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

M has been the topic of several recent research reports. Royal Bank Of Canada initiated coverage on Macy’s in a research report on Tuesday, May 3rd. They set a “sector perform” rating and a $42.00 price objective on the stock. Cowen and Company reiterated a “market perform” rating on shares of Macy’s in a research report on Saturday, June 25th. Goldman Sachs Group Inc. reiterated a “neutral” rating and set a $34.00 price objective on shares of Macy’s in a research report on Monday. Vetr upgraded Macy’s from a “buy” rating to a “strong-buy” rating and set a $35.84 price objective on the stock in a research report on Monday, June 27th. Finally, Northcoast Research lowered Macy’s from a “buy” rating to a “neutral” rating in a research report on Thursday, May 12th. Two analysts have rated the stock with a sell rating, twenty-one have given a hold rating and eight have given a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $43.73.

The firm has a 50-day moving average of $34.19 and a 200-day moving average of $37.95. The firm has a market capitalization of $10.39 billion and a PE ratio of 11.01.

Macy’s (NYSE:M) last announced its quarterly earnings data on Wednesday, May 11th. The company reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.01. The firm earned $5.77 billion during the quarter, compared to the consensus estimate of $5.97 billion. During the same period last year, the company earned $0.56 EPS. The firm’s revenue for the quarter was down 7.4% compared to the same quarter last year. On average, equities analysts expect that Macy’s Inc. will post $3.25 EPS for the current fiscal year.

A number of hedge funds and institutional investors have recently made changes to their positions in the company. MUFG Americas Holdings Corp boosted its position in shares of Macy’s by 4.1% in the fourth quarter. MUFG Americas Holdings Corp now owns 32,058 shares of the company’s stock valued at $1,122,000 after buying an additional 1,260 shares during the period. Westbourne Investment Advisors Inc. boosted its position in shares of Macy’s by 39.5% in the fourth quarter. Westbourne Investment Advisors Inc. now owns 38,992 shares of the company’s stock valued at $1,364,000 after buying an additional 11,035 shares during the period. Mitsubishi UFJ Kokusai Asset Management CO. LTD. boosted its position in shares of Macy’s by 3.6% in the fourth quarter. Mitsubishi UFJ Kokusai Asset Management CO. LTD. now owns 43,669 shares of the company’s stock valued at $1,528,000 after buying an additional 1,505 shares during the period. Mutual of America Capital Management LLC boosted its position in shares of Macy’s by 5.4% in the fourth quarter. Mutual of America Capital Management LLC now owns 67,960 shares of the company’s stock valued at $2,377,000 after buying an additional 3,488 shares during the period. Finally, MRJ Capital Inc. boosted its position in shares of Macy’s by 26.7% in the fourth quarter. MRJ Capital Inc. now owns 69,365 shares of the company’s stock valued at $2,426,000 after buying an additional 14,600 shares during the period.

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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