Macy’s Inc (M) Shares Gap Down to $18.84
Macy’s Inc (NYSE:M) gapped down prior to trading on Tuesday . The stock had previously closed at $18.44, but opened at $18.84. Macy’s shares last traded at $18.51, with a volume of 6,185,489 shares changing hands.
A number of brokerages have weighed in on M. Vetr lowered Macy’s from a “strong-buy” rating to a “buy” rating and set a $26.02 price objective on the stock. in a report on Thursday, July 27th. Wedbush reaffirmed a “hold” rating on shares of Macy’s in a report on Monday, July 31st. Zacks Investment Research lowered Macy’s from a “hold” rating to a “sell” rating in a report on Wednesday, July 5th. Deutsche Bank AG lifted their price objective on Macy’s from $24.00 to $25.00 and gave the company a “hold” rating in a report on Tuesday, August 8th. Finally, BidaskClub raised Macy’s from a “sell” rating to a “hold” rating in a report on Wednesday, July 19th. Three research analysts have rated the stock with a sell rating, fourteen have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $26.92.
The firm’s 50-day moving average is $21.12 and its 200 day moving average is $22.95. The firm has a market capitalization of $5.71 billion, a P/E ratio of 8.53 and a beta of 0.87.
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 analysts’ consensus estimates of $0.45 by $0.03. Macy’s had a net margin of 2.71% and a return on equity of 21.38%. The company had revenue of $5.55 billion during the quarter, compared to the consensus estimate of $5.52 billion. During the same quarter in the prior year, the firm earned $0.51 EPS. The company’s revenue was down 5.4% compared to the same quarter last year. Analysts anticipate that Macy’s Inc will post $3.39 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 2nd. Shareholders of record on Friday, December 15th will be given a $0.3775 dividend. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $1.51 dividend on an annualized basis and a yield of 8.05%. Macy’s’s payout ratio is 68.64%.
In related news, Director John A. Bryant bought 9,825 shares of the business’s stock in a transaction on Wednesday, August 23rd. The stock was bought at an average price of $20.32 per share, for a total transaction of $199,644.00. Following the transaction, the director now directly owns 9,825 shares in the company, valued at $199,644. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.40% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Brookstone Capital Management acquired a new position in shares of Macy’s during the 3rd quarter worth $5,223,000. Marathon Trading Investment Management LLC increased its stake in shares of Macy’s by 130.8% during the 3rd quarter. Marathon Trading Investment Management LLC now owns 30,000 shares of the company’s stock worth $655,000 after purchasing an additional 17,000 shares during the last quarter. Andra AP fonden increased its stake in shares of Macy’s by 8.6% during the 3rd quarter. Andra AP fonden now owns 147,500 shares of the company’s stock worth $3,218,000 after purchasing an additional 11,700 shares during the last quarter. Summit Securities Group LLC acquired a new position in shares of Macy’s during the 3rd quarter worth $257,000. Finally, Miller Howard Investments Inc. NY acquired a new position in shares of Macy’s during the 3rd quarter worth $4,269,000. Institutional investors own 82.22% of the company’s stock.
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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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