New Jersey Better Educational Savings Trust Invests $372,000 in Macy’s Inc (NYSE:M)
New Jersey Better Educational Savings Trust purchased a new position in Macy’s Inc (NYSE:M) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 16,000 shares of the company’s stock, valued at approximately $372,000.
Other institutional investors also recently modified their holdings of the company. Sanders Morris Harris Inc. purchased a new stake in shares of Macy’s during the first quarter worth about $231,000. Rockland Trust Co. boosted its stake in shares of Macy’s by 4.3% in the first quarter. Rockland Trust Co. now owns 24,080 shares of the company’s stock worth $714,000 after buying an additional 995 shares in the last quarter. NewSquare Capital LLC boosted its stake in shares of Macy’s by 23,913.0% in the first quarter. NewSquare Capital LLC now owns 25,934 shares of the company’s stock worth $769,000 after buying an additional 25,826 shares in the last quarter. Everence Capital Management Inc. purchased a new stake in shares of Macy’s during the first quarter worth about $254,000. Finally, Smith Graham & Co. Investment Advisors LP boosted its stake in shares of Macy’s by 48.2% in the first quarter. Smith Graham & Co. Investment Advisors LP now owns 154,560 shares of the company’s stock worth $4,581,000 after buying an additional 50,250 shares in the last quarter. 84.30% of the stock is currently owned by institutional investors.
Shares of Macy’s Inc (NYSE:M) opened at 20.67 on Friday. The stock has a market cap of $6.29 billion, a price-to-earnings ratio of 11.15 and a beta of 0.84. The stock’s 50 day moving average price is $22.91 and its 200-day moving average price is $26.93. Macy’s Inc has a 1-year low of $20.55 and a 1-year high of $45.41. Macy’s also was the recipient of unusually large options trading on Wednesday. Investors bought 33,975 call options on the company. This represents an increase of approximately 489% compared to the typical volume of 5,766 call options.
Macy’s (NYSE:M) last announced its earnings results on Thursday, August 10th. The company reported $0.48 EPS for the quarter, topping the Zacks’ consensus estimate of $0.45 by $0.03. The firm 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 22.37% and a net margin of 2.26%. The company’s quarterly revenue was down 5.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.51 EPS. On average, equities research analysts forecast that Macy’s Inc will post $3.33 earnings per share for the current year.
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A number of brokerages recently issued reports on M. Royal Bank Of Canada set a $28.00 price objective on Macy’s and gave the company a “hold” rating in a research note on Saturday, May 13th. Vetr upgraded Macy’s from a “buy” rating to a “strong-buy” rating and set a $26.51 price objective on the stock in a research note on Wednesday, August 2nd. BMO Capital Markets reiterated a “buy” rating and set a $36.00 price target on shares of Macy’s in a research report on Friday. Citigroup Inc. decreased their price target on Macy’s from $23.00 to $21.00 and set a “neutral” rating on the stock in a research report on Friday, June 9th. Finally, Wunderlich reiterated a “buy” rating and set a $24.00 price target on shares of Macy’s in a research report on Monday, May 15th. Two analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. Macy’s currently has an average rating of “Hold” and a consensus target price of $31.89.
In other Macy’s news, Director William H. Lenehan acquired 4,390 shares of the company’s stock in a transaction that occurred on Thursday, June 15th. The stock was bought at an average price of $22.72 per share, for a total transaction of $99,740.80. Following the acquisition, the director now directly owns 5,968 shares in the company, valued at $135,592.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jeffrey Gennette acquired 13,085 shares of the company’s stock in a transaction that occurred on Monday, June 12th. The shares were acquired at an average price of $22.95 per share, with a total value of $300,300.75. Following the acquisition, the insider now owns 89,053 shares in the company, valued at $2,043,766.35. The disclosure for this purchase can be found here. 1.40% of the stock is currently owned by insiders.
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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