BidaskClub Lowers Macy’s Inc (M) to Sell
BidaskClub downgraded shares of Macy’s Inc (NYSE:M) from a hold rating to a sell rating in a report issued on Saturday morning.
Several other brokerages have also recently weighed in on M. Vetr cut Macy’s from a buy rating to a hold rating and set a $30.62 target price for the company. in a research note on Thursday, April 27th. Jefferies Group LLC reaffirmed a hold rating and set a $27.00 target price on shares of Macy’s in a report on Thursday, May 11th. Zacks Investment Research downgraded Macy’s from a hold rating to a sell rating in a report on Tuesday, April 25th. Wunderlich reaffirmed a buy rating and set a $24.00 target price on shares of Macy’s in a report on Friday, May 5th. Finally, Gordon Haskett assumed coverage on Macy’s in a report on Tuesday, May 9th. They set a hold rating and a $29.00 target price for the company. Three investment analysts have rated the stock with a sell rating, sixteen have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of Hold and an average price target of $29.74.
Macy’s (NYSE:M) opened at 19.53 on Friday. Macy’s has a 1-year low of $19.32 and a 1-year high of $45.41. The firm has a market cap of $5.95 billion, a P/E ratio of 8.88 and a beta of 0.84. The stock’s 50 day moving average price is $22.36 and its 200 day moving average price is $26.40.
Macy’s (NYSE:M) last announced its earnings results on Thursday, August 10th. The company reported $0.48 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.45 by $0.03. Macy’s had a return on equity of 21.38% and a net margin of 2.71%. The business had revenue of $5.55 billion during the quarter, compared to analysts’ expectations of $5.52 billion. During the same quarter last year, the business posted $0.51 earnings per share. The company’s quarterly revenue was down 5.4% on a year-over-year basis. Equities research analysts predict that Macy’s will post $3.38 EPS for the current year.
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In related news, Director William H. Lenehan acquired 4,390 shares of the stock in a transaction dated Thursday, June 15th. The shares were acquired at an average price of $22.72 per share, with a total value of $99,740.80. Following the acquisition, the director now owns 5,968 shares in the company, valued at approximately $135,592.96. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jeffrey Gennette acquired 13,085 shares of the stock in a transaction dated Monday, June 12th. The shares were bought at an average cost of $22.95 per share, for a total transaction of $300,300.75. Following the acquisition, the insider now owns 89,053 shares in the company, valued at approximately $2,043,766.35. The disclosure for this purchase can be found here. 1.40% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently modified their holdings of M. Creative Planning raised its position in shares of Macy’s by 14.3% in the first quarter. Creative Planning now owns 19,135 shares of the company’s stock worth $567,000 after buying an additional 2,393 shares in the last quarter. DnB Asset Management AS raised its position in shares of Macy’s by 16.8% in the first quarter. DnB Asset Management AS now owns 31,338 shares of the company’s stock worth $929,000 after buying an additional 4,500 shares in the last quarter. Smith Graham & Co. Investment Advisors LP raised its position 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. Everence Capital Management Inc. bought a new position in shares of Macy’s during the first quarter worth approximately $254,000. Finally, Sanders Morris Harris Inc. bought a new position in shares of Macy’s during the first quarter worth approximately $231,000. 84.21% of the stock is currently owned by institutional investors and hedge funds.
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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