Macy’s Inc (M) Short Interest Update
Macy’s Inc (NYSE:M) was the target of a significant increase in short interest in August. As of August 15th, there was short interest totalling 35,558,098 shares, an increase of 31.5% from the July 31st total of 27,037,671 shares. Currently, 11.7% of the company’s stock are sold short. Based on an average daily trading volume, of 10,664,430 shares, the days-to-cover ratio is presently 3.3 days.
In other Macy’s news, Director John A. Bryant acquired 9,825 shares of the stock in a transaction on Wednesday, August 23rd. The stock was purchased at an average price of $20.32 per share, for a total transaction of $199,644.00. Following the purchase, the director now directly owns 9,825 shares in the company, valued at $199,644. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William H. Lenehan acquired 4,390 shares of the stock in a transaction on Thursday, June 15th. The shares were acquired at an average price of $22.72 per share, with a total value of $99,740.80. Following the purchase, the director now owns 5,968 shares in the company, valued at $135,592.96. The disclosure for this purchase can be found here. In the last quarter, insiders bought 27,300 shares of company stock valued at $599,686. Insiders own 1.40% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. boosted its stake in Macy’s by 2,606.3% in the first quarter. BlackRock Inc. now owns 24,416,816 shares of the company’s stock worth $723,716,000 after buying an additional 23,514,600 shares during the last quarter. Levin Capital Strategies L.P. bought a new stake in Macy’s during the first quarter worth $73,163,000. Discovery Capital Management LLC CT boosted its stake in Macy’s by 239.0% in the second quarter. Discovery Capital Management LLC CT now owns 2,871,297 shares of the company’s stock worth $66,729,000 after buying an additional 2,024,297 shares during the last quarter. Morgan Stanley boosted its stake in Macy’s by 50.0% in the first quarter. Morgan Stanley now owns 3,772,472 shares of the company’s stock worth $111,817,000 after buying an additional 1,258,024 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in Macy’s by 26.6% in the second quarter. Dimensional Fund Advisors LP now owns 5,323,131 shares of the company’s stock worth $123,703,000 after buying an additional 1,117,903 shares during the last quarter. 81.67% of the stock is currently owned by institutional investors and hedge funds.
A number of equities research analysts have weighed in on M shares. Wunderlich restated a “buy” rating and set a $24.00 price objective on shares of Macy’s in a research note on Monday, May 15th. Guggenheim reiterated a “buy” rating and issued a $26.00 target price on shares of Macy’s in a research report on Friday, June 16th. Vetr lowered Macy’s from a “strong-buy” rating to a “buy” rating and set a $26.02 target price for the company. in a research report on Thursday, July 27th. BMO Capital Markets set a $36.00 target price on Macy’s and gave the stock a “buy” rating in a research report on Friday, August 11th. Finally, Jefferies Group LLC reiterated a “hold” rating and issued a $27.00 target price on shares of Macy’s in a research report on Thursday, May 11th. Two research analysts have rated the stock with a sell rating, seventeen have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. Macy’s currently has an average rating of “Hold” and a consensus price target of $27.63.
Shares of Macy’s (NYSE M) opened at 21.16 on Tuesday. The firm’s 50-day moving average price is $22.08 and its 200 day moving average price is $26.15. Macy’s has a 52 week low of $19.32 and a 52 week high of $45.41. The company has a market cap of $6.44 billion, a P/E ratio of 9.62 and a beta of 0.84.
Macy’s (NYSE:M) last announced its quarterly earnings data on Thursday, August 10th. The company reported $0.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.45 by $0.03. The business had revenue of $5.55 billion for the quarter, compared to analysts’ expectations of $5.52 billion. Macy’s had a net margin of 2.71% and a return on equity of 21.38%. The firm’s quarterly revenue was down 5.4% compared to the same quarter last year. During the same period last year, the firm posted $0.51 earnings per share. On average, equities analysts predict that Macy’s will post $3.38 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 15th will be paid a $0.3775 dividend. The ex-dividend date is Thursday, September 14th. This represents a $1.51 dividend on an annualized basis and a yield of 7.14%. Macy’s’s dividend payout ratio (DPR) is 68.64%.
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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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