Macy’s Inc (M) Trading Up 5.5%
Shares of Macy’s Inc (NYSE:M) were up 5.5% on Wednesday . The company traded as high as $22.25 and last traded at $22.17. Approximately 14,289,073 shares were traded during trading, an increase of 49% from the average daily volume of 9,605,970 shares. The stock had previously closed at $21.01.
Several equities analysts have issued reports on M shares. BidaskClub cut shares of Macy’s from a “hold” rating to a “sell” rating in a research report on Saturday, August 19th. Vetr cut shares of Macy’s from a “strong-buy” rating to a “buy” rating and set a $26.02 price objective for the company. in a research report on Thursday, July 27th. Zacks Investment Research cut shares of Macy’s from a “hold” rating to a “sell” rating in a research report on Tuesday, August 8th. BMO Capital Markets reiterated an “outperform” rating on shares of Macy’s in a research report on Tuesday, August 15th. Finally, ValuEngine cut shares of Macy’s from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Two equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. Macy’s currently has an average rating of “Hold” and a consensus price target of $27.63.
The firm has a 50-day moving average of $21.93 and a 200-day moving average of $25.53. The firm has a market capitalization of $6.75 billion, a PE ratio of 10.08 and a beta of 0.83.
Macy’s (NYSE:M) last released its earnings results on Thursday, August 10th. The company reported $0.48 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.45 by $0.03. The company had revenue of $5.55 billion during the quarter, compared to analyst estimates of $5.52 billion. Macy’s had a net margin of 2.71% and a return on equity of 21.38%. The firm’s quarterly revenue was down 5.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.51 EPS. Analysts expect that Macy’s Inc will post $3.38 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 15th will be issued a $0.3775 dividend. This represents a $1.51 annualized dividend and a yield of 6.81%. The ex-dividend date is Thursday, September 14th. Macy’s’s dividend payout ratio is 68.64%.
In other news, Director John A. Bryant bought 9,825 shares of Macy’s stock in a transaction that occurred on Wednesday, August 23rd. The stock was bought at an average cost of $20.32 per share, with a total value of $199,644.00. Following the acquisition, the director now owns 9,825 shares of the company’s stock, valued at approximately $199,644. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jeffrey Gennette bought 13,085 shares of Macy’s 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 approximately $2,043,766.35. The disclosure for this purchase can be found here. Insiders purchased a total of 27,300 shares of company stock valued at $599,686 over the last three months. 1.40% of the stock is currently owned by insiders.
A number of institutional investors have recently added to or reduced their stakes in M. Nationwide Fund Advisors grew its holdings in Macy’s by 1.7% during the 1st quarter. Nationwide Fund Advisors now owns 86,071 shares of the company’s stock valued at $2,551,000 after buying an additional 1,466 shares in the last quarter. First Manhattan Co. grew its holdings in Macy’s by 0.6% during the 1st quarter. First Manhattan Co. now owns 5,076 shares of the company’s stock valued at $188,000 after buying an additional 29 shares in the last quarter. Strs Ohio grew its holdings in Macy’s by 37.5% during the 1st quarter. Strs Ohio now owns 38,391 shares of the company’s stock valued at $1,137,000 after buying an additional 10,466 shares in the last quarter. Russell Investments Group Ltd. grew its holdings in Macy’s by 42.8% during the 1st quarter. Russell Investments Group Ltd. now owns 765,763 shares of the company’s stock valued at $22,687,000 after buying an additional 229,415 shares in the last quarter. Finally, Sumitomo Mitsui Asset Management Company LTD grew its holdings in Macy’s by 0.3% during the 1st 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 in the last quarter. 81.71% of the stock is owned by institutional investors.
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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.
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