Macy’s (NYSE:M) was downgraded by Gordon Haskett from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday, The Fly reports.
Other analysts have also recently issued research reports about the company. Bank of America cut Macy’s from a “neutral” rating to an “underperform” rating in a research report on Thursday. ValuEngine raised Macy’s from a “strong sell” rating to a “sell” rating in a research report on Wednesday, January 2nd. Zacks Investment Research reaffirmed a “hold” rating and set a $43.00 target price on shares of Macy’s in a research report on Wednesday, November 14th. Atlantic Securities cut Macy’s from a “neutral” rating to an “underweight” rating and dropped their target price for the company from $39.00 to $28.00 in a research report on Thursday, December 6th. Finally, Deutsche Bank increased their target price on Macy’s from $35.00 to $38.00 and gave the company a “hold” rating in a research report on Thursday, November 15th. Five research analysts have rated the stock with a sell rating, eleven have given a hold rating and six have issued a buy rating to the company. Macy’s presently has a consensus rating of “Hold” and a consensus price target of $34.56.
M traded down $5.80 during trading on Thursday, hitting $25.92. 21,960,608 shares of the stock were exchanged, compared to its average volume of 8,579,034. The company has a market capitalization of $9.03 billion, a P/E ratio of 6.87, a PEG ratio of 0.85 and a beta of 0.67. Macy’s has a 1 year low of $22.47 and a 1 year high of $41.99. The company has a quick ratio of 0.24, a current ratio of 1.35 and a debt-to-equity ratio of 0.97.
Macy’s (NYSE:M) last released its quarterly earnings data on Wednesday, November 14th. The company reported $0.27 EPS for the quarter, topping the consensus estimate of $0.14 by $0.13. The company had revenue of $5.40 billion for the quarter, compared to the consensus estimate of $5.40 billion. Macy’s had a return on equity of 22.33% and a net margin of 6.72%. Macy’s’s quarterly revenue was up 2.3% on a year-over-year basis. During the same period last year, the business posted $0.23 EPS. Equities analysts anticipate that Macy’s will post 4.08 earnings per share for the current year.
In other news, President Harry A. Lawton III sold 200,000 shares of the firm’s stock in a transaction on Friday, November 16th. The stock was sold at an average price of $33.09, for a total value of $6,618,000.00. Following the completion of the sale, the president now owns 226,038 shares of the company’s stock, valued at approximately $7,479,597.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William H. Lenehan acquired 3,154 shares of the stock in a transaction dated Friday, November 16th. The stock was acquired at an average cost of $31.74 per share, with a total value of $100,107.96. Following the transaction, the director now directly owns 11,214 shares in the company, valued at $355,932.36. The disclosure for this purchase can be found here. 2.36% of the stock is owned by company insiders.
Institutional investors have recently bought and sold shares of the company. Janus Henderson Group PLC increased its position in shares of Macy’s by 119.0% during the 2nd quarter. Janus Henderson Group PLC now owns 194,358 shares of the company’s stock valued at $7,275,000 after purchasing an additional 105,619 shares during the last quarter. FMR LLC grew its stake in shares of Macy’s by 2.1% during the 2nd quarter. FMR LLC now owns 7,740,157 shares of the company’s stock worth $289,715,000 after acquiring an additional 162,184 shares during the period. Envestnet Asset Management Inc. grew its stake in shares of Macy’s by 75.8% during the 2nd quarter. Envestnet Asset Management Inc. now owns 21,425 shares of the company’s stock worth $803,000 after acquiring an additional 9,239 shares during the period. Van ECK Associates Corp grew its stake in shares of Macy’s by 11.4% during the 2nd quarter. Van ECK Associates Corp now owns 26,239 shares of the company’s stock worth $982,000 after acquiring an additional 2,694 shares during the period. Finally, OppenheimerFunds Inc. grew its stake in shares of Macy’s by 9.7% during the 2nd quarter. OppenheimerFunds Inc. now owns 1,035,129 shares of the company’s stock worth $38,745,000 after acquiring an additional 91,885 shares during the period. 91.04% of the stock is owned by hedge funds and other institutional investors.
Macy’s Company Profile
Macy's, Inc, an omni-channel retail organization, operates stores, Websites, and mobile applications. The company sells a range of merchandise, such as apparel and accessories for men, women, and children; cosmetics; home furnishings; and other consumer goods. As of April 4, 2018, it operated approximately 690 department stores under the Macy's and Bloomingdale's brands; 160 specialty stores under the Bloomingdale's The Outlet, Bluemercury, and Macy's Backstage brands in the District of Columbia, Guam, and Puerto Rico; and Websites, including macys.com, bloomingdales.com, and bluemercury.com.
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