Traders Buy Macy’s Inc. (M) on Weakness
Traders bought shares of Macy’s Inc. (NYSE:M) on weakness during trading hours on Monday. $47.72 million flowed into the stock on the tick-up and $35.95 million flowed out of the stock on the tick-down, for a money net flow of $11.77 million into the stock. Of all companies tracked, Macy’s had the 23rd highest net in-flow for the day. Macy’s traded down ($0.95) for the day and closed at $39.35
Several equities research analysts have recently weighed in on the company. Zacks Investment Research lowered Macy’s from a “buy” rating to a “sell” rating in a research report on Wednesday, April 27th. Vetr raised Macy’s from a “strong sell” rating to a “sell” rating and set a $35.17 target price on the stock in a research report on Monday. RBC Capital Markets reissued a “sector perform” rating and set a $40.00 target price (up previously from $35.00) on shares of Macy’s in a research report on Saturday, August 13th. Goldman Sachs Group Inc. raised their target price on Macy’s from $34.00 to $39.00 and gave the stock a “neutral” rating in a research report on Friday, August 12th. Finally, Telsey Advisory Group raised their target price on Macy’s from $36.00 to $42.00 and gave the stock a “market perform” rating in a research report on Friday, August 12th. Three investment analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and seven have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $44.74.
The stock has a 50-day moving average of $35.99 and a 200 day moving average of $37.74. The stock has a market capitalization of $12.14 billion and a PE ratio of 15.78.
Macy’s (NYSE:M) last posted its earnings results on Thursday, August 11th. The company reported $0.54 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.45 by $0.09. The company had revenue of $5.87 billion for the quarter, compared to the consensus estimate of $5.73 billion. During the same quarter last year, the business earned $0.64 earnings per share. Macy’s’s quarterly revenue was down 3.9% on a year-over-year basis. Equities analysts predict that Macy’s Inc. will post $3.36 EPS for the current year.
Several large investors have modified their holdings of the stock. Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Macy’s by 764.1% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 55,300 shares of the company’s stock valued at $1,934,000 after buying an additional 48,900 shares in the last quarter. I.G. Investment Management LTD. increased its stake in shares of Macy’s by 47.1% in the fourth quarter. I.G. Investment Management LTD. now owns 389,035 shares of the company’s stock valued at $13,608,000 after buying an additional 124,619 shares in the last quarter. Finally, BlackRock Advisors LLC increased its stake in shares of Macy’s by 4.0% in the fourth quarter. BlackRock Advisors LLC now owns 2,318,377 shares of the company’s stock valued at $81,097,000 after buying an additional 88,510 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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