Insider Buying: Macy’s Inc (M) Director Acquires 10,000 Shares of Stock
Macy’s Inc (NYSE:M) Director Francis S. Blake purchased 10,000 shares of the firm’s stock in a transaction on Wednesday, May 22nd. The stock was bought at an average cost of $21.63 per share, with a total value of $216,300.00. Following the acquisition, the director now owns 2,200 shares of the company’s stock, valued at approximately $47,586. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.
M traded down $0.60 on Thursday, reaching $21.25. The stock had a trading volume of 392,508 shares, compared to its average volume of 10,321,518. Macy’s Inc has a 12-month low of $20.86 and a 12-month high of $41.99. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.32 and a current ratio of 1.42. The stock has a market capitalization of $6.69 billion, a price-to-earnings ratio of 5.09, a PEG ratio of 0.93 and a beta of 0.41.
Macy’s (NYSE:M) last released its quarterly earnings data on Wednesday, May 15th. The company reported $0.44 earnings per share for the quarter, beating analysts’ consensus estimates of $0.33 by $0.11. Macy’s had a net margin of 4.43% and a return on equity of 20.66%. The company had revenue of $5.50 billion during the quarter, compared to analysts’ expectations of $5.52 billion. During the same quarter in the previous year, the company earned $0.48 earnings per share. The firm’s revenue for the quarter was down .7% on a year-over-year basis. On average, equities research analysts forecast that Macy’s Inc will post 3.12 earnings per share for the current year.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. TIAA CREF Investment Management LLC grew its position in shares of Macy’s by 290.3% in the third quarter. TIAA CREF Investment Management LLC now owns 2,597,586 shares of the company’s stock valued at $90,214,000 after purchasing an additional 1,932,030 shares during the period. Legal & General Group Plc grew its position in shares of Macy’s by 6.0% in the third quarter. Legal & General Group Plc now owns 2,008,009 shares of the company’s stock valued at $69,705,000 after purchasing an additional 113,351 shares during the period. Vanguard Group Inc grew its position in shares of Macy’s by 6.5% in the third quarter. Vanguard Group Inc now owns 35,205,128 shares of the company’s stock valued at $1,222,675,000 after purchasing an additional 2,133,597 shares during the period. Empowered Funds LLC grew its position in shares of Macy’s by 23.7% in the fourth quarter. Empowered Funds LLC now owns 109,371 shares of the company’s stock valued at $3,257,000 after purchasing an additional 20,979 shares during the period. Finally, Empirical Finance LLC grew its position in shares of Macy’s by 58.1% in the fourth quarter. Empirical Finance LLC now owns 68,336 shares of the company’s stock valued at $2,035,000 after purchasing an additional 25,122 shares during the period. 89.27% of the stock is owned by institutional investors.
Several research analysts recently issued reports on the stock. UBS Group set a $25.00 target price on shares of Macy’s and gave the stock a “hold” rating in a report on Friday, May 17th. TheStreet cut shares of Macy’s from a “b-” rating to a “c+” rating in a report on Tuesday, February 5th. Goldman Sachs Group raised shares of Macy’s from a “sell” rating to a “neutral” rating and reduced their target price for the stock from $23.00 to $21.00 in a report on Thursday, May 16th. Deutsche Bank raised their target price on shares of Macy’s from $27.00 to $28.00 and gave the stock a “hold” rating in a report on Thursday, May 16th. Finally, Zacks Investment Research cut shares of Macy’s from a “hold” rating to a “sell” rating in a report on Tuesday, April 30th. Four investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have assigned a buy rating to the company’s stock. Macy’s currently has an average rating of “Hold” and an average price target of $27.17.
Macy’s Company Profile
Macy's, Inc, an omnichannel retail organization, operates stores, Websites, and mobile applications. The company sells a range of merchandise, including apparel and accessories for men, women, and children; cosmetics; home furnishings; and other consumer goods. As of April 1, 2019, it operated approximately 680 department stores under the Macy's and Bloomingdale's names; and 190 specialty stores, such as Bloomingdale's The Outlet, Bluemercury, Macy's Backstage, and STORY in 43 states, the District of Columbia, Guam, and Puerto Rico.
Further Reading: Percentage Gainers
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