Third Avenue Management Lowers stake in Macerich Co (MAC)

Macerich Co (MAC) : Third Avenue Management reduced its stake in Macerich Co by 23.73% during the most recent quarter end. The investment management company now holds a total of 1,377,301 shares of Macerich Co which is valued at $103.2 Million after selling 428,530 shares in Macerich Co , the firm said in a disclosure report filed with the SEC on May 12, 2016.Macerich Co makes up approximately 3.93% 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 2,500 additional shares and now holds a total of 11,600 shares of Macerich Co which is valued at $868,840. Macerich Co makes up approx 0.02% of Omers Administration Corp’s portfolio.Blackrock Advisors reduced its stake in MAC by selling 45,519 shares or 25.27% in the most recent quarter. The Hedge Fund company now holds 134,642 shares of MAC which is valued at $10.1 Million. Macerich Co makes up approx 0.01% of Blackrock Advisors’s portfolio.Manufacturers Life Insurance Company The reduced its stake in MAC by selling 8,305 shares or 5.73% in the most recent quarter. The Hedge Fund company now holds 136,524 shares of MAC which is valued at $10.2 Million. Macerich Co makes up approx 0.02% of Manufacturers Life Insurance Company The’s portfolio.Amica Pension Fund Board Of Trustees reduced its stake in MAC by selling 8,100 shares or 57.86% in the most recent quarter. The Hedge Fund company now holds 5,900 shares of MAC which is valued at $472,885. Macerich Co makes up approx 0.06% of Amica Pension Fund Board Of Trustees’s portfolio.

Macerich Co opened for trading at $73.42 and hit $75.54 on the upside on Friday, eventually ending the session at $74.78, with a gain of 2.54% or 1.85 points. The heightened volatility saw the trading volume jump to 16,95,094 shares. Company has a market cap of $11,104 M.

On the company’s financial health, Macerich Co reported $0.87 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on May 3, 2016. Analyst had a consensus of $0.86. The company had revenue of $256.00 million for the quarter, compared to analysts expectations of $269.52 million. The company’s revenue was down -19.6 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.79 EPS.

Many Wall Street Analysts have commented on Macerich Co. Company shares were Upgraded by RBC Capital Mkts on May 6, 2016 to ” Outperform”, Firm has raised the Price Target to $ 87 from a previous price target of $82 .Mizuho Initiated Macerich Co on Apr 14, 2016 to “Neutral”, Price Target of the shares are set at $88.Macerich Co was Downgraded by BofA/Merrill to ” Neutral” on Mar 28, 2016.

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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