Macy's Inc (M) Sees Significant Drop in Short Interest
Macy's Inc (NYSE:M) was the recipient of a large drop in short interest in the month of January. As of January 31st, there was short interest totalling 42,176,571 shares, a drop of 11.2% from the January 12th total of 47,489,308 shares. Approximately 13.9% of the shares of the stock are short sold. Based on an average daily volume of 7,586,305 shares, the short-interest ratio is presently 5.6 days.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Vestpro Financial Partners Inc. dba CPF Texas purchased a new position in Macy's in the 4th quarter worth $104,000. SeaCrest Wealth Management LLC purchased a new position in Macy's in the 4th quarter worth $119,000. Cerebellum GP LLC purchased a new position in Macy's in the 4th quarter worth $127,000. Enterprise Financial Services Corp raised its position in Macy's by 102.4% in the 4th quarter. Enterprise Financial Services Corp now owns 5,348 shares of the company’s stock worth $135,000 after purchasing an additional 2,706 shares during the period. Finally, Kistler Tiffany Companies LLC purchased a new position in Macy's in the 3rd quarter worth $148,000. 81.99% of the stock is owned by institutional investors.
Several research analysts have commented on M shares. Guggenheim reissued a “buy” rating and issued a $27.00 price target on shares of Macy's in a report on Friday, December 15th. Vetr downgraded shares of Macy's from a “strong-buy” rating to a “buy” rating and set a $27.26 price target for the company. in a report on Monday, December 4th. Canaccord Genuity reissued a “buy” rating and issued a $9.50 price target on shares of Macy's in a report on Thursday, November 16th. BMO Capital Markets set a $35.00 price target on shares of Macy's and gave the company a “buy” rating in a report on Sunday, November 12th. Finally, Susquehanna Bancshares set a $38.00 price target on shares of Macy's and gave the company a “buy” rating in a report on Friday, October 20th. Two equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $26.07.
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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