Renaissance Technologies LLC purchased a new stake in Taubman Centers, Inc. (NYSE:TCO) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 67,300 shares of the real estate investment trust’s stock, valued at approximately $3,955,000. Renaissance Technologies LLC owned 0.11% of Taubman Centers at the end of the most recent reporting period.
Other large investors also recently made changes to their positions in the company. Dimensional Fund Advisors LP increased its holdings in shares of Taubman Centers by 1.4% in the first quarter. Dimensional Fund Advisors LP now owns 964,114 shares of the real estate investment trust’s stock worth $54,868,000 after acquiring an additional 13,436 shares in the last quarter. GSA Capital Partners LLP bought a new stake in shares of Taubman Centers in the first quarter worth about $254,000. OppenheimerFunds Inc. increased its holdings in shares of Taubman Centers by 15.9% in the first quarter. OppenheimerFunds Inc. now owns 19,929 shares of the real estate investment trust’s stock worth $1,134,000 after acquiring an additional 2,733 shares in the last quarter. Guggenheim Capital LLC increased its holdings in shares of Taubman Centers by 172.6% in the first quarter. Guggenheim Capital LLC now owns 26,208 shares of the real estate investment trust’s stock worth $1,493,000 after acquiring an additional 16,594 shares in the last quarter. Finally, Millennium Management LLC increased its holdings in shares of Taubman Centers by 160.6% in the first quarter. Millennium Management LLC now owns 349,047 shares of the real estate investment trust’s stock worth $19,864,000 after acquiring an additional 215,112 shares in the last quarter.
In related news, Director Jonathan Litt purchased 1,000 shares of Taubman Centers stock in a transaction that occurred on Thursday, November 1st. The stock was purchased at an average cost of $55.21 per share, with a total value of $55,210.00. Following the completion of the transaction, the director now owns 2,653 shares of the company’s stock, valued at approximately $146,472.13. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 31.20% of the company’s stock.
Shares of NYSE:TCO traded down $0.61 during mid-day trading on Friday, reaching $55.01. 348,399 shares of the stock were exchanged, compared to its average volume of 625,432. Taubman Centers, Inc. has a one year low of $50.24 and a one year high of $66.61. The company has a market cap of $3.37 billion, a PE ratio of 14.87, a PEG ratio of 3.79 and a beta of 0.64.
Taubman Centers (NYSE:TCO) last issued its quarterly earnings results on Monday, October 29th. The real estate investment trust reported $0.34 EPS for the quarter, missing the consensus estimate of $0.86 by ($0.52). Taubman Centers had a net margin of 14.42% and a negative return on equity of 45.76%. The company had revenue of $159.12 million for the quarter, compared to analyst estimates of $159.68 million. During the same period last year, the company posted $0.83 earnings per share. The business’s revenue for the quarter was up 3.9% on a year-over-year basis. On average, research analysts anticipate that Taubman Centers, Inc. will post 3.8 EPS for the current year.
Several brokerages have issued reports on TCO. Zacks Investment Research upgraded Taubman Centers from a “sell” rating to a “hold” rating in a report on Thursday, September 6th. Jefferies Financial Group restated a “hold” rating and issued a $63.00 price target on shares of Taubman Centers in a report on Wednesday, September 5th. Citigroup increased their price objective on Taubman Centers from $61.00 to $66.00 and gave the stock a “neutral” rating in a report on Thursday, August 9th. Evercore ISI downgraded Taubman Centers from an “in-line” rating to an “underperform” rating and set a $63.00 price objective for the company. in a report on Monday, September 10th. They noted that the move was a valuation call. Finally, Bank of America increased their price objective on Taubman Centers from $60.00 to $66.00 and gave the stock a “neutral” rating in a report on Monday, August 13th. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $62.31.
About Taubman Centers
Taubman Centers is an S&P MidCap 400 Real Estate Investment Trust engaged in the ownership, management and/or leasing of 26 regional, super-regional and outlet shopping centers in the U.S. and Asia. Taubman's U.S.-owned properties are the most productive in the publicly held U.S. regional mall industry.
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