Notable Price Action: Does Mack Cali Realty Corp Have Any Gas After Today’s Gap Down?

Notable Price Action: Does Mack Cali Realty Corp Have Any Gas After Today's Gap Down?

The stock of Mack Cali Realty Corp (NYSE:CLI) gapped down by $0.15 today and has $24.25 target or 8.00% below today’s $26.36 share price. The 6 months technical chart setup indicates high risk for the $2.36B company. The gap down was reported on Oct, 4 by Barchart.com. If the $24.25 price target is reached, the company will be worth $188.80 million less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. The stock decreased 2.62% or $0.71 on October 3, hitting $26.36. Mack Cali Realty Corp (NYSE:CLI) has risen 26.25% since March 1, 2016 and is uptrending. It has outperformed by 14.03% the S&P500.

Analysts await Mack Cali Realty Corp (NYSE:CLI) to report earnings on October, 26. They expect $0.53 EPS, up 3.92% or $0.02 from last year’s $0.51 per share. CLI’s profit will be $47.45M for 12.43 P/E if the $0.53 EPS becomes a reality. After $0.55 actual EPS reported by Mack Cali Realty Corp for the previous quarter, Wall Street now forecasts -3.64% negative EPS growth.

Mack Cali Realty Corp (NYSE:CLI) Ratings Coverage

Out of 8 analysts covering Mack Cali Realty Corp (NYSE:CLI), 3 rate it a “Buy”, 1 “Sell”, while 4 “Hold”. This means 38% are positive. Mack Cali Realty Corp has been the topic of 22 analyst reports since August 14, 2015 according to StockzIntelligence Inc. The rating was maintained by Evercore on Tuesday, September 8 with “Hold”. Zacks upgraded the shares of CLI in a report on Monday, August 17 to “Hold” rating. The stock has “Buy” rating given by Stifel Nicolaus on Monday, January 18. The firm has “Hold” rating given on Monday, March 21 by Deutsche Bank. The rating was maintained by Deutsche Bank with “Hold” on Monday, May 16. The firm has “Buy” rating by Evercore given on Monday, September 19. BTIG Research initiated the stock with “Neutral” rating in Thursday, August 25 report. Zacks upgraded Mack Cali Realty Corp (NYSE:CLI) on Monday, August 24 to “Hold” rating. The rating was downgraded by Zacks to “Buy” on Friday, August 14. The stock has “Hold” rating given by Deutsche Bank on Monday, July 18.

According to Zacks Investment Research, “Mack-Cali Realty Corp. is a fully-integrated, self-administered and self-managed real estate investment trust that owns and operates a portfolio comprised predominantly of Class A office and office/flex properties located primarily in the Northeast, as well as commercial real estate leasing, management, acquisition, development and construction businesses.”

Insitutional Activity: The institutional sentiment increased to 1.11 in Q2 2016. Its up 0.08, from 1.03 in 2016Q1. The ratio is positive, as 16 funds sold all Mack Cali Realty Corp shares owned while 74 reduced positions. 27 funds bought stakes while 73 increased positions. They now own 91.82 million shares or 0.03% less from 91.84 million shares in 2016Q1.
Mutual Of America Capital Mgmt Limited Company reported 68,442 shares or 0.04% of all its holdings. Creative Planning accumulated 575 shares or 0% of the stock. Nomura Asset Mngmt Ltd, a Japan-based fund reported 57,400 shares. Cap Fund Management Sa accumulated 8,900 shares or 0% of the stock. Paloma Prtnrs has 0.01% invested in the company for 34,469 shares. Advantus Capital reported 10,856 shares or 0.01% of all its holdings. Moreover, Sei Invests Com has 0.06% invested in Mack Cali Realty Corp (NYSE:CLI) for 348,886 shares. Citigroup Inc, a New York-based fund reported 21,119 shares. Gerstein Fisher, a New York-based fund reported 27,778 shares. Susquehanna International Llp has invested 0% of its portfolio in Mack Cali Realty Corp (NYSE:CLI). Lsv Asset Mngmt last reported 0.22% of its portfolio in the stock. Numeric Investors Ltd Liability Co has 0.17% invested in the company for 704,959 shares. Private Advisor Grp Ltd Co holds 15,942 shares or 0.02% of its portfolio. State Treasurer State Of Michigan holds 0.01% or 36,000 shares in its portfolio. Advsrs Asset Mngmt Inc has 0% invested in the company for 2,400 shares.

More notable recent Mack Cali Realty Corp (NYSE:CLI) news were published by: Forbes.com which released: “Ex-Dividend Reminder: The Gap, Brixmor Property Group and Mack Cali Realty” on September 29, 2016, also Therealdeal.com with their article: “Mack-Cali to buy back $250M in debt, refi 101 Hudson in JC” published on September 12, 2016, Prnewswire.com published: “Mack-Cali Realty Corporation Announces Change To Board Of Directors” on September 27, 2016. More interesting news about Mack Cali Realty Corp (NYSE:CLI) were released by: Prnewswire.com and their article: “Mack-Cali Realty Corporation Announces Investor And Analyst Day” published on September 06, 2016 as well as Wsj.com‘s news article titled: “Mack-Cali Selling Office Buildings in New York, Washington, DC” with publication date: March 14, 2016.

CLI Company Profile

Mack-Cali Realty Corporation, incorporated on May 24, 1994, is a self-administered and self-managed real estate investment trust (REIT). The Firm owns and operates a real estate portfolio of Class A office and office/flex properties located primarily in the Northeast. The Company’s divisions include commercial and other real estate, multi-family real estate, multi-family services, and corporate & other. It provides leasing, property management, acquisition, development, construction and tenant-related services for its commercial and other real estate, and multi-family real estate portfolio. It is engaged in real estate leasing, management, acquisition, development and construction services on an in-house basis. The Firm owns or has interests in approximately 270 properties, consisting of approximately 150 office and over 110 flex properties, totaling approximately 29.9 million square feet, leased to approximately 1,900 commercial tenants and over 20 multi-family rental properties containing approximately 5,640 residential units, plus developable land (collectively, the Properties). The properties are located in over seven states, primarily in the Northeast and the District of Columbia.

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