Macy’s Sees Unusually Large Options Volume (NYSE:M)

Macy’s, Inc. (NYSE:MGet Rating) was the recipient of some unusual options trading activity on Monday. Investors bought 43,894 put options on the company. This represents an increase of approximately 25% compared to the typical volume of 35,017 put options.

Macy’s Trading Up 4.1 %

NYSE M opened at $23.61 on Wednesday. The company has a market cap of $6.40 billion, a P/E ratio of 4.92, a P/E/G ratio of 0.44 and a beta of 1.74. Macy’s has a 12 month low of $15.10 and a 12 month high of $33.78. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.09 and a quick ratio of 0.14. The company has a 50-day moving average of $18.68 and a 200-day moving average of $19.15.

Macy’s (NYSE:MGet Rating) last released its earnings results on Thursday, November 17th. The company reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.19 by $0.33. The firm had revenue of $5.23 billion during the quarter, compared to the consensus estimate of $5.20 billion. Macy’s had a net margin of 5.68% and a return on equity of 42.58%. Macy’s’s revenue was down 3.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.23 earnings per share. As a group, equities analysts predict that Macy’s will post 4.17 earnings per share for the current year.

Macy’s Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 3rd. Shareholders of record on Thursday, December 15th will be given a dividend of $0.1575 per share. This represents a $0.63 dividend on an annualized basis and a yield of 2.67%. The ex-dividend date of this dividend is Wednesday, December 14th. Macy’s’s dividend payout ratio (DPR) is presently 13.13%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on M shares. Evercore ISI dropped their target price on shares of Macy’s from $35.00 to $30.00 and set an “outperform” rating for the company in a report on Wednesday, August 24th. Telsey Advisory Group reduced their target price on Macy’s from $28.00 to $25.00 and set a “market perform” rating on the stock in a research note on Wednesday, August 24th. Deutsche Bank Aktiengesellschaft lowered their target price on Macy’s from $25.00 to $24.00 and set a “hold” rating on the stock in a report on Friday, November 18th. Jefferies Financial Group cut their price target on Macy’s from $30.00 to $23.00 and set a “buy” rating for the company in a report on Thursday, September 15th. Finally, OTR Global upgraded Macy’s from a “mixed” rating to a “positive” rating in a research report on Wednesday, November 9th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $25.18.

Insider Activity at Macy’s

In related news, SVP Paul Griscom sold 2,868 shares of the firm’s stock in a transaction dated Wednesday, August 31st. The shares were sold at an average price of $17.43, for a total value of $49,989.24. Following the completion of the sale, the senior vice president now owns 4,688 shares in the company, valued at $81,711.84. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Macy’s

A number of large investors have recently modified their holdings of the company. Quadrant Capital Group LLC raised its stake in shares of Macy’s by 64.8% in the 1st quarter. Quadrant Capital Group LLC now owns 1,233 shares of the company’s stock valued at $30,000 after acquiring an additional 485 shares during the period. Prospera Financial Services Inc purchased a new position in Macy’s in the first quarter valued at about $33,000. Estabrook Capital Management raised its position in Macy’s by 77.8% in the first quarter. Estabrook Capital Management now owns 1,600 shares of the company’s stock valued at $39,000 after purchasing an additional 700 shares during the period. Lazard Asset Management LLC raised its position in Macy’s by 52.3% in the first quarter. Lazard Asset Management LLC now owns 1,995 shares of the company’s stock valued at $48,000 after purchasing an additional 685 shares during the period. Finally, Monetary Management Group Inc. purchased a new position in Macy’s in the second quarter valued at about $37,000. 85.57% of the stock is currently owned by hedge funds and other institutional investors.

About Macy’s

(Get Rating)

Macy's, Inc, an omni-channel retail organization, operates stores, Websites, and mobile applications. The company sells a range of merchandise, such as apparel and accessories for men, women, and children; cosmetics; home furnishings; and other consumer goods. As of January 29, 2022, it operated 725 department stores in the District of Columbia, Puerto Rico, and Guam under the Macy's, Macy's Backstage, Market by Macy's, Bloomingdale's, Bloomingdale's The Outlet, Bloomies, and bluemercury brands.

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