Macy’s (NYSE:M – Get Rating) had its price objective decreased by analysts at Morgan Stanley from $22.00 to $21.00 in a research note issued on Wednesday, Stock Target Advisor reports. The firm currently has an “equal weight” rating on the stock. Morgan Stanley’s price objective points to a potential upside of 11.41% from the company’s previous close.
Several other research analysts have also recently issued reports on the stock. Bank of America dropped their target price on shares of Macy’s from $22.00 to $15.00 and set an “underperform” rating on the stock in a report on Thursday, July 7th. OTR Global cut shares of Macy’s to a “positive” rating in a report on Wednesday, May 11th. JPMorgan Chase & Co. lowered their price target on shares of Macy’s from $33.00 to $30.00 in a report on Monday, May 16th. Evercore ISI lowered their price target on shares of Macy’s from $35.00 to $30.00 and set an “outperform” rating on the stock in a report on Wednesday. Finally, TheStreet cut shares of Macy’s from a “b-” rating to a “c” rating in a report on Thursday, May 26th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Macy’s presently has an average rating of “Hold” and a consensus target price of $28.50.
Macy’s Price Performance
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Shares of M traded down $0.46 during mid-day trading on Wednesday, reaching $18.85. The stock had a trading volume of 338,211 shares, compared to its average volume of 10,973,577. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.23 and a current ratio of 1.12. The business has a fifty day moving average of $18.60 and a 200 day moving average of $22.26. Macy’s has a 12 month low of $15.85 and a 12 month high of $37.95. The firm has a market cap of $5.08 billion, a price-to-earnings ratio of 3.57, a PEG ratio of 0.34 and a beta of 1.71.
Macy’s (NYSE:M – Get Rating) last announced its earnings results on Tuesday, August 23rd. The company reported $1.00 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.14. Macy’s had a net margin of 6.42% and a return on equity of 56.91%. During the same period in the prior year, the company earned $1.29 EPS. Equities analysts predict that Macy’s will post 4.51 EPS for the current year.
Insider Buying and Selling
In other news, EVP C Elisa D. Garcia sold 15,920 shares of the stock in a transaction that occurred on Monday, July 11th. The stock was sold at an average price of $17.36, for a total value of $276,371.20. Following the completion of the sale, the executive vice president now directly owns 85,541 shares of the company’s stock, valued at $1,484,991.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Jeffrey Gennette sold 78,021 shares of the firm’s stock in a transaction on Monday, July 11th. The stock was sold at an average price of $17.36, for a total value of $1,354,444.56. Following the completion of the transaction, the chief executive officer now owns 405,744 shares in the company, valued at $7,043,715.84. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP C Elisa D. Garcia sold 15,920 shares of the firm’s stock in a transaction on Monday, July 11th. The shares were sold at an average price of $17.36, for a total value of $276,371.20. Following the completion of the transaction, the executive vice president now owns 85,541 shares of the company’s stock, valued at approximately $1,484,991.76. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 94,290 shares of company stock worth $1,636,878. Company insiders own 1.20% of the company’s stock.
Institutional Trading of Macy’s
A number of hedge funds have recently added to or reduced their stakes in the business. Qube Research & Technologies Ltd acquired a new position in Macy’s during the 4th quarter valued at approximately $13,052,000. Advisor Group Holdings Inc. raised its position in Macy’s by 83.0% during the fourth quarter. Advisor Group Holdings Inc. now owns 40,846 shares of the company’s stock valued at $1,069,000 after buying an additional 18,526 shares during the period. Mercer Global Advisors Inc. ADV acquired a new position in Macy’s during the fourth quarter valued at $335,000. Envestnet Asset Management Inc. grew its stake in Macy’s by 197.2% in the fourth quarter. Envestnet Asset Management Inc. now owns 32,964 shares of the company’s stock valued at $863,000 after purchasing an additional 21,873 shares in the last quarter. Finally, American Century Companies Inc. grew its stake in Macy’s by 11.2% in the fourth quarter. American Century Companies Inc. now owns 867,086 shares of the company’s stock valued at $22,700,000 after purchasing an additional 87,206 shares in the last quarter. 85.98% of the stock is owned by institutional investors and hedge funds.
About Macy’s
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 January 29, 2022, it operated 725 department stores in the District of Columbia, Puerto Rico, and Guam under the Macy’s, Macy’s Backstage, Market by Macy’s, Bloomingdale’s, Bloomingdale’s The Outlet, Bloomies, and bluemercury brands.
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