Mack Cali Realty Corp (NYSE:CLI)
June 12th, 2019
Amidst falling markets Mack Cali Realty Corp closed Wednesday up 3.38%, a $0.79 increase to close on $24.15. As well as rising, CLI closed the day setting a new 52 week record. Furthermore it hit a new 52 week high of $24.15. Be aware that the Altman Z-Score1 (An indicator of the probability for a 2-year bankruptcy) is below the recommended threshold of 1.8%, and calculated to be 0.65.
CLI outperformed the rest of the Real Estate sector which went up 0.26% today.
Results from 8 analysts points to the possibility that Mack Cali Realty Corp might decline somewhat (-3.85%), while Finbox has calculated (with very high uncertainty) a fair value price of $22.36.
The market sectors were mixed Wednesday with a majority of the sectors trending up. Utilities saw the biggest increase of the day (1.33%), while the Energy sector saw the biggest drop (-1.44%). Information Technology has seen the biggest year-to-date gain of 23.77%.
Energy and Financials both saw turn-arounds from their five day positive performances with Energy dropping -1.44%.
- Utilities, up 1.33%.
- Healthcare, up 0.51%.
- Materials, up 0.31%.
- Real Estate, up 0.26%.
- Industrials, up 0.20%.
- Consumer Staples, up 0.04%.
- Consumer Discretionary, down -0.11%.
- Communication Services, down -0.28%.
- Information Technology, down -0.58%.
- Financials, down -0.95%.
- Energy, down -1.44%.
Mack Cali Realty Corp Info
One of the country’s leading real estate investment trusts (REITs), Mack-Cali Realty Corporation is an owner, manager and developer of premier office and multifamily properties in select waterfront and transit-oriented markets throughout the Northeast. Mack-Cali is headquartered in Jersey City, New Jersey, and is the visionary behind the city’s flourishing waterfront, where the company is leading development, improvement and place-making initiatives for Harborside, a master-planned destination comprised of class A office, luxury apartments, diverse retail and restaurants, and public spaces. A fully-integrated and self-managed company, Mack-Cali has provided world-class management, leasing, and development services throughout New Jersey and the surrounding region for two decades. By regularly investing in its properties and innovative lifestyle amenity packages, Mack-Cali creates environments that empower tenants and residents to reimagine the way they work and live.
All amounts in USD unless otherwise indicated
(1) The Altman Z-Score calculation was first published in 1968 by Edward I. Altman, and is used for predicting the probability that a firm will go into bankruptcy within two years. An Altman Z-Score below 1.8 (Remember that Mack Cali Realty Corp’s score is 0.65) is the trigger to be alert for this situation. Some analysts believe this score is less relevant for some companies, in particular companies operating to accumulate users that may run at huge losses to scale up.
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