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Macy's (NYSE:M)’s share price traded down 5.7% during trading on Wednesday following a weaker than expected earnings announcement, Analyst Ratings.Net reports. The stock traded as low as $56.21 and last traded at $56.35, with a volume of 10,666,031 shares traded. The stock had previously closed at $59.76.

The company reported $0.80 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.86 by $0.06. The company had revenue of $6.27 billion for the quarter, compared to the consensus estimate of $6.30 billion.

A number of analysts have recently weighed in on M shares. Analysts at Morgan Stanley upgraded shares of Macy's to a “best ideas list” rating in a research note on Thursday, August 7th. Finally, analysts at Deutsche Bank cut their price target on shares of Macy's from $68.00 to $65.00 in a research note on Monday, July 28th. They now have a “buy” rating on the stock. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $62.11.

The stock’s 50-day moving average is $58.2 and its 200-day moving average is $57.39. The company has a market cap of $20.188 billion and a P/E ratio of 15.19. Macy's also was the recipient of some unusual options trading on Monday. Stock investors purchased 3,040 put options on the stock. This represents an increase of approximately 103% compared to the average daily volume of 1,495 put options.

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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