The stock of Taubman Centers, Inc. (NYSE:TCO) gapped up by $1.5 today and has $92.00 target or 30.00% above today’s $70.77 share price. The 8 months technical chart setup indicates low risk for the $4.30B company. The gap was reported on Oct, 19 by Barchart.com. If the $92.00 price target is reached, the company will be worth $1.29B more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. The stock decreased 0.53% or $0.38 on October 7, hitting $70.77. Taubman Centers, Inc. (NYSE:TCO) has risen 3.67% since March 16, 2016 and is uptrending. It has underperformed by 1.87% the S&P500.
Analysts await Taubman Centers, Inc. (NYSE:TCO) to report earnings on October, 24. They expect $0.91 earnings per share, up 5.81% or $0.05 from last year’s $0.86 per share. TCO’s profit will be $55.29 million for 19.44 P/E if the $0.91 EPS becomes a reality. After $1.04 actual earnings per share reported by Taubman Centers, Inc. for the previous quarter, Wall Street now forecasts -12.50% negative EPS growth.
Taubman Centers, Inc. (NYSE:TCO) Ratings Coverage
Out of 11 analysts covering Taubman Centers Inc. (NYSE:TCO), 6 rate it a “Buy”, 1 “Sell”, while 4 “Hold”. This means 55% are positive. Taubman Centers Inc. has been the topic of 15 analyst reports since July 21, 2015 according to StockzIntelligence Inc. The firm has “Overweight” rating by KeyBanc Capital Markets given on Monday, September 14. The stock of Taubman Centers, Inc. (NYSE:TCO) earned “Outperform” rating by Cowen & Co on Wednesday, October 14. The rating was maintained by Evercore with “Buy” on Tuesday, September 8. The stock of Taubman Centers, Inc. (NYSE:TCO) earned “Underperform” rating by Jefferies on Tuesday, January 12. Raymond James initiated the stock with “Mkt Perform” rating in Friday, September 18 report. The firm has “Hold” rating given on Monday, November 16 by Evercore. The stock of Taubman Centers, Inc. (NYSE:TCO) earned “Neutral” rating by BTIG Research on Thursday, August 25. The stock has “Neutral” rating given by UBS on Thursday, September 29. The stock has “Outperform” rating given by Oppenheimer on Monday, August 24. The firm has “Overweight” rating by JP Morgan given on Thursday, December 17.
According to Zacks Investment Research, “TAUBMAN CENTERS, INC., a real estate investment trust, is the managing general partner of, and owns an interest in, The Taubman Realty Group Limited Partnership (TRG). TRG is an operating partnership that engages in the ownership, operation, management, leasing, acquisition, development, redevelopment, expansion, financing and refinancing of regional retail shopping centers and interest therein.”
Insitutional Activity: The institutional sentiment increased to 1.18 in 2016 Q2. Its up 0.04, from 1.14 in 2016Q1. The ratio improved, as 23 funds sold all Taubman Centers, Inc. shares owned while 80 reduced positions. 24 funds bought stakes while 98 increased positions. They now own 58.01 million shares or 4.06% more from 55.75 million shares in 2016Q1.
The Florida-based State Board Of Administration Of Florida Retirement System has invested 0.02% in Taubman Centers, Inc. (NYSE:TCO). Security Cap And Mngmt Incorporated accumulated 14,150 shares or 0.04% of the stock. Amalgamated National Bank & Trust has 9,101 shares for 0.04% of their US portfolio. Deutsche Commercial Bank Ag owns 224,389 shares or 0.01% of their US portfolio. Legal And General Grp Inc Public Ltd Com last reported 0.01% of its portfolio in the stock. Guggenheim Capital Limited Liability Company has invested 0.01% of its portfolio in Taubman Centers, Inc. (NYSE:TCO). Dimensional Fund Advisors Limited Partnership accumulated 0.04% or 827,992 shares. Aqr Cap Management Llc, a Connecticut-based fund reported 30,161 shares. Ray Gerald L & Assoc Ltd reported 10,000 shares or 0.12% of all its holdings. Manufacturers Life The reported 81,534 shares or 0.01% of all its holdings. Meag Munich Ergo Kapitalanlagegesellschaft Mbh has 112,200 shares for 0.75% of their US portfolio. Stevens Capital Ltd Partnership last reported 0.17% of its portfolio in the stock. Kbc Gru Nv reported 24,172 shares or 0.03% of all its holdings. Apg Asset Management Us Inc, a New York-based fund reported 3.79 million shares. Janus Capital Llc has 7,359 shares for 0% of their US portfolio.
Insider Transactions: Since June 3, 2016, the stock had 0 buys, and 1 insider sale for $55,628 net activity. Wolff David A. also sold $55,628 worth of Taubman Centers, Inc. (NYSE:TCO) shares.
More recent Taubman Centers, Inc. (NYSE:TCO) news were published by: Wsj.com which released: “Investor Land & Buildings Calls on Taubman Centers to Tighten Up or Explore Sale” on October 18, 2016. Also Bloomberg.com published the news titled: “Forget Beijing: Mall Owner Taubman Likes Second Cities” on October 13, 2015. Seekingalpha.com‘s news article titled: “REIT Focus: Taubman Centers, Inc.” with publication date: November 16, 2015 was also an interesting one.
TCO Company Profile
Taubman Centers, Inc., incorporated on November 21, 1973, is a self-administered and self-managed real estate investment trust (REIT). The Company’s segment is focused on owning, developing and managing regional shopping centers. The Taubman Realty Group Limited Partnership (TRG) is a partnership subsidiary of the Company that owns direct or indirect interests in all of its real estate properties. The Firm owns, leases, acquires, disposes of, develops, expands and manages regional and super-regional shopping centers and interests therein. The Company’s portfolio of operating centers consists of approximately 19 urban and suburban shopping centers in over 10 states and Puerto Rico. The consolidated businesses consist of shopping centers and entities that are controlled by ownership or contractual agreements, The Taubman Company LLC (Manager), and Taubman Properties Asia LLC and its subsidiaries (Taubman Asia).
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