Macy’s Target of Unusually Large Options Trading (NYSE:M)
Macy’s Inc (NYSE:M) was the recipient of unusually large options trading activity on Wednesday. Stock traders purchased 813 put options on the stock. This represents an increase of approximately 166% compared to the typical volume of 306 put options.
M has been the topic of a number of research reports. BidaskClub raised shares of Macy’s from a “sell” rating to a “hold” rating in a research report on Wednesday. Zacks Investment Research downgraded shares of Macy’s from a “hold” rating to a “sell” rating in a research report on Wednesday, July 5th. Royal Bank Of Canada reissued a “hold” rating and set a $28.00 target price on shares of Macy’s in a research report on Monday, June 19th. Guggenheim reissued a “buy” rating and set a $26.00 target price on shares of Macy’s in a research report on Friday, June 16th. Finally, Bank of America Corporation cut their target price on shares of Macy’s from $31.00 to $25.00 and set a “neutral” rating on the stock in a research report on Friday, June 9th. Two analysts have rated the stock with a sell rating, eighteen have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $32.26.
Macy’s (M) opened at 23.36 on Friday. The stock’s 50 day moving average is $22.62 and its 200 day moving average is $27.70. The stock has a market capitalization of $7.11 billion, a price-to-earnings ratio of 12.60 and a beta of 0.84. Macy’s has a 12-month low of $20.85 and a 12-month high of $45.41.
Macy’s (NYSE:M) last issued its quarterly earnings results on Thursday, May 11th. The company reported $0.24 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.36 by $0.12. Macy’s had a return on equity of 22.37% and a net margin of 2.26%. The company had revenue of $5.34 billion for the quarter, compared to analyst estimates of $5.49 billion. During the same period in the prior year, the business earned $0.40 earnings per share. Macy’s’s revenue for the quarter was down 7.5% compared to the same quarter last year. Equities research analysts forecast that Macy’s will post $3.34 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Monday, July 3rd. Shareholders of record on Thursday, June 15th were issued a $0.3775 dividend. This represents a $1.51 dividend on an annualized basis and a yield of 6.46%. The ex-dividend date of this dividend was Tuesday, June 13th. Macy’s’s dividend payout ratio (DPR) is currently 81.62%.
In related news, insider Jeffrey Gennette purchased 13,085 shares of Macy’s stock in a transaction that occurred on Monday, June 12th. The shares were bought at an average price of $22.95 per share, with a total value of $300,300.75. Following the purchase, the insider now directly owns 89,053 shares of the company’s stock, valued at approximately $2,043,766.35. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director William H. Lenehan purchased 4,390 shares of Macy’s stock in a transaction that occurred on Thursday, June 15th. The stock was bought at an average cost of $22.72 per share, for a total transaction of $99,740.80. Following the purchase, the director now directly owns 5,968 shares in the company, valued at $135,592.96. The disclosure for this purchase can be found here. 1.40% of the stock is currently owned by company insiders.
Large investors have recently added to or reduced their stakes in the stock. Penserra Capital Management LLC increased its stake in Macy’s by 9.5% in the first quarter. Penserra Capital Management LLC now owns 3,680 shares of the company’s stock worth $109,000 after buying an additional 320 shares during the period. Financial Architects Inc increased its stake in Macy’s by 254.5% in the second quarter. Financial Architects Inc now owns 5,850 shares of the company’s stock worth $136,000 after buying an additional 4,200 shares during the period. Ropes Wealth Advisors LLC increased its stake in Macy’s by 63.5% in the first quarter. Ropes Wealth Advisors LLC now owns 4,806 shares of the company’s stock worth $142,000 after buying an additional 1,866 shares during the period. Winslow Evans & Crocker Inc. increased its stake in Macy’s by 241.4% in the first quarter. Winslow Evans & Crocker Inc. now owns 5,530 shares of the company’s stock worth $164,000 after buying an additional 3,910 shares during the period. Finally, First Manhattan Co. increased its stake in Macy’s by 0.6% in the first quarter. First Manhattan Co. now owns 5,076 shares of the company’s stock worth $188,000 after buying an additional 29 shares during the period. 84.46% of the stock is owned by institutional investors.
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Macy’s Company Profile
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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