Macy’s (NYSE:M) was downgraded by equities research analysts at Atlantic Securities from a “neutral” rating to an “underweight” rating in a report issued on Thursday, Marketbeat.com reports. They currently have a $28.00 target price on the stock, down from their previous target price of $39.00. Atlantic Securities’ price objective suggests a potential downside of 11.64% from the stock’s previous close.
A number of other equities research analysts also recently issued reports on M. Zacks Investment Research reissued a “hold” rating and set a $43.00 price target on shares of Macy’s in a research report on Wednesday, November 14th. Deutsche Bank boosted their price target on Macy’s from $33.00 to $35.00 and gave the company a “hold” rating in a research report on Thursday, August 16th. Bank of America set a $39.00 price objective on Macy’s and gave the stock a “hold” rating in a research note on Thursday, November 15th. Standpoint Research cut Macy’s from a “buy” rating to a “hold” rating in a research note on Friday, August 10th. Finally, Morgan Stanley boosted their price objective on Macy’s from $25.00 to $27.00 and gave the stock an “underweight” rating in a research note on Thursday, August 16th. Four investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $34.30.
M stock opened at $31.69 on Thursday. Macy’s has a 12-month low of $22.47 and a 12-month high of $41.99. The company has a quick ratio of 0.24, a current ratio of 1.35 and a debt-to-equity ratio of 0.97. The stock has a market cap of $9.94 billion, a price-to-earnings ratio of 8.41, a PEG ratio of 0.93 and a beta of 0.56.
In other Macy’s news, Director William H. Lenehan purchased 3,154 shares of the business’s stock in a transaction that occurred on Friday, November 16th. The shares were acquired at an average price of $31.74 per share, for a total transaction of $100,107.96. Following the completion of the purchase, the director now owns 11,214 shares in the company, valued at approximately $355,932.36. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, President Harry A. Lawton III sold 28,684 shares of the business’s stock in a transaction dated Monday, September 10th. The stock was sold at an average price of $36.05, for a total value of $1,034,058.20. Following the completion of the transaction, the president now owns 54,722 shares in the company, valued at approximately $1,972,728.10. The disclosure for this sale can be found here. In the last quarter, insiders sold 233,312 shares of company stock worth $7,817,972. Insiders own 2.36% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in shares of Macy’s by 6.5% in the third quarter. Vanguard Group Inc. now owns 35,205,128 shares of the company’s stock worth $1,222,675,000 after acquiring an additional 2,133,597 shares in the last quarter. BlackRock Inc. raised its stake in Macy’s by 1.6% during the third quarter. BlackRock Inc. now owns 28,532,647 shares of the company’s stock valued at $990,939,000 after buying an additional 460,868 shares in the last quarter. AQR Capital Management LLC raised its stake in Macy’s by 88.7% during the third quarter. AQR Capital Management LLC now owns 11,960,108 shares of the company’s stock valued at $415,374,000 after buying an additional 5,620,910 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Macy’s by 0.3% during the second quarter. Bank of New York Mellon Corp now owns 9,827,606 shares of the company’s stock valued at $367,847,000 after buying an additional 25,971 shares in the last quarter. Finally, FMR LLC raised its stake in Macy’s by 2.1% during the second quarter. FMR LLC now owns 7,740,157 shares of the company’s stock valued at $289,715,000 after buying an additional 162,184 shares in the last quarter. Institutional investors and hedge funds own 92.58% of the company’s stock.
Macy’s Company Profile
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 April 4, 2018, it operated approximately 690 department stores under the Macy's and Bloomingdale's brands; 160 specialty stores under the Bloomingdale's The Outlet, Bluemercury, and Macy's Backstage brands in the District of Columbia, Guam, and Puerto Rico; and Websites, including macys.com, bloomingdales.com, and bluemercury.com.
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