Mack Cali Realty (NYSE:CLI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday.
According to Zacks, “Shares of Mack-Cali have underperformed its industry, in the past three months. Moreover, the stock has seen the Zacks Consensus Estimate for 2017 funds from operations (FFO) per share being revised downward in a month’s time. Notably, Mack-Cali has been making progress in the 2015 strategic plan, aimed at transforming the company by focusing on waterfront and transit-based office holdings, and luxury multi-family portfolio growth. However, such plans involve significant upfront costs and this could restrain the profit margins of the company. Further, it has been aggressively disposing assets. While such measures are a strategic fit for the long term, the dilutive impact on earnings from huge asset sales cannot be bypassed in the near term. Rate hikes also add to its woes.”
Several other equities research analysts have also recently weighed in on CLI. SunTrust Banks raised Mack Cali Realty from a “hold” rating to a “buy” rating and set a $30.00 price target on the stock in a research note on Tuesday, September 5th. They noted that the move was a valuation call. Citigroup cut their target price on Mack Cali Realty from $27.50 to $26.00 and set a “neutral” rating on the stock in a research note on Thursday, September 21st. Stifel Nicolaus reissued a “buy” rating and issued a $30.00 target price on shares of Mack Cali Realty in a research note on Thursday, September 21st. Finally, ValuEngine raised Mack Cali Realty from a “hold” rating to a “buy” rating in a research note on Monday, October 2nd. Four research analysts have rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $28.00.
Mack Cali Realty (NYSE:CLI) last issued its quarterly earnings results on Tuesday, November 7th. The real estate investment trust reported $0.57 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.58 by ($0.01). The firm had revenue of $160.02 million during the quarter, compared to analysts’ expectations of $156.18 million. Mack Cali Realty had a return on equity of 1.53% and a net margin of 4.14%. Mack Cali Realty’s revenue for the quarter was up 1.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.60 earnings per share. equities research analysts predict that Mack Cali Realty will post 2.26 earnings per share for the current year.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in CLI. PNC Financial Services Group Inc. lifted its holdings in shares of Mack Cali Realty by 5.2% during the second quarter. PNC Financial Services Group Inc. now owns 4,039 shares of the real estate investment trust’s stock valued at $109,000 after purchasing an additional 200 shares in the last quarter. Riverhead Capital Management LLC lifted its holdings in shares of Mack Cali Realty by 107.3% during the second quarter. Riverhead Capital Management LLC now owns 4,353 shares of the real estate investment trust’s stock valued at $118,000 after purchasing an additional 2,253 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Mack Cali Realty by 10.6% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,580 shares of the real estate investment trust’s stock valued at $179,000 after purchasing an additional 628 shares in the last quarter. GAM Holding AG lifted its holdings in shares of Mack Cali Realty by 5.1% during the second quarter. GAM Holding AG now owns 7,760 shares of the real estate investment trust’s stock valued at $211,000 after purchasing an additional 378 shares in the last quarter. Finally, Tudor Investment Corp ET AL bought a new position in shares of Mack Cali Realty during the second quarter valued at $272,000. 99.16% of the stock is currently owned by hedge funds and other institutional investors.
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Mack Cali Realty Company Profile
Mack-Cali Realty Corporation is a self-administered and self-managed real estate investment trust (REIT). The Company owns and operates a real estate portfolio of Class A office and office/flex properties. It operates in three segments: commercial and other real estate, multi-family real estate and multi-family services.
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