Traders Buy High Volume of Put Options on Macy’s (M)
Macy’s (NYSE:M) was the recipient of unusually large options trading on Wednesday. Investors acquired 7,184 put options on the company, American Banking & Market News reports. This represents an increase of approximately 180% compared to the average volume of 2,562 put options.
A number of analysts have recently weighed in on M shares. Analysts at Sterne Agee cut their EPS estimates on shares of Macy’s (NYSE:M) in a research note on Tuesday. They now have a “buy” rating and a $52.00 price target on the stock. Separately, analysts at Goldman Sachs Group Inc. initiated coverage on shares of Macy’s (NYSE:M) in a research note to investors on Wednesday, September 4th. They set a “neutral” rating and a $48.00 price target on the stock. Finally, analysts at Zacks downgraded shares of Macy’s (NYSE:M) from an “outperform” rating to a “neutral” rating in a research note to investors on Monday, August 19th. They now have a $47.00 price target on the stock.
Seven equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Macy’s currently has an average rating of “Buy” and an average price target of $51.23.
Shares of Macy’s (NYSE:M) traded down 1.79% on Wednesday, hitting $42.80. The stock had a trading volume of 6,925,637 shares. Macy’s has a one year low of $36.30 and a one year high of $50.77. The stock has a 50-day moving average of $45.35 and a 200-day moving average of $46.18. The company has a market cap of $16.103 billion and a P/E ratio of 12.61.
Macy’s (NYSE:M) last announced its earnings results on Wednesday, August 14th. The company reported $0.72 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.79 by $0.07. The company had revenue of $6.07 billion for the quarter, compared to the consensus estimate of $6.28 billion. During the same quarter in the prior year, the company posted $0.67 earnings per share. The company’s quarterly revenue was down .8% on a year-over-year basis. On average, analysts predict that Macy’s will post $3.84 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Tuesday, October 1st. Investors of record on Friday, September 13th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.29%. The ex-dividend date is Wednesday, September 11th.
Macy’s, Inc (NYSE:M) is a retail organization operating stores and Internet Websites under two brands (Macy’s and Bloomingdale’s) that sell a range of merchandise, including apparel and accessories (men’s, women’s and children’s), cosmetics, home furnishings and other consumer goods in 45 states, the District of Columbia, Guam and Puerto Rico.
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