SITE Centers (NYSE:SITC) Sets New 12-Month Low - Time to Sell?

SITE Centers Corp. (NYSE:SITC - Get Free Report) reached a new 52-week low during trading on Wednesday . The company traded as low as $14.53 and last traded at $14.61, with a volume of 201472 shares traded. The stock had previously closed at $14.78.

Analyst Upgrades and Downgrades

SITC has been the topic of a number of research analyst reports. Citigroup reduced their price objective on SITE Centers from $18.00 to $16.00 and set a "neutral" rating on the stock in a report on Monday, December 9th. Wells Fargo & Company reduced their price objective on SITE Centers from $17.50 to $17.00 and set an "equal weight" rating on the stock in a report on Wednesday, January 29th. Piper Sandler reduced their price objective on SITE Centers from $23.00 to $20.00 and set an "overweight" rating on the stock in a report on Monday, November 4th. Finally, StockNews.com assumed coverage on SITE Centers in a report on Wednesday, December 4th. They set a "hold" rating on the stock. Eight investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $35.75.

SITE Centers Stock Performance

The stock has a 50-day moving average price of $15.10 and a 200 day moving average price of $39.45. The company has a market cap of $766.79 million, a price-to-earnings ratio of 1.07 and a beta of 1.60. The company has a debt-to-equity ratio of 0.12, a current ratio of 6.55 and a quick ratio of 6.55.

Insider Buying and Selling

In other news, EVP John M. Cattonar sold 8,794 shares of the stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $15.22, for a total value of $133,844.68. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO David R. Lukes sold 168,895 shares of the company's stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $15.39, for a total transaction of $2,599,294.05. Following the completion of the transaction, the chief executive officer now owns 136,008 shares in the company, valued at $2,093,163.12. This trade represents a 55.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 181,457 shares of company stock worth $2,791,693. 10.10% of the stock is owned by insiders.

Institutional Investors Weigh In On SITE Centers

A number of hedge funds have recently made changes to their positions in SITC. Two Sigma Advisers LP raised its holdings in SITE Centers by 543.6% in the 4th quarter. Two Sigma Advisers LP now owns 73,053 shares of the company's stock valued at $1,117,000 after buying an additional 61,703 shares during the last quarter. Two Sigma Investments LP acquired a new stake in SITE Centers in the 4th quarter valued at $4,340,000. Tidal Investments LLC purchased a new position in SITE Centers during the 4th quarter worth $504,000. Rush Island Management LP boosted its holdings in SITE Centers by 161.0% during the 4th quarter. Rush Island Management LP now owns 1,582,301 shares of the company's stock worth $24,193,000 after acquiring an additional 976,110 shares during the last quarter. Finally, ProShare Advisors LLC raised its stake in shares of SITE Centers by 44.5% during the 4th quarter. ProShare Advisors LLC now owns 14,307 shares of the company's stock worth $219,000 after purchasing an additional 4,405 shares during the period. 88.70% of the stock is currently owned by institutional investors and hedge funds.

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.