Macy’s Sees Unusually High Options Volume (M)
Macy’s Inc (NYSE:M) was the recipient of some unusual options trading activity on Wednesday. Stock traders acquired 813 put options on the company. This is an increase of 166% compared to the average daily volume of 306 put options.
Shares of Macy’s (M) opened at 22.58 on Friday. Macy’s has a 52-week low of $19.32 and a 52-week high of $45.41. The stock has a market cap of $6.88 billion, a PE ratio of 10.26 and a beta of 0.83. The stock’s 50 day moving average is $21.64 and its 200 day moving average is $25.07.
Macy’s (NYSE:M) last issued its earnings results on Thursday, August 10th. The company reported $0.48 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.45 by $0.03. Macy’s had a net margin of 2.71% and a return on equity of 21.38%. The firm had revenue of $5.55 billion during the quarter, compared to analyst estimates of $5.52 billion. During the same quarter in the prior year, the business earned $0.51 earnings per share. Macy’s’s revenue for the quarter was down 5.4% on a year-over-year basis. Equities research analysts forecast that Macy’s will post $3.38 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 15th will be given a dividend of $0.3775 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $1.51 dividend on an annualized basis and a dividend yield of 6.69%. Macy’s’s dividend payout ratio is 68.64%.
A number of research analysts have recently weighed in on the stock. Vetr raised shares of Macy’s from a “buy” rating to a “strong-buy” rating and set a $26.51 target price for the company in a research report on Wednesday, August 2nd. BMO Capital Markets set a $36.00 target price on shares of Macy’s and gave the company a “buy” rating in a research report on Friday, August 11th. Citigroup Inc. reduced their target price on shares of Macy’s from $23.00 to $21.00 and set a “neutral” rating for the company in a research report on Friday, June 9th. Cowen and Company reaffirmed a “market perform” rating and issued a $23.00 price objective (down from $26.00) on shares of Macy’s in a report on Friday, August 11th. Finally, BidaskClub downgraded shares of Macy’s from a “hold” rating to a “sell” rating in a report on Saturday, August 19th. Two research analysts have rated the stock with a sell rating, seventeen have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $27.63.
In related news, Director John A. Bryant bought 9,825 shares of Macy’s stock in a transaction dated Wednesday, August 23rd. The stock was purchased at an average cost of $20.32 per share, with a total value of $199,644.00. Following the transaction, the director now directly owns 9,825 shares of the company’s stock, valued at $199,644. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.40% of the stock is owned by corporate insiders.
Several large investors have recently modified their holdings of M. Penserra Capital Management LLC boosted its position in shares of Macy’s by 9.5% during the first quarter. Penserra Capital Management LLC now owns 3,680 shares of the company’s stock worth $109,000 after acquiring an additional 320 shares during the last quarter. Ffcm LLC boosted its position in shares of Macy’s by 251.6% during the second quarter. Ffcm LLC now owns 5,052 shares of the company’s stock worth $120,000 after acquiring an additional 3,615 shares during the last quarter. Financial Architects Inc boosted its position in shares of Macy’s by 254.5% during the second quarter. Financial Architects Inc now owns 5,850 shares of the company’s stock worth $136,000 after acquiring an additional 4,200 shares during the last quarter. Edge Wealth Management LLC bought a new position in shares of Macy’s during the second quarter worth $142,000. Finally, Pacer Advisors Inc. boosted its position in shares of Macy’s by 3.2% during the first quarter. Pacer Advisors Inc. now owns 6,500 shares of the company’s stock worth $193,000 after acquiring an additional 200 shares during the last quarter. Hedge funds and other institutional investors own 81.71% of the company’s stock.
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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