Macy’s Inc (M) Shares Gap Up to $22.22

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.

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About Macy’s

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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