SITE Centers (NYSE:SITC) Hits New 52-Week Low - Here's Why

Shares of SITE Centers Corp. (NYSE:SITC - Get Free Report) hit a new 52-week low during trading on Monday . The stock traded as low as $16.46 and last traded at $16.48, with a volume of 139964 shares trading hands. The stock had previously closed at $16.78.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Compass Point dropped their target price on shares of SITE Centers from $64.00 to $17.00 and set a "neutral" rating for the company in a report on Tuesday, October 15th. Piper Sandler upped their price objective on SITE Centers from $256.00 to $288.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 31st. KeyCorp reissued a "sector weight" rating on shares of SITE Centers in a research note on Monday, October 7th. Evercore ISI raised SITE Centers to a "hold" rating in a report on Wednesday, July 31st. Finally, StockNews.com started coverage on shares of SITE Centers in a report on Monday, October 7th. They set a "buy" rating for the company. Eight investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, SITE Centers presently has a consensus rating of "Hold" and an average price target of $97.18.

SITE Centers Stock Down 1.4 %

The company has a debt-to-equity ratio of 0.70, a quick ratio of 7.36 and a current ratio of 7.36. The firm has a market capitalization of $3.47 billion, a PE ratio of 16.22 and a beta of 1.64. The company has a fifty day moving average price of $61.67 and a 200-day moving average price of $171.56.

SITE Centers (NYSE:SITC - Get Free Report) last released its quarterly earnings results on Tuesday, July 30th. The company reported $17.76 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.84 by $13.92. SITE Centers had a net margin of 91.77% and a return on equity of 23.05%. The company had revenue of $113.48 million for the quarter, compared to the consensus estimate of $113.23 million. During the same quarter in the prior year, the firm earned $4.64 earnings per share. SITE Centers's revenue was down 16.5% on a year-over-year basis. As a group, analysts expect that SITE Centers Corp. will post 3.39 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in SITC. Chilton Capital Management LLC raised its position in SITE Centers by 384.0% during the first quarter. Chilton Capital Management LLC now owns 1,936 shares of the company's stock valued at $28,000 after purchasing an additional 1,536 shares during the period. Allspring Global Investments Holdings LLC purchased a new stake in SITE Centers during the 2nd quarter valued at $42,000. Quarry LP lifted 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 buying an additional 2,857 shares during the last quarter. O Shaughnessy Asset Management LLC purchased a new position in SITE Centers during the first quarter worth $147,000. Finally, Diversified Trust Co bought a new position in SITE Centers during the second quarter valued at $152,000. Institutional investors own 88.70% of the company's stock.

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.