Macy’s Inc (M) Hits New 1-Year Low at $20.14
Macy’s Inc (NYSE:M) hit a new 52-week low during trading on Wednesday . The stock traded as low as $20.14 and last traded at $20.14, with a volume of 8,758,242 shares. The stock had previously closed at $20.29.
Several research analysts have issued reports on M shares. Vetr lowered shares of Macy’s from a “strong-buy” rating to a “buy” rating and set a $26.02 price target on the stock. in a research report on Thursday, July 27th. Zacks Investment Research lowered shares of Macy’s from a “hold” rating to a “sell” rating in a research report on Tuesday, August 8th. BMO Capital Markets restated an “outperform” rating on shares of Macy’s in a research report on Tuesday. Royal Bank Of Canada set a $23.00 price target on shares of Macy’s and gave the stock a “hold” rating in a research report on Friday, August 11th. Finally, Deutsche Bank AG lifted their price target on shares of Macy’s from $24.00 to $25.00 and gave the stock 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, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $29.74.
The firm’s 50 day moving average price is $22.75 and its 200-day moving average price is $26.69. The firm has a market cap of $6.13 billion, a price-to-earnings ratio of 9.15 and a beta of 0.84.
Macy’s (NYSE:M) last released its earnings results on Thursday, August 10th. The company reported $0.48 EPS for the quarter, beating the consensus estimate of $0.45 by $0.03. Macy’s had a net margin of 2.71% and a return on equity of 21.38%. The firm had revenue of $5.55 billion for the quarter, compared to analyst estimates of $5.52 billion. During the same period last year, the firm earned $0.51 EPS. The business’s quarterly revenue was down 5.4% compared to the same quarter last year. Equities analysts expect that Macy’s Inc will post $3.33 EPS for the current year.
In related news, insider Jeffrey Gennette purchased 13,085 shares of the firm’s stock in a transaction that occurred on Monday, June 12th. The shares were bought at an average cost of $22.95 per share, with a total value of $300,300.75. Following the acquisition, the insider now owns 89,053 shares of the company’s stock, valued at approximately $2,043,766.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director William H. Lenehan purchased 4,390 shares of the firm’s stock in a transaction that occurred on Thursday, June 15th. The shares were bought at an average cost of $22.72 per share, for a total transaction of $99,740.80. Following the completion of the acquisition, the director now directly owns 5,968 shares in the company, valued at approximately $135,592.96. The disclosure for this purchase can be found here. 1.40% of the stock is owned by company insiders.
Large investors have recently bought and sold shares of the company. TB Alternative Assets Ltd. acquired a new stake in Macy’s during the first quarter valued at approximately $5,421,000. Washington Trust Bank increased its position in shares of Macy’s by 363.8% in the first quarter. Washington Trust Bank now owns 13,669 shares of the company’s stock worth $405,000 after buying an additional 10,722 shares during the period. Cadence Capital Management LLC increased its position in shares of Macy’s by 43.4% in the first quarter. Cadence Capital Management LLC now owns 56,820 shares of the company’s stock worth $1,684,000 after buying an additional 17,186 shares during the period. Banco Santander S.A. increased its position in shares of Macy’s by 71.4% in the first quarter. Banco Santander S.A. now owns 60,000 shares of the company’s stock worth $1,556,000 after buying an additional 25,000 shares during the period. Finally, OppenheimerFunds Inc. increased its position in shares of Macy’s by 114.2% in the first quarter. OppenheimerFunds Inc. now owns 2,068,938 shares of the company’s stock worth $61,324,000 after buying an additional 1,102,887 shares during the period. Institutional investors and hedge funds own 84.21% 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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