BMO Capital Markets reissued their outperform rating on shares of Macy’s Inc (NYSE:M) in a research note published on Thursday morning.
M has been the subject of a number of other research reports. Vetr lowered Macy’s from a strong-buy rating to a buy rating and set a $26.02 price objective for the company. in a research report on Thursday, July 27th. ValuEngine lowered Macy’s from a buy rating to a hold rating in a research report on Friday, June 2nd. Wedbush reaffirmed a hold rating on shares of Macy’s in a research report on Monday, July 31st. Zacks Investment Research lowered Macy’s from a hold rating to a sell rating in a research report on Wednesday, July 5th. Finally, Deutsche Bank AG raised their price objective on Macy’s from $24.00 to $25.00 and gave the company a hold rating in a research report on Tuesday, August 8th. Two research analysts have rated the stock with a sell rating, seventeen have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of Hold and a consensus price target of $27.63.
Macy’s (M) traded up 2.64% during midday trading on Thursday, hitting $22.58. The stock had a trading volume of 16,061,394 shares. The firm’s 50-day moving average price is $21.69 and its 200 day moving average price is $25.15. The company has a market cap of $6.88 billion, a P/E ratio of 10.26 and a beta of 0.83. Macy’s has a 12 month low of $19.32 and a 12 month high of $45.41. Macy’s also saw some unusual options trading on Wednesday. Stock traders bought 813 put options on the company. This represents an increase of approximately 166% compared to the typical volume of 306 put options.
Macy’s (NYSE:M) last released its earnings results on Thursday, August 10th. The company reported $0.48 EPS for the quarter, beating the Zacks’ consensus estimate of $0.45 by $0.03. The company had revenue of $5.55 billion during the quarter, compared to analysts’ expectations of $5.52 billion. Macy’s had a return on equity of 21.38% and a net margin of 2.71%. The firm’s revenue for the quarter was down 5.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.51 EPS. On average, analysts expect that Macy’s will post $3.38 earnings per share for the current fiscal year.
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The business also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 15th will be given a dividend of $0.3775 per share. The ex-dividend date is Thursday, September 14th. This represents a $1.51 annualized dividend and a yield of 6.86%. Macy’s’s dividend payout ratio (DPR) is presently 68.64%.
In related news, Director John A. Bryant bought 9,825 shares of the stock in a transaction that occurred on Wednesday, August 23rd. The shares were bought at an average cost of $20.32 per share, for a total transaction of $199,644.00. Following the completion of the transaction, the director now owns 9,825 shares of the company’s stock, valued at $199,644. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.40% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in M. BlackRock Inc. lifted its position in shares of Macy’s by 2,606.3% in the first quarter. BlackRock Inc. now owns 24,416,816 shares of the company’s stock valued at $723,716,000 after acquiring an additional 23,514,600 shares in the last quarter. Levin Capital Strategies L.P. purchased a new position in shares of Macy’s in the first quarter valued at about $73,163,000. Discovery Capital Management LLC CT lifted its position in shares of Macy’s by 239.0% in the second quarter. Discovery Capital Management LLC CT now owns 2,871,297 shares of the company’s stock valued at $66,729,000 after acquiring an additional 2,024,297 shares in the last quarter. Morgan Stanley lifted its position in shares of Macy’s by 50.0% in the first quarter. Morgan Stanley now owns 3,772,472 shares of the company’s stock valued at $111,817,000 after acquiring an additional 1,258,024 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of Macy’s by 26.6% in the second quarter. Dimensional Fund Advisors LP now owns 5,323,131 shares of the company’s stock valued at $123,703,000 after acquiring an additional 1,117,903 shares in the last quarter. Institutional investors own 81.71% of the company’s stock.
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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