Shares of Macy’s Inc (NYSE:M) gapped up prior to trading on Wednesday . The stock had previously closed at $21.76, but opened at $22.22. Macy’s shares last traded at $22.65, with a volume of 12,660,866 shares traded.
A number of analysts recently weighed in on the company. UBS AG restated a “neutral” rating and issued a $21.00 target price (down previously from $23.00) on shares of Macy’s in a research report on Monday, August 14th. BMO Capital Markets restated an “outperform” rating on shares of Macy’s in a research report on Thursday. Citigroup Inc. dropped their target price on Macy’s from $23.00 to $21.00 and set a “neutral” rating for the company in a research report on Friday, June 9th. Telsey Advisory Group dropped their target price on Macy’s from $30.00 to $25.00 and set an “outperform” rating for the company in a research report on Wednesday, June 7th. Finally, Jefferies Group LLC dropped their target price on Macy’s from $27.00 to $24.00 and set a “hold” rating for the company in a research report on Friday, June 9th. Two research 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 a consensus price target of $27.63.
The firm has a market capitalization of $6.70 billion, a P/E ratio of 10.00 and a beta of 0.83. The company’s 50-day moving average price is $21.69 and its 200 day moving average price is $25.15. Macy’s also was the recipient of unusually large options trading on Wednesday. Stock investors purchased 813 put options on the company. This is an increase of 166% compared to the typical volume of 306 put options.
Macy’s (NYSE:M) last issued its quarterly earnings results on Thursday, August 10th. The company reported $0.48 earnings per share (EPS) for the quarter, topping the Zacks’ 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 firm had revenue of $5.55 billion during the quarter, compared to analyst estimates of $5.52 billion. During the same period last year, the company earned $0.51 EPS. Macy’s’s quarterly revenue was down 5.4% compared to the same quarter last year. Analysts expect that Macy’s Inc will post $3.38 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 15th will be paid a dividend of $0.3775 per share. This represents a $1.51 dividend on an annualized basis and a dividend yield of 6.86%. The ex-dividend date is Thursday, September 14th. Macy’s’s dividend payout ratio is currently 68.64%.
In other Macy’s news, Director John A. Bryant purchased 9,825 shares of the firm’s stock in a transaction that occurred on Wednesday, August 23rd. The stock was purchased at an average cost of $20.32 per share, with a total value of $199,644.00. Following the purchase, the director now owns 9,825 shares of the company’s stock, valued at $199,644. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.40% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of M. Penserra Capital Management LLC raised its position in 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 purchasing an additional 320 shares in the last quarter. Ffcm LLC raised its position in 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 purchasing an additional 3,615 shares in the last quarter. Financial Architects Inc raised its position in 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 purchasing an additional 4,200 shares in the last quarter. Edge Wealth Management LLC bought a new stake in Macy’s during the 2nd quarter valued at $142,000. Finally, Pacer Advisors Inc. raised its position in Macy’s by 3.2% during the 1st quarter. Pacer Advisors Inc. now owns 6,500 shares of the company’s stock valued at $193,000 after purchasing an additional 200 shares in the last quarter. 81.71% of the stock is owned by institutional investors and hedge funds.
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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