SITE Centers (NYSE:SITC) Sets New 1-Year Low – Time to Sell?

Shares of SITE Centers Corp. (NYSE:SITC) reached a new 52-week low during mid-day trading on Wednesday . The company traded as low as $15.25 and last traded at $15.27, with a volume of 569607 shares. The stock had previously closed at $15.37.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on SITC shares. Stifel Nicolaus upped their price target on SITE Centers from $65.00 to $65.25 and gave the stock a “buy” rating in a research report on Thursday, September 19th. KeyCorp restated a “sector weight” rating on shares of SITE Centers in a report on Monday, October 7th. Citigroup decreased their target price on shares of SITE Centers from $18.00 to $16.00 and set a “neutral” rating for the company in a research report on Monday. StockNews.com assumed coverage on shares of SITE Centers in a research report on Wednesday, December 4th. They set a “hold” rating on the stock. Finally, Compass Point decreased their price objective on SITE Centers from $64.00 to $17.00 and set a “neutral” rating for the company in a report on Tuesday, October 15th. Nine research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $36.04.

SITE Centers Trading Up 0.2 %

The firm has a 50 day moving average of $16.27 and a 200-day moving average of $117.84. The company has a quick ratio of 6.55, a current ratio of 6.55 and a debt-to-equity ratio of 0.12. The firm has a market capitalization of $818.43 million, a P/E ratio of 1.14 and a beta of 1.61.

SITE Centers (NYSE:SITC) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $6.07 earnings per share for the quarter, beating analysts’ consensus estimates of $0.87 by $5.20. SITE Centers had a net margin of 164.10% and a return on equity of 34.20%. The company had revenue of $89.43 million for the quarter, compared to the consensus estimate of $104.55 million. During the same period last year, the company posted $1.32 EPS. The firm’s quarterly revenue was down 37.5% compared to the same quarter last year. On average, equities research analysts predict that SITE Centers Corp. will post 3.36 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO David R. Lukes sold 168,895 shares of SITE Centers stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $15.39, for a total transaction of $2,599,294.05. Following the completion of the transaction, the chief executive officer now owns 136,008 shares of the company’s stock, valued at $2,093,163.12. This trade represents a 55.39 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 10.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On SITE Centers

Several institutional investors have recently made changes to their positions in the stock. Vestcor Inc purchased a new stake in shares of SITE Centers in the third quarter worth approximately $95,000. Allspring Global Investments Holdings LLC purchased a new position in SITE Centers in the second quarter worth $42,000. Neo Ivy Capital Management bought a new position in SITE Centers in the 3rd quarter valued at $202,000. Systematic Financial Management LP bought a new stake in shares of SITE Centers during the 3rd quarter worth $203,000. Finally, Quarry LP raised its position in SITE Centers by 503.9% in the second quarter. Quarry LP now owns 3,424 shares of the company’s stock worth $50,000 after acquiring an additional 2,857 shares during the period. Institutional investors and hedge funds own 88.70% of the company’s stock.

SITE Centers Company Profile

SITE Centers is an owner and manager of open-air shopping centers located in suburban, high household income communities. 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 SITC.