Macy’s (NYSE:M) was downgraded by investment analysts at Bank of America from a “neutral” rating to an “underperform” rating in a research report issued to clients and investors on Thursday, Marketbeat Ratings reports.
M has been the subject of a number of other research reports. ValuEngine upgraded shares of Macy’s from a “strong sell” rating to a “sell” rating in a research note on Wednesday, January 2nd. Deutsche Bank raised their price target on shares of Macy’s from $35.00 to $38.00 and gave the stock a “hold” rating in a research note on Thursday, November 15th. Zacks Investment Research cut shares of Macy’s from a “buy” rating to a “hold” rating in a research note on Monday, October 15th. Canaccord Genuity upgraded shares of Macy’s from an “average” rating to a “buy” rating and set a $5.50 price target for the company in a research note on Friday, November 16th. Finally, Atlantic Securities cut shares of Macy’s from a “neutral” rating to an “underweight” rating and cut their target price for the company from $39.00 to $28.00 in a research note on Thursday, December 6th. Five analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have assigned a buy rating to the company’s stock. Macy’s presently has a consensus rating of “Hold” and a consensus target price of $33.26.
M stock traded down $0.69 during trading on Thursday, reaching $25.42. 20,290,599 shares of the stock were exchanged, compared to its average volume of 14,045,717. Macy’s has a twelve month low of $22.47 and a twelve month high of $41.99. The company has a market cap of $9.75 billion, a PE ratio of 6.74, a price-to-earnings-growth ratio of 0.91 and a beta of 0.67. The company has a quick ratio of 0.24, a current ratio of 1.35 and a debt-to-equity ratio of 0.97.
In related news, Director William H. Lenehan acquired 3,154 shares of the company’s stock in a transaction that occurred on Friday, November 16th. The stock was purchased at an average price of $31.74 per share, for a total transaction of $100,107.96. Following the transaction, the director now directly owns 11,214 shares of the company’s stock, valued at approximately $355,932.36. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Harry A. Lawton III sold 200,000 shares of the business’s stock in a transaction that occurred on Friday, November 16th. The stock was sold at an average price of $33.09, for a total transaction of $6,618,000.00. Following the completion of the transaction, the president now owns 226,038 shares of the company’s stock, valued at approximately $7,479,597.42. The disclosure for this sale can be found here. Insiders own 2.36% of the company’s stock.
Hedge funds have recently bought and sold shares of the stock. Princeton Capital Management LLC acquired a new stake in Macy’s during the 3rd quarter worth $104,000. Qube Research & Technologies Ltd acquired a new position in shares of Macy’s in the 2nd quarter valued at $150,000. First Hawaiian Bank acquired a new position in shares of Macy’s in the 3rd quarter valued at $147,000. Vectors Research Management LLC acquired a new position in shares of Macy’s in the 3rd quarter valued at $164,000. Finally, Harvest Fund Management Co. Ltd grew its holdings in shares of Macy’s by 39.0% in the 3rd quarter. Harvest Fund Management Co. Ltd now owns 5,655 shares of the company’s stock valued at $196,000 after buying an additional 1,588 shares during the period. Hedge funds and other institutional investors own 91.04% 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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