Macy’s (NYSE:M) was downgraded by investment analysts at JPMorgan Chase & Co. from a “neutral” rating to an “underweight” rating in a research report issued to clients and investors on Wednesday, The Fly reports.
Several other equities analysts also recently commented on M. Goldman Sachs Group upgraded Macy’s from a “sell” rating to a “neutral” rating and lowered their price objective for the company from $23.00 to $21.00 in a research report on Thursday, May 16th. Zacks Investment Research upgraded Macy’s from a “sell” rating to a “hold” rating in a research report on Thursday, May 16th. Deutsche Bank increased their price target on Macy’s from $27.00 to $28.00 and gave the company a “hold” rating in a research note on Thursday, May 16th. Finally, UBS Group set a $25.00 price target on Macy’s and gave the company a “hold” rating in a research note on Friday, May 17th. Five equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $26.58.
NYSE:M traded down $2.40 during mid-day trading on Wednesday, hitting $16.96. 50,990,113 shares of the company traded hands, compared to its average volume of 9,386,896. The company has a fifty day moving average of $21.49. Macy’s has a one year low of $18.86 and a one year high of $41.99. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.32 and a current ratio of 1.42. The company has a market cap of $6.00 billion, a price-to-earnings ratio of 4.06, a price-to-earnings-growth ratio of 0.83 and a beta of 0.55.
Macy’s (NYSE:M) last announced its quarterly earnings data on Wednesday, August 14th. The company reported $0.28 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.45 by ($0.17). Macy’s had a net margin of 4.43% and a return on equity of 20.66%. The business had revenue of $5.55 billion during the quarter, compared to analysts’ expectations of $5.55 billion. During the same quarter in the previous year, the firm earned $0.70 earnings per share. Macy’s’s revenue was down .5% on a year-over-year basis. As a group, equities research analysts expect that Macy’s will post 3.11 EPS for the current fiscal year.
In other news, CFO Paula A. Price sold 1,189 shares of the firm’s stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $21.30, for a total value of $25,325.70. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Francis S. Blake purchased 10,000 shares of the stock in a transaction dated Wednesday, May 22nd. The stock was purchased at an average price of $21.63 per share, for a total transaction of $216,300.00. Following the completion of the acquisition, the director now directly owns 2,200 shares in the company, valued at approximately $47,586. The disclosure for this purchase can be found here. Insiders bought a total of 20,000 shares of company stock worth $432,950 over the last 90 days. Company insiders own 0.55% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the stock. Patriot Financial Group Insurance Agency LLC raised its position in Macy’s by 646.8% during the 2nd quarter. Patriot Financial Group Insurance Agency LLC now owns 1,501 shares of the company’s stock worth $32,000 after buying an additional 1,300 shares during the last quarter. Avestar Capital LLC raised its position in Macy’s by 2,168.2% during the 1st quarter. Avestar Capital LLC now owns 1,497 shares of the company’s stock worth $35,000 after buying an additional 1,431 shares during the last quarter. Bartlett & Co. LLC raised its position in Macy’s by 74.7% during the 2nd quarter. Bartlett & Co. LLC now owns 1,889 shares of the company’s stock worth $41,000 after buying an additional 808 shares during the last quarter. NumerixS Investment Technologies Inc purchased a new position in Macy’s during the 2nd quarter worth approximately $41,000. Finally, Capital Bank & Trust Co purchased a new position in Macy’s during the 2nd quarter worth approximately $43,000. Institutional investors own 90.71% of the company’s stock.
Macy’s Company Profile
Macy's, Inc, an omnichannel retail organization, operates stores, Websites, and mobile applications. The company sells a range of merchandise, including apparel and accessories for men, women, and children; cosmetics; home furnishings; and other consumer goods. As of April 1, 2019, it operated approximately 680 department stores under the Macy's and Bloomingdale's names; and 190 specialty stores, such as Bloomingdale's The Outlet, Bluemercury, Macy's Backstage, and STORY in 43 states, the District of Columbia, Guam, and Puerto Rico.
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