Macy’s Inc (M) Cut to “Sell” at Citigroup Inc.
Macy’s Inc (NYSE:M) was downgraded by stock analysts at Citigroup Inc. from a “neutral” rating to a “sell” rating in a report released on Monday, Marketbeat reports.
The analysts wrote, “significant” sales and margins, Lejuez said in the downgrade note. In fact, the core retail business is not only weak but is getting weaker, as credit income and asset sales won’t support profits in the future as has been the case in the past. Various initiatives put in place to offset negative store traffic and margin pressures, such as Last Act and Blue Mercury, has seen some success but not enough to “move the dial.”
Several other brokerages have also recently issued reports on M. Vetr cut shares of Macy’s from a “strong-buy” rating to a “buy” rating and set a $26.02 price target on the stock. in a research report on Thursday, July 27th. Wedbush reissued a “hold” rating on shares of Macy’s in a research report on Monday, July 31st. Zacks Investment Research cut shares of Macy’s from a “hold” rating to a “sell” rating in a research report on Wednesday, July 5th. Deutsche Bank AG increased their price target on shares of Macy’s from $24.00 to $25.00 and gave the stock a “hold” rating in a research report on Tuesday, August 8th. Finally, BidaskClub raised shares of Macy’s from a “sell” rating to a “hold” rating in a research report on Wednesday, July 19th. Three analysts have rated the stock with a sell rating, fourteen have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Macy’s has a consensus rating of “Hold” and a consensus target price of $27.18.
Shares of Macy’s (NYSE:M) traded down 2.69% during midday trading on Monday, reaching $19.16. 8,081,336 shares of the company were exchanged. Macy’s has a 52 week low of $18.94 and a 52 week high of $45.41. The firm has a market capitalization of $5.84 billion, a P/E ratio of 8.71 and a beta of 0.87. The firm has a 50-day moving average of $21.18 and a 200 day moving average of $23.12.
Macy’s (NYSE:M) last announced its earnings results on Thursday, August 10th. The company reported $0.48 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.45 by $0.03. The company had revenue of $5.55 billion during the quarter, compared to analyst estimates of $5.52 billion. Macy’s had a net margin of 2.71% and a return on equity of 21.38%. Macy’s’s revenue was down 5.4% compared to the same quarter last year. During the same quarter last year, the firm posted $0.51 earnings per share. On average, equities research analysts expect that Macy’s will post $3.39 EPS for the current year.
In related news, Director John A. Bryant acquired 9,825 shares of the business’s stock in a transaction on Wednesday, August 23rd. The shares were bought at an average price of $20.32 per share, with a total value of $199,644.00. Following the completion of the acquisition, the director now owns 9,825 shares in the company, valued at $199,644. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 1.40% of the stock is currently owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in the business. Thrivent Financial For Lutherans grew its position in shares of Macy’s by 5.7% during the first quarter. Thrivent Financial For Lutherans now owns 11,238 shares of the company’s stock worth $333,000 after acquiring an additional 610 shares during the last quarter. Amalgamated Bank grew its position in shares of Macy’s by 6.1% during the first quarter. Amalgamated Bank now owns 21,607 shares of the company’s stock worth $640,000 after acquiring an additional 1,246 shares during the last quarter. Bank of Nova Scotia grew its position in shares of Macy’s by 921.7% during the first quarter. Bank of Nova Scotia now owns 69,708 shares of the company’s stock worth $2,067,000 after acquiring an additional 62,885 shares during the last quarter. Nomura Asset Management Co. Ltd. grew its position in shares of Macy’s by 26.0% during the first quarter. Nomura Asset Management Co. Ltd. now owns 72,078 shares of the company’s stock worth $2,136,000 after acquiring an additional 14,880 shares during the last quarter. Finally, Polianta Ltd purchased a new position in shares of Macy’s during the second quarter worth approximately $1,076,000. 82.22% of the stock is currently owned by institutional investors.
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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