Millennium Management LLC raised its holdings in DDR Corp (NYSE:DDR) by 177.3% in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 1,547,215 shares of the real estate investment trust’s stock after acquiring an additional 989,253 shares during the period. Millennium Management LLC owned 0.84% of DDR worth $27,695,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also modified their holdings of the company. Stevens Capital Management LP purchased a new stake in shares of DDR during the 2nd quarter valued at $359,000. SG Americas Securities LLC grew its stake in shares of DDR by 397.4% during the 2nd quarter. SG Americas Securities LLC now owns 115,895 shares of the real estate investment trust’s stock valued at $2,075,000 after buying an additional 92,593 shares during the period. Ironwood Investment Management LLC purchased a new stake in shares of DDR during the 2nd quarter valued at $401,000. Arrow Investment Advisors LLC purchased a new stake in shares of DDR during the 2nd quarter valued at $574,000. Finally, Tower Research Capital LLC TRC grew its stake in shares of DDR by 80.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 39,260 shares of the real estate investment trust’s stock valued at $703,000 after buying an additional 17,548 shares during the period. Institutional investors own 81.77% of the company’s stock.
In other news, Director Alexander Otto acquired 633,912 shares of the business’s stock in a transaction on Friday, June 29th. The shares were purchased at an average price of $17.89 per share, for a total transaction of $11,340,685.68. Following the acquisition, the director now directly owns 32,429,638 shares of the company’s stock, valued at approximately $580,166,223.82. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 17.60% of the company’s stock.
DDR (NYSE:DDR) last announced its quarterly earnings results on Wednesday, July 25th. The real estate investment trust reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates of $0.47 by $0.02. DDR had a negative net margin of 32.65% and a negative return on equity of 6.72%. The firm had revenue of $204.32 million during the quarter, compared to analysts’ expectations of $200.65 million. During the same period in the prior year, the company earned $0.59 EPS. The firm’s revenue was down 10.1% on a year-over-year basis. sell-side analysts expect that DDR Corp will post 1.63 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 10th. Shareholders of record on Wednesday, September 26th will be issued a $0.20 dividend. The ex-dividend date is Tuesday, September 25th. This represents a $0.80 dividend on an annualized basis and a yield of 6.01%. This is a positive change from DDR’s previous quarterly dividend of $0.19. DDR’s payout ratio is currently 64.41%.
Several brokerages have recently issued reports on DDR. Citigroup cut shares of DDR from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $16.00 to $15.00 in a research note on Friday, September 14th. Zacks Investment Research raised shares of DDR from a “strong sell” rating to a “hold” rating in a research note on Monday, September 3rd. Deutsche Bank cut shares of DDR from a “buy” rating to a “hold” rating and lowered their price objective for the company from $15.00 to $14.00 in a research note on Tuesday, August 28th. SunTrust Banks reaffirmed a “hold” rating and set a $14.00 price target on shares of DDR in a research report on Thursday, August 16th. Finally, ValuEngine raised shares of DDR from a “sell” rating to a “hold” rating in a research report on Thursday, August 2nd. Two investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and one has issued a buy rating to the company’s stock. DDR currently has a consensus rating of “Hold” and an average target price of $15.56.
DDR is an owner and manager of open-air shopping centers that provide a highly-compelling shopping experience and merchandise mix for retail partners and consumers. The Company is a self-administered and self-managed REIT operating as a fully integrated real estate company, and is publicly traded on the New York Stock Exchange under the ticker symbol DDR.
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