Millennium Management LLC Reduces Position in National Retail Properties, Inc. (NYSE:NNN)

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Millennium Management LLC trimmed its position in shares of National Retail Properties, Inc. (NYSE:NNN) by 35.2% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,016,712 shares of the real estate investment trust’s stock after selling 553,246 shares during the period. Millennium Management LLC owned approximately 0.65% of National Retail Properties worth $44,695,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in NNN. Prudential Financial Inc. raised its stake in National Retail Properties by 12.9% in the first quarter. Prudential Financial Inc. now owns 168,323 shares of the real estate investment trust’s stock valued at $6,608,000 after buying an additional 19,180 shares in the last quarter. Robeco Institutional Asset Management B.V. grew its holdings in shares of National Retail Properties by 284.4% during the first quarter. Robeco Institutional Asset Management B.V. now owns 7,496 shares of the real estate investment trust’s stock worth $294,000 after purchasing an additional 5,546 shares during the last quarter. Schwab Charles Investment Management Inc. grew its holdings in shares of National Retail Properties by 10.9% during the first quarter. Schwab Charles Investment Management Inc. now owns 652,389 shares of the real estate investment trust’s stock worth $25,613,000 after purchasing an additional 64,142 shares during the last quarter. Thrivent Financial for Lutherans grew its holdings in shares of National Retail Properties by 42.3% during the first quarter. Thrivent Financial for Lutherans now owns 121,765 shares of the real estate investment trust’s stock worth $4,781,000 after purchasing an additional 36,172 shares during the last quarter. Finally, Neuberger Berman Group LLC grew its holdings in shares of National Retail Properties by 22.2% during the first quarter. Neuberger Berman Group LLC now owns 333,052 shares of the real estate investment trust’s stock worth $13,179,000 after purchasing an additional 60,499 shares during the last quarter. Institutional investors and hedge funds own 90.84% of the company’s stock.

Shares of NNN stock traded up $0.02 during midday trading on Friday, reaching $43.26. 1,066,148 shares of the company traded hands, compared to its average volume of 1,033,181. National Retail Properties, Inc. has a 1-year low of $36.25 and a 1-year high of $46.44. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 0.78. The company has a market cap of $7.04 billion, a price-to-earnings ratio of 17.03, a PEG ratio of 3.63 and a beta of 0.18.

National Retail Properties (NYSE:NNN) last issued its quarterly earnings data on Wednesday, August 1st. The real estate investment trust reported $0.40 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.66 by ($0.26). National Retail Properties had a return on equity of 9.50% and a net margin of 50.66%. The company had revenue of $155.50 million for the quarter, compared to analyst estimates of $154.12 million. During the same quarter in the prior year, the firm earned $0.64 earnings per share. The company’s revenue for the quarter was up 6.8% on a year-over-year basis. Sell-side analysts forecast that National Retail Properties, Inc. will post 2.68 earnings per share for the current fiscal year.

In related news, insider Christopher Paul Tessitore sold 10,000 shares of the company’s stock in a transaction on Wednesday, September 5th. The shares were sold at an average price of $45.99, for a total transaction of $459,900.00. Following the completion of the sale, the insider now directly owns 108,686 shares of the company’s stock, valued at approximately $4,998,469.14. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Julian E. Whitehurst sold 26,130 shares of the company’s stock in a transaction on Thursday, August 30th. The stock was sold at an average price of $46.06, for a total transaction of $1,203,547.80. Following the sale, the chief executive officer now directly owns 329,403 shares of the company’s stock, valued at $15,172,302.18. The disclosure for this sale can be found here. Insiders have sold a total of 54,685 shares of company stock valued at $2,511,863 over the last 90 days. Insiders own 0.78% of the company’s stock.

NNN has been the topic of a number of research reports. Zacks Investment Research raised National Retail Properties from a “hold” rating to a “buy” rating and set a $49.00 price target on the stock in a report on Wednesday, July 4th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $46.00 price objective on shares of National Retail Properties in a report on Wednesday, August 1st. B. Riley lifted their price objective on National Retail Properties from $45.00 to $48.00 and gave the company a “buy” rating in a report on Thursday, August 2nd. Citigroup lifted their price objective on National Retail Properties from $41.00 to $44.00 and gave the company a “neutral” rating in a report on Thursday, August 2nd. Finally, Janney Montgomery Scott lowered National Retail Properties from a “buy” rating to a “neutral” rating in a report on Monday, August 6th. One research analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company. National Retail Properties presently has an average rating of “Buy” and an average target price of $46.75.

National Retail Properties Profile

National Retail Properties invests primarily in high-quality retail properties subject generally to long term, net leases. As of June 30, 2018, the company owned 2,846 properties in 48 states with a gross leasable area of approximately 29.4 million square feet and with a weighted average remaining lease term of 11.5 years.

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Institutional Ownership by Quarter for National Retail Properties (NYSE:NNN)

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