Macy’s Inc (M) Price Target Raised to $25.00
Macy’s Inc (NYSE:M) had its target price increased by equities research analysts at Deutsche Bank AG from $24.00 to $25.00 in a research note issued to investors on Tuesday. The firm currently has a “hold” rating on the stock. Deutsche Bank AG’s price objective would indicate a potential upside of 6.11% from the stock’s current price.
A number of other brokerages also recently commented on M. Vetr downgraded Macy’s from a “buy” rating to a “hold” rating and set a $30.62 target price on the stock. in a research note on Thursday, April 20th. Jefferies Group LLC restated a “hold” rating and issued a $27.00 target price on shares of Macy’s in a research note on Thursday, May 11th. Zacks Investment Research downgraded Macy’s from a “hold” rating to a “sell” rating in a research note on Tuesday, April 25th. Wunderlich restated a “buy” rating and issued a $24.00 target price on shares of Macy’s in a research note on Friday, May 5th. Finally, Gordon Haskett assumed coverage on Macy’s in a research note on Tuesday, May 9th. They issued a “hold” rating and a $29.00 target price on the stock. Two analysts have rated the stock with a sell rating, nineteen have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Hold” and an average target price of $32.11.
Macy’s (NYSE:M) traded up 1.70% during midday trading on Tuesday, hitting $23.96. The company had a trading volume of 1,596,631 shares. Macy’s has a 52 week low of $20.85 and a 52 week high of $45.41. The stock has a 50 day moving average price of $22.80 and a 200-day moving average price of $27.21. The stock has a market capitalization of $7.30 billion, a PE ratio of 12.92 and a beta of 0.84.
Macy’s (NYSE:M) last announced its earnings results on Thursday, May 11th. The company reported $0.24 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.36 by $0.12. Macy’s had a net margin of 2.26% and a return on equity of 22.37%. The business 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 company earned $0.40 earnings per share. The company’s quarterly revenue was down 7.5% on a year-over-year basis. On average, equities analysts predict that Macy’s will post $3.29 EPS for the current year.
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In related news, Director William H. Lenehan bought 4,390 shares of the firm’s stock in a transaction that occurred on Thursday, June 15th. The stock was purchased at an average cost of $22.72 per share, for a total transaction of $99,740.80. Following the completion of the acquisition, the director now owns 5,968 shares in the company, valued at approximately $135,592.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jeffrey Gennette bought 13,085 shares of the firm’s stock in a transaction that occurred on Monday, June 12th. The stock was bought at an average price of $22.95 per share, with a total value of $300,300.75. Following the completion of the acquisition, the insider now owns 89,053 shares of the company’s stock, valued at approximately $2,043,766.35. The disclosure for this purchase can be found here. Company insiders own 1.40% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. TB Alternative Assets Ltd. bought a new position in Macy’s during the first quarter worth about $5,421,000. Washington Trust Bank raised its position in Macy’s by 363.8% in the first quarter. Washington Trust Bank now owns 13,669 shares of the company’s stock worth $405,000 after buying an additional 10,722 shares during the period. Cadence Capital Management LLC raised its position in Macy’s by 43.4% in the first quarter. Cadence Capital Management LLC now owns 56,820 shares of the company’s stock worth $1,684,000 after buying an additional 17,186 shares during the period. Banco Santander S.A. raised its position in Macy’s by 71.4% in the first quarter. Banco Santander S.A. now owns 60,000 shares of the company’s stock worth $1,556,000 after buying an additional 25,000 shares during the period. Finally, OppenheimerFunds Inc. raised its position in Macy’s by 114.2% in the first quarter. OppenheimerFunds Inc. now owns 2,068,938 shares of the company’s stock worth $61,324,000 after buying an additional 1,102,887 shares during the period. Hedge funds and other institutional investors own 84.30% of the company’s stock.
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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