SITE Centers Corp. (NYSE:SITC) Shares Sold by Fmr LLC

Fmr LLC reduced its holdings in shares of SITE Centers Corp. (NYSE:SITC) by 68.3% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 7,777,956 shares of the company’s stock after selling 16,775,706 shares during the quarter. Fmr LLC owned approximately 14.83% of SITE Centers worth $470,566,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the business. Allspring Global Investments Holdings LLC acquired a new stake in SITE Centers during the 2nd quarter worth $42,000. Quarry LP increased its position in shares of SITE Centers by 503.9% during the second quarter. Quarry LP now owns 3,424 shares of the company’s stock worth $50,000 after purchasing an additional 2,857 shares in the last quarter. AlphaMark Advisors LLC purchased a new stake in shares of SITE Centers in the 3rd quarter valued at about $319,000. Landscape Capital Management L.L.C. acquired a new stake in shares of SITE Centers in the 3rd quarter valued at about $319,000. Finally, Los Angeles Capital Management LLC purchased a new position in SITE Centers during the 3rd quarter worth approximately $355,000. Hedge funds and other institutional investors own 88.70% of the company’s stock.

SITE Centers Stock Performance

NYSE SITC opened at $15.52 on Friday. The stock has a market capitalization of $813.71 million, a price-to-earnings ratio of 1.14 and a beta of 1.62. The business’s 50 day moving average is $21.66 and its two-hundred day moving average is $131.05. SITE Centers Corp. has a 12-month low of $15.43 and a 12-month high of $64.44. The company has a current ratio of 6.55, a quick ratio of 6.55 and a debt-to-equity ratio of 0.12.

SITE Centers (NYSE:SITC) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $6.07 earnings per share for the quarter, topping analysts’ consensus estimates of $0.87 by $5.20. The firm had revenue of $89.43 million for 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%. SITE Centers’s quarterly revenue was down 37.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.32 earnings per share. Research analysts expect that SITE Centers Corp. will post 2.9 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Piper Sandler reduced their price objective on SITE Centers from $23.00 to $20.00 and set an “overweight” rating for the company in a research note on Monday, November 4th. Truist Financial raised their price objective on shares of SITE Centers from $56.00 to $58.00 and gave the stock a “hold” rating in a research report on Wednesday, August 28th. Wells Fargo & Company downgraded shares of SITE Centers from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $68.00 to $19.00 in a research note on Wednesday, October 2nd. Morgan Stanley increased their price objective on SITE Centers from $56.00 to $57.00 and gave the stock an “equal weight” rating in a research report on Monday, September 30th. Finally, KeyCorp reiterated a “sector weight” rating on shares of SITE Centers in a research note on Monday, October 7th. Eight investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $58.89.

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.