Mackenzie Financial Corp Sells 336,736 Shares of Tricon Residential Inc. (NYSE:TCN)

Mackenzie Financial Corp reduced its position in Tricon Residential Inc. (NYSE:TCN) by 49.1% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 349,085 shares of the company’s stock after selling 336,736 shares during the period. Mackenzie Financial Corp owned 0.13% of Tricon Residential worth $3,179,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of TCN. Quantbot Technologies LP acquired a new position in shares of Tricon Residential during the third quarter worth $192,000. NewEdge Wealth LLC raised its stake in Tricon Residential by 12.5% in the fourth quarter. NewEdge Wealth LLC now owns 22,514 shares of the company’s stock valued at $205,000 after buying an additional 2,500 shares during the last quarter. Vanguard Personalized Indexing Management LLC boosted its holdings in Tricon Residential by 11.2% in the third quarter. Vanguard Personalized Indexing Management LLC now owns 32,548 shares of the company’s stock worth $241,000 after acquiring an additional 3,284 shares in the last quarter. Versor Investments LP purchased a new stake in shares of Tricon Residential during the third quarter worth about $502,000. Finally, Mariner LLC increased its holdings in shares of Tricon Residential by 19.8% during the third quarter. Mariner LLC now owns 108,116 shares of the company’s stock valued at $800,000 after acquiring an additional 17,897 shares in the last quarter. Hedge funds and other institutional investors own 62.28% of the company’s stock.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Raymond James reissued a “market perform” rating on shares of Tricon Residential in a research report on Monday, January 22nd. CIBC cut Tricon Residential from an “outperform” rating to a “tender” rating and lifted their price target for the stock from $10.00 to $11.25 in a research report on Monday, January 22nd. BMO Capital Markets downgraded Tricon Residential from an “outperform” rating to a “market perform” rating in a research note on Monday, January 22nd. Keefe, Bruyette & Woods raised their price objective on Tricon Residential from $9.50 to $11.25 and gave the stock a “market perform” rating in a research note on Monday, January 22nd. Finally, TD Securities lowered Tricon Residential from a “buy” rating to a “tender” rating and upped their target price for the company from $10.50 to $11.25 in a research report on Monday, January 22nd. Seven research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, Tricon Residential currently has a consensus rating of “Hold” and an average price target of $10.47.

Tricon Residential Price Performance

Shares of TCN opened at $11.05 on Tuesday. The company has a market capitalization of $3.28 billion, a price-to-earnings ratio of 38.10 and a beta of 1.43. Tricon Residential Inc. has a 52 week low of $6.53 and a 52 week high of $11.19. The stock’s 50-day moving average price is $11.11 and its 200-day moving average price is $9.44. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 1.41.

Tricon Residential (NYSE:TCN) last announced its quarterly earnings results on Tuesday, February 27th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.28). The company had revenue of $226.41 million during the quarter, compared to analyst estimates of $130.17 million. Tricon Residential had a net margin of 19.97% and a return on equity of 3.12%. On average, sell-side analysts predict that Tricon Residential Inc. will post 0.61 EPS for the current year.

Tricon Residential Company Profile

Tricon Residential Inc (NYSE: TCN, TSX: TCN) is an owner, operator and developer of a growing portfolio of approximately 38,000 single-family rental homes in the U.S. Sun Belt and multi-family apartments in Toronto, Canada. Our commitment to enriching the lives of our employees, residents and local communities underpins Tricon's culture and business philosophy.