarter. The Hedge Fund company now holds 10,081 shares of MAC which is valued at $897,007. Macerich Co makes up approx 0.03% of Capstone Asset Management Co’s portfolio.

Macerich Co closed down -0.12 points or -0.15% at $82.11 with 6,49,116 shares getting traded on Tuesday. Post opening the session at $82.66, the shares hit an intraday low of $82.075 and an intraday high of $82.75 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.

On the company’s financial health, Macerich Co reported $1.02 EPS for the quarter, beating the analyst consensus estimate by $ 0.04 according to the earnings call on Aug 1, 2016. Analyst had a consensus of $0.98. The company had revenue of $259.90 million for the quarter, compared to analysts expectations of $248.81 million. The company’s revenue was down -19.5 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.90 EPS.

Many Wall Street Analysts have commented on Macerich Co. Company shares were Reiterated by Canaccord Genuity on Aug 16, 2016 to “Hold”, Firm has raised the Price Target to $ 84 from a previous price target of $80 .

The Macerich Company is a self-managed and self-administered real estate investment trust (REIT). The Company is engaged in the acquisition ownership development redevelopment management and leasing of regional and community/power shopping centers located throughout the United States. The Company through its partnership and ownership interests in the Macerich Partnership L.P. has an ownership interest in 51 regional shopping centers and eight community/power shopping centers. These 59 regional and community/power shopping centers (which include any related office space) consist of approximately 55 million square feet of gross leasable area (GLA). The Centers primarily included 194 Anchors totaling approximately 28 million square feet of GLA and approximately 6000 Mall Stores and Freestanding Stores totaling approximately 26 million square feet of GLA.

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