IRSA Propiedades Comerciales (NASDAQ:IRCP) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of IRSA Propiedades Comerciales (NASDAQ:IRCP) from a sell rating to a hold rating in a research note released on Wednesday morning, Zacks.com reports.

According to Zacks, “IRSA Propiedades Comerciales S.A. is a real estate company which focused on the acquisition, development, administration and operation of shopping centres and office buildings. IRSA Propiedades Comerciales SA, formerly known as Alto Palermo SA, is based in Argentina. “

Separately, ValuEngine downgraded Intersect ENT from a buy rating to a hold rating in a research note on Monday, July 8th.

IRCP stock opened at $21.00 on Wednesday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 4.35 and a current ratio of 4.36. The company has a 50 day moving average of $19.82. The company has a market capitalization of $663.16 million, a P/E ratio of 2.95 and a beta of 0.56. IRSA Propiedades Comerciales has a twelve month low of $16.82 and a twelve month high of $37.00.

IRSA Propiedades Comerciales (NASDAQ:IRCP) last posted its quarterly earnings results on Thursday, May 9th. The financial services provider reported ($0.32) earnings per share for the quarter. The company had revenue of $51.49 million during the quarter. IRSA Propiedades Comerciales had a net margin of 121.57% and a return on equity of 15.59%. On average, equities analysts forecast that IRSA Propiedades Comerciales will post -2.14 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently modified their holdings of IRCP. Macquarie Group Ltd. bought a new position in shares of IRSA Propiedades Comerciales during the 4th quarter worth approximately $1,010,000. VR Advisory Services Ltd bought a new position in shares of IRSA Propiedades Comerciales during the 4th quarter worth approximately $932,000. 683 Capital Management LLC boosted its stake in shares of IRSA Propiedades Comerciales by 76.8% during the 4th quarter. 683 Capital Management LLC now owns 72,050 shares of the financial services provider’s stock worth $1,299,000 after acquiring an additional 31,303 shares during the period. Finally, BlackRock Inc. bought a new position in shares of IRSA Propiedades Comerciales during the 4th quarter worth approximately $74,000. Institutional investors own 5.73% of the company’s stock.

About IRSA Propiedades Comerciales

IRSA Propiedades Comerciales SA operates as an investment arm of IRSA Inversiones y Representaciones SA Alto Palermo SA engages in the ownership, acquisition, development, leasing, management, and operation of shopping centers, as well as residential and commercial complexes in Argentina. As of June 30, 2007, it owned and operated ten shopping centers covering a total of 264,995 square meters in Argentina, including six in the Buenos Aires metropolitan area and four in the provinces of Cordoba, Mendoza, Salta, and Santa Fe; and a condominium called Torres de Abasto located in front of the Abasto Shopping Center in Buenos Aires.

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