SITE Centers (NYSE:SITC) Reaches New 52-Week Low – Should You Sell?

SITE Centers Corp. (NYSE:SITC)’s stock price hit a new 52-week low during mid-day trading on Friday . The stock traded as low as $14.62 and last traded at $14.62, with a volume of 48749 shares trading hands. The stock had previously closed at $14.95.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Morgan Stanley increased their price target on SITE Centers from $56.00 to $57.00 and gave the company an “equal weight” rating in a research note on Monday, September 30th. StockNews.com started coverage on shares of SITE Centers in a research note on Wednesday, December 4th. They issued a “hold” rating for the company. Stifel Nicolaus upped their price target on shares of SITE Centers from $65.00 to $65.25 and gave the company a “buy” rating in a research note on Thursday, September 19th. Wells Fargo & Company downgraded shares of SITE Centers from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $68.00 to $19.00 in a research note on Wednesday, October 2nd. Finally, Compass Point cut their target price on SITE Centers from $64.00 to $17.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 15th. Eight research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $36.04.

SITE Centers Trading Down 1.3 %

The stock has a market cap of $773.87 million, a PE ratio of 1.08 and a beta of 1.61. The company’s fifty day moving average is $15.54 and its 200-day moving average is $85.39. The company has a debt-to-equity ratio of 0.12, a current ratio of 6.55 and a quick ratio of 6.55.

SITE Centers (NYSE:SITC) last released its quarterly earnings data 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. The business had revenue of $89.43 million during the quarter, compared to analyst estimates of $104.55 million. SITE Centers had a return on equity of 34.20% and a net margin of 164.10%. The company’s revenue was down 37.5% on a year-over-year basis. During the same quarter last year, the business posted $1.32 EPS. On average, analysts predict that SITE Centers Corp. will post 3.36 earnings per share for the current fiscal year.

Insider Buying and Selling at SITE Centers

In other news, EVP John M. Cattonar sold 8,794 shares of the business’s stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $15.22, for a total value of $133,844.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 sale, the chief executive officer now directly owns 136,008 shares in the company, valued at $2,093,163.12. This represents a 55.39 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 181,457 shares of company stock valued at $2,791,693. 10.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On SITE Centers

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SITC. Quarry LP raised its position in shares of SITE Centers by 503.9% during the 2nd quarter. Quarry LP now owns 3,424 shares of the company’s stock worth $50,000 after purchasing an additional 2,857 shares during the last quarter. Vestcor Inc acquired a new position in shares of SITE Centers during the third quarter valued at approximately $95,000. Evergreen Capital Management LLC purchased a new position in shares of SITE Centers in the second quarter valued at approximately $167,000. Neo Ivy Capital Management acquired a new stake in shares of SITE Centers in the third quarter worth approximately $202,000. Finally, Systematic Financial Management LP purchased a new stake in shares of SITE Centers during the third quarter worth approximately $203,000. 88.70% of the stock is owned by hedge funds and other institutional investors.

About SITE Centers

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.