Macy’s Inc. (NYSE:M) dropped 5.5% on Tuesday . The stock traded as low as $33.30 and last traded at $33.37, with a volume of 5,088,539 shares traded. The stock had previously closed at $35.32.

M has been the subject of several recent analyst reports. Royal Bank Of Canada initiated coverage on Macy’s in a research note on Tuesday, May 3rd. They set a “sector perform” rating and a $42.00 target price for the company. Cowen and Company reaffirmed a “market perform” rating on shares of Macy’s in a research report on Saturday, June 25th. Vetr raised Macy’s from a “buy” rating to a “strong-buy” rating and set a $35.84 price target on the stock in a research report on Monday, June 27th. Goldman Sachs Group Inc. reaffirmed a “neutral” rating and set a $34.00 price target on shares of Macy’s in a research report on Monday. Finally, Northcoast Research lowered Macy’s from a “buy” rating to a “neutral” rating in a research report on Thursday, May 12th. Two equities research analysts have rated the stock with a sell rating, twenty-two have assigned a hold rating and seven have issued a buy rating to the company. Macy’s has an average rating of “Hold” and an average price target of $43.75.

The firm has a market capitalization of $10.10 billion and a PE ratio of 10.70. The company’s 50-day moving average is $34.05 and its 200-day moving average is $38.05.

Macy’s (NYSE:M) last released its earnings results on Wednesday, May 11th. The company reported $0.40 earnings per share for the quarter, topping analysts’ consensus estimates of $0.39 by $0.01. During the same period last year, the business earned $0.56 earnings per share. The firm had revenue of $5.77 billion for the quarter, compared to analyst estimates of $5.97 billion. The firm’s quarterly revenue was down 7.4% compared to the same quarter last year. Equities research analysts predict that Macy’s Inc. will post $3.26 EPS for the current fiscal year.

Several hedge funds have modified their holdings of M. Gluskin Sheff & Assoc Inc. boosted its stake in shares of Macy’s by 1,844.3% in the fourth quarter. Gluskin Sheff & Assoc Inc. now owns 296,626 shares of the company’s stock valued at $10,376,000 after buying an additional 281,370 shares during the last quarter. MRJ Capital Inc. boosted its stake in Macy’s by 26.7% in the fourth quarter. MRJ Capital Inc. now owns 69,365 shares of the company’s stock worth $2,426,000 after buying an additional 14,600 shares in the last quarter. Andra AP fonden boosted its stake in Macy’s by 47.6% in the fourth quarter. Andra AP fonden now owns 96,100 shares of the company’s stock worth $3,362,000 after buying an additional 31,000 shares in the last quarter. MUFG Americas Holdings Corp boosted its stake in Macy’s by 4.1% in the fourth quarter. MUFG Americas Holdings Corp now owns 32,058 shares of the company’s stock worth $1,122,000 after buying an additional 1,260 shares in the last quarter. Finally, Strategic Global Advisors LLC boosted its stake in Macy’s by 3.6% in the fourth quarter. Strategic Global Advisors LLC now owns 38,732 shares of the company’s stock worth $1,355,000 after buying an additional 1,344 shares in the last quarter.

Macy’s, Inc is an omnichannel retail company operating stores, Websites and mobile applications under various brands, such as Macy’s, Bloomingdale’s and Bluemercury. The Company sells a range of merchandise, including apparel and accessories (men’s, women’s and children’s), cosmetics, home furnishings and other consumer goods.

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