Investors Buy Shares of Macy’s Inc (M) on Weakness
Investors bought shares of Macy’s Inc (NYSE:M) on weakness during trading on Friday. $82.82 million flowed into the stock on the tick-up and $37.43 million flowed out of the stock on the tick-down, for a money net flow of $45.39 million into the stock. Of all equities tracked, Macy’s had the 17th highest net in-flow for the day. Macy’s traded down ($0.22) for the day and closed at $20.81
A number of brokerages have weighed in on M. ValuEngine upgraded shares of Macy’s from a “hold” rating to a “buy” rating in a research report on Monday, October 2nd. Cowen and Company reiterated a “hold” rating and set a $23.00 target price on shares of Macy’s in a research report on Thursday, September 28th. Royal Bank Of Canada reiterated a “hold” rating and set a $23.00 target price on shares of Macy’s in a research report on Monday, September 18th. BMO Capital Markets reiterated an “outperform” rating on shares of Macy’s in a research report on Thursday, September 14th. Finally, BidaskClub upgraded shares of Macy’s from a “sell” rating to a “hold” rating in a research report on Saturday, August 26th. Two analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. Macy’s presently has an average rating of “Hold” and an average target price of $26.92.
The firm’s 50 day moving average price is $21.32 and its 200 day moving average price is $24.01. The company has a market cap of $6.34 billion, a price-to-earnings ratio of 9.46 and a beta of 0.87.
Macy’s (NYSE:M) last posted its quarterly earnings results on Thursday, August 10th. The company reported $0.48 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.45 by $0.03. Macy’s had a return on equity of 21.38% and a net margin of 2.71%. The business had revenue of $5.55 billion during the quarter, compared to the consensus estimate of $5.52 billion. During the same period in the prior year, the company posted $0.51 EPS. The firm’s revenue for the quarter was down 5.4% compared to the same quarter last year. On average, analysts anticipate that Macy’s Inc will post $3.40 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Monday, October 2nd. Shareholders of record on Friday, September 15th were paid a $0.3775 dividend. The ex-dividend date of this dividend was Thursday, September 14th. This represents a $1.51 annualized dividend and a yield of 7.26%. Macy’s’s payout ratio is 68.64%.
In other Macy’s news, Director John A. Bryant purchased 9,825 shares of the company’s stock in a transaction on Wednesday, August 23rd. The stock was acquired at an average cost of $20.32 per share, for a total transaction of $199,644.00. Following the purchase, the director now directly owns 9,825 shares of the company’s stock, valued at approximately $199,644. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 1.40% of the company’s stock.
Hedge funds have recently bought and sold shares of the business. Neuberger Berman Group LLC raised its holdings in shares of Macy’s by 48.4% during the 2nd quarter. Neuberger Berman Group LLC now owns 928,351 shares of the company’s stock worth $21,575,000 after acquiring an additional 302,628 shares in the last quarter. Commonwealth Bank of Australia raised its holdings in shares of Macy’s by 27.8% during the 2nd quarter. Commonwealth Bank of Australia now owns 140,199 shares of the company’s stock worth $3,257,000 after acquiring an additional 30,500 shares in the last quarter. Quinn Opportunity Partners LLC raised its holdings in shares of Macy’s by 1.2% during the 2nd quarter. Quinn Opportunity Partners LLC now owns 599,700 shares of the company’s stock worth $13,937,000 after acquiring an additional 7,000 shares in the last quarter. Swiss National Bank raised its holdings in shares of Macy’s by 2.4% during the 2nd quarter. Swiss National Bank now owns 1,109,712 shares of the company’s stock worth $25,790,000 after acquiring an additional 26,400 shares in the last quarter. Finally, Banco Santander S.A. raised its holdings in shares of Macy’s by 71.4% during the 1st quarter. Banco Santander S.A. now owns 60,000 shares of the company’s stock worth $1,556,000 after acquiring an additional 25,000 shares in the last quarter. Institutional investors and hedge funds own 81.97% of the company’s stock.
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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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