Macy’s Inc (M) Upgraded at Vetr Inc.
Vetr upgraded shares of Macy’s Inc (NYSE:M) from a buy rating to a strong-buy rating in a report issued on Wednesday. The firm currently has $26.51 price target on the stock.
A number of other brokerages have also recently commented on M. Zacks Investment Research cut Macy’s from a hold rating to a sell rating in a research note on Tuesday, April 25th. Wunderlich restated a buy rating and set a $24.00 price objective on shares of Macy’s in a research note on Friday, May 5th. Gordon Haskett began coverage on Macy’s in a research note on Tuesday, May 9th. They set a hold rating and a $29.00 price objective on the stock. Jefferies Group LLC restated a hold rating and set a $27.00 price objective on shares of Macy’s in a research note on Thursday, May 11th. Finally, Telsey Advisory Group reduced their price objective on Macy’s from $36.00 to $30.00 and set an outperform rating on the stock in a research note on Friday, May 12th. Two analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of Hold and an average target price of $32.07.
Shares of Macy’s (M) traded down 1.23% during midday trading on Wednesday, reaching $23.30. The company’s stock had a trading volume of 8,755,562 shares. The firm’s 50 day moving average is $22.80 and its 200 day moving average is $27.21. Macy’s has a 52 week low of $20.85 and a 52 week high of $45.41. The firm has a market capitalization of $7.09 billion, a price-to-earnings ratio of 12.57 and a beta of 0.84. Macy’s also was the recipient of some unusual options trading on Wednesday. Stock investors acquired 813 put options on the company. This represents an increase of approximately 166% compared to the typical daily volume of 306 put options.
Macy’s (NYSE:M) last issued its earnings results on Thursday, May 11th. The company reported $0.24 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.36 by $0.12. Macy’s had a net margin of 2.26% and a return on equity of 22.37%. The firm had revenue of $5.34 billion during the quarter, compared to analyst estimates of $5.49 billion. During the same quarter in the previous year, the business posted $0.40 EPS. Macy’s’s revenue was down 7.5% compared to the same quarter last year. Equities analysts forecast that Macy’s will post $3.32 EPS for the current fiscal year.
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In other news, insider Jeffrey Gennette acquired 13,085 shares of the stock in a transaction that occurred on Monday, June 12th. The stock was purchased at an average cost of $22.95 per share, with a total value of $300,300.75. Following the completion of the acquisition, the insider now directly owns 89,053 shares in the company, valued at $2,043,766.35. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director William H. Lenehan acquired 4,390 shares of the stock in a transaction that occurred on Thursday, June 15th. The stock was purchased at an average cost of $22.72 per share, with a total value of $99,740.80. Following the completion of the acquisition, the director now owns 5,968 shares of the company’s stock, valued at $135,592.96. The disclosure for this purchase can be found here. 1.40% of the stock is owned by insiders.
Hedge funds have recently made changes to their positions in the stock. First Manhattan Co. raised its position in Macy’s by 0.6% in the first quarter. First Manhattan Co. now owns 5,076 shares of the company’s stock valued at $188,000 after buying an additional 29 shares during the period. Heritage Investors Management Corp raised its position in Macy’s by 0.3% in the first quarter. Heritage Investors Management Corp now owns 19,254 shares of the company’s stock valued at $571,000 after buying an additional 50 shares during the period. Sumitomo Mitsui Asset Management Company LTD raised its position in Macy’s by 0.3% in the first quarter. Sumitomo Mitsui Asset Management Company LTD now owns 26,085 shares of the company’s stock valued at $773,000 after buying an additional 76 shares during the period. Cleararc Capital Inc. raised its position in Macy’s by 1.0% in the first quarter. Cleararc Capital Inc. now owns 12,795 shares of the company’s stock valued at $379,000 after buying an additional 123 shares during the period. Finally, Advantus Capital Management Inc raised its position in Macy’s by 0.6% in the first quarter. Advantus Capital Management Inc now owns 30,420 shares of the company’s stock valued at $902,000 after buying an additional 169 shares during the period. 84.61% of the stock is owned by hedge funds and other institutional investors.
Macy’s Company Profile
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.
To view Vetr’s full report, visit Vetr’s official website.
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