Fmr LLC Sells 16,775,706 Shares of SITE Centers Corp. (NYSE:SITC)

FMR LLC lowered its stake in shares of SITE Centers Corp. (NYSE:SITC - Free Report) by 68.3% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. 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 Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Allspring Global Investments Holdings LLC acquired a new position in shares of SITE Centers in the 2nd quarter worth approximately $42,000. Quarry LP lifted its stake in 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 during the last quarter. AlphaMark Advisors LLC acquired a new position in SITE Centers in the third quarter worth $319,000. Landscape Capital Management L.L.C. acquired a new stake in shares of SITE Centers during the third quarter worth $319,000. Finally, Los Angeles Capital Management LLC acquired a new stake in shares of SITE Centers during the third quarter worth $355,000. Institutional investors own 88.70% of the company's stock.

Analysts Set New Price Targets

SITC has been the subject of several recent research reports. Wells Fargo & Company lowered SITE Centers from an "overweight" rating to an "equal weight" rating and lowered their target price for the company from $68.00 to $19.00 in a report on Wednesday, October 2nd. Stifel Nicolaus increased their target price on SITE Centers from $65.00 to $65.25 and gave the stock a "buy" rating in a research report on Thursday, September 19th. KeyCorp reiterated a "sector weight" rating on shares of SITE Centers in a research note on Monday, October 7th. StockNews.com started coverage on shares of SITE Centers in a research report on Tuesday. They set a "buy" rating for the company. Finally, Compass Point cut their price objective on shares of 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 equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $58.89.

SITE Centers Price Performance

NYSE:SITC traded down $0.11 during trading hours on Friday, reaching $15.52. 506,522 shares of the company's stock were exchanged, compared to its average volume of 692,868. The company has a quick ratio of 6.55, a current ratio of 6.55 and a debt-to-equity ratio of 0.12. The company has a market capitalization of $813.71 million, a P/E ratio of 1.14 and a beta of 1.62. SITE Centers Corp. has a 12 month low of $15.43 and a 12 month high of $64.44. The business's 50-day simple moving average is $21.66 and its two-hundred day simple moving average is $130.41.

SITE Centers (NYSE:SITC - Get Free Report) last announced its earnings results on Wednesday, October 30th. The company reported $6.07 EPS for the quarter, beating the consensus estimate of $0.87 by $5.20. The business had revenue of $89.43 million during the quarter, compared to the consensus estimate of $104.55 million. SITE Centers had a return on equity of 34.20% and a net margin of 164.10%. SITE Centers's revenue was down 37.5% compared to the same quarter last year. During the same period in the prior year, the business posted $1.32 earnings per share. Sell-side analysts expect that SITE Centers Corp. will post 2.9 EPS for the current fiscal year.

SITE Centers Company Profile

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.