Macy’s Inc (M) Sees Large Decrease in Short Interest
Macy’s Inc (NYSE:M) was the target of a significant drop in short interest in the month of March. As of March 29th, there was short interest totalling 40,354,667 shares, a drop of 10.2% from the March 15th total of 44,916,831 shares. Approximately 13.2% of the shares of the company are short sold. Based on an average daily trading volume, of 7,430,045 shares, the short-interest ratio is currently 5.4 days.
M has been the subject of several recent research reports. TheStreet lowered shares of Macy’s from a “b-” rating to a “c+” rating in a research report on Tuesday, February 5th. Desjardins reissued an “average” rating and issued a $5.25 price target on shares of Macy’s in a research report on Friday, March 22nd. ValuEngine lowered shares of Macy’s from a “hold” rating to a “sell” rating in a research report on Wednesday, February 13th. Zacks Investment Research lowered shares of Macy’s from a “buy” rating to a “hold” rating in a report on Monday, January 14th. Finally, Royal Bank of Canada dropped their price objective on shares of Macy’s to $29.00 and set a “sector perform” rating for the company in a report on Friday, January 11th. Five research analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $30.22.
Shares of M stock opened at $24.59 on Tuesday. Macy’s has a 52-week low of $22.73 and a 52-week high of $41.99. The company has a market capitalization of $7.49 billion, a price-to-earnings ratio of 5.88, a price-to-earnings-growth ratio of 0.92 and a beta of 0.43. The company has a current ratio of 1.42, a quick ratio of 0.42 and a debt-to-equity ratio of 0.73.
The company also recently declared a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 15th were given a dividend of $0.3775 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.51 dividend on an annualized basis and a dividend yield of 6.14%. Macy’s’s dividend payout ratio is 36.12%.
In related news, Director Deirdre P. Connelly sold 6,250 shares of the stock in a transaction dated Thursday, April 4th. The shares were sold at an average price of $25.76, for a total value of $161,000.00. Following the completion of the sale, the director now owns 17,092 shares in the company, valued at $440,289.92. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Joyce M. Roche sold 10,000 shares of the stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $24.30, for a total transaction of $243,000.00. Following the completion of the sale, the director now owns 13,647 shares of the company’s stock, valued at approximately $331,622.10. The disclosure for this sale can be found here. In the last quarter, insiders sold 16,921 shares of company stock valued at $421,238. 2.36% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in M. Private Capital Group LLC boosted its position in shares of Macy’s by 110.1% during the fourth quarter. Private Capital Group LLC now owns 1,002 shares of the company’s stock worth $30,000 after purchasing an additional 525 shares in the last quarter. Liberty Wealth Management LLC acquired a new stake in shares of Macy’s during the fourth quarter worth $34,000. We Are One Seven LLC acquired a new stake in shares of Macy’s during the fourth quarter worth $35,000. NuWave Investment Management LLC raised its holdings in shares of Macy’s by 730.4% during the first quarter. NuWave Investment Management LLC now owns 1,777 shares of the company’s stock worth $43,000 after acquiring an additional 1,563 shares during the period. Finally, Dubuque Bank & Trust Co. acquired a new stake in shares of Macy’s during the fourth quarter worth $45,000. 91.91% of the stock is currently owned by institutional investors.
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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.
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