Macy’s Inc (M) Trading 5.5% Higher
Macy’s Inc (NYSE:M)’s share price traded up 5.5% on Wednesday . The company traded as high as $22.25 and last traded at $22.17. 14,289,073 shares traded hands during trading, an increase of 49% from the average session volume of 9,605,970 shares. The stock had previously closed at $21.01.
A number of equities analysts recently weighed in on the stock. Cowen and Company set a $29.00 target price on shares of Macy’s and gave the stock a “hold” rating in a report on Saturday, May 13th. Royal Bank Of Canada set a $28.00 target price on shares of Macy’s and gave the stock a “hold” rating in a report on Saturday, May 13th. Jefferies Group LLC restated a “hold” rating and set a $21.00 target price (down from $24.00) on shares of Macy’s in a report on Friday, August 11th. Deutsche Bank AG boosted their target price on shares of Macy’s from $24.00 to $25.00 and gave the stock a “hold” rating in a report on Tuesday, August 8th. Finally, Northcoast Research restated a “neutral” rating on shares of Macy’s in a report on Thursday, May 11th. Two analysts have rated the stock with a sell rating, seventeen have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $27.63.
The firm has a 50 day moving average of $21.87 and a 200-day moving average of $25.48. The stock has a market capitalization of $6.62 billion, a price-to-earnings ratio of 9.87 and a beta of 0.83.
Macy’s (NYSE:M) last posted its earnings results on Thursday, August 10th. The company reported $0.48 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.45 by $0.03. The business had revenue of $5.55 billion during the quarter, compared to analyst estimates of $5.52 billion. Macy’s had a return on equity of 21.38% and a net margin of 2.71%. The company’s quarterly revenue was down 5.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.51 EPS. Equities analysts expect that Macy’s Inc will post $3.38 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 15th will be issued a dividend of $0.3775 per share. This represents a $1.51 dividend on an annualized basis and a yield of 6.95%. The ex-dividend date is Thursday, September 14th. Macy’s’s payout ratio is presently 68.64%.
In related news, insider Jeffrey Gennette bought 13,085 shares of Macy’s stock in a transaction on Monday, June 12th. The stock was acquired at an average price of $22.95 per share, with a total value of $300,300.75. Following the acquisition, the insider now directly owns 89,053 shares of the company’s stock, valued at $2,043,766.35. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director John A. Bryant bought 9,825 shares of Macy’s stock in a transaction on Wednesday, August 23rd. The shares were bought at an average cost of $20.32 per share, with a total value of $199,644.00. Following the acquisition, the director now directly owns 9,825 shares in the company, valued at $199,644. The disclosure for this purchase can be found here. Insiders have acquired a total of 27,300 shares of company stock valued at $599,686 in the last ninety days. Insiders own 1.40% of the company’s stock.
A number of hedge funds have recently bought and sold shares of M. Vantage Financial Partners Ltd. Inc. bought a new stake in shares of Macy’s during the 2nd quarter valued at about $335,000. Penserra Capital Management LLC boosted its position in shares of Macy’s by 9.5% during the 1st quarter. Penserra Capital Management LLC now owns 3,680 shares of the company’s stock valued at $109,000 after acquiring an additional 320 shares during the last quarter. Ropes Wealth Advisors LLC boosted its position in shares of Macy’s by 63.5% during the 1st quarter. Ropes Wealth Advisors LLC now owns 4,806 shares of the company’s stock valued at $142,000 after acquiring an additional 1,866 shares during the last quarter. Ffcm LLC boosted its position in shares of Macy’s by 251.6% during the 2nd quarter. Ffcm LLC now owns 5,052 shares of the company’s stock valued at $120,000 after acquiring an additional 3,615 shares during the last quarter. Finally, Financial Architects Inc boosted its position in shares of Macy’s by 254.5% during the 2nd quarter. Financial Architects Inc now owns 5,850 shares of the company’s stock valued at $136,000 after acquiring an additional 4,200 shares during the last quarter. 81.71% of the stock is owned by institutional investors and hedge funds.
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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