Macy’s’ (M) Buy Rating Reiterated at BMO Capital Markets
Macy’s Inc (NYSE:M)‘s stock had its “buy” rating restated by BMO Capital Markets in a research note issued on Thursday. They currently have a $36.00 price objective on the stock. BMO Capital Markets’ target price indicates a potential upside of 91.90% from the company’s current price.
Other research analysts also recently issued reports about the stock. UBS AG restated a “neutral” rating and issued a $21.00 target price (down from $23.00) on shares of Macy’s in a research note on Monday, August 14th. Jefferies Group LLC restated a “hold” rating and issued a $21.00 target price (down from $24.00) on shares of Macy’s in a research note on Friday, August 11th. BidaskClub upgraded shares of Macy’s from a “sell” rating to a “hold” rating in a research note on Wednesday, July 19th. Wedbush restated a “hold” rating on shares of Macy’s in a research note on Monday, July 31st. Finally, Cowen and Company restated a “hold” rating and issued a $23.00 target price on shares of Macy’s in a research note on Thursday, September 28th. Three research analysts have rated the stock with a sell rating, thirteen have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $26.31.
Macy’s (NYSE:M) last released its quarterly earnings data on Thursday, August 10th. The company reported $0.48 earnings per share (EPS) for the quarter, topping the 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 company 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. The business’s quarterly revenue was down 5.4% compared to the same quarter last year.
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In other Macy’s news, Director John A. Bryant bought 9,825 shares of the company’s stock in a transaction on Wednesday, August 23rd. The shares were bought at an average cost 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 of the company’s stock, valued at $199,644. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.40% of the stock is currently owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in shares of Macy’s by 2.1% in the 2nd quarter. Vanguard Group Inc. now owns 30,612,902 shares of the company’s stock worth $711,444,000 after acquiring an additional 618,535 shares during the period. BlackRock Inc. increased its holdings in shares of Macy’s by 3.9% in the 2nd quarter. BlackRock Inc. now owns 25,380,303 shares of the company’s stock worth $589,839,000 after acquiring an additional 963,487 shares during the period. State Street Corp increased its holdings in shares of Macy’s by 2.8% in the 1st quarter. State Street Corp now owns 14,715,484 shares of the company’s stock worth $436,170,000 after acquiring an additional 399,433 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of Macy’s by 1.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 13,271,250 shares of the company’s stock worth $491,699,000 after acquiring an additional 192,576 shares during the period. Finally, American International Group Inc. increased its holdings in shares of Macy’s by 1.2% in the 1st quarter. American International Group Inc. now owns 12,086,267 shares of the company’s stock worth $358,237,000 after acquiring an additional 147,156 shares during the period. 82.22% of the stock is currently owned by institutional investors and hedge funds.
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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