Macy’s (M) Shares Gap Down Following Analyst Downgrade

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Macy’s Inc (NYSE:M) gapped down prior to trading on Friday after Royal Bank of Canada lowered their price target on the stock to $29.00. The stock had previously closed at $25.85, but opened at $26.11. Royal Bank of Canada currently has a sector perform rating on the stock. Macy’s shares last traded at $25.88, with a volume of 9361270 shares traded.

A number of other brokerages have also issued reports on M. Credit Suisse Group decreased their target price on Macy’s from $34.00 to $26.00 and set a “neutral” rating on the stock in a research report on Friday. Gordon Haskett downgraded Macy’s from a “buy” rating to a “hold” rating in a research note on Thursday. Bank of America downgraded Macy’s from a “neutral” rating to an “underperform” rating in a research note on Thursday. ValuEngine raised Macy’s from a “strong sell” rating to a “sell” rating in a research note on Wednesday, January 2nd. Finally, Atlantic Securities downgraded Macy’s from a “neutral” rating to an “underweight” rating and reduced their price objective 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 issued a hold rating and six have given a buy rating to the company. Macy’s presently has an average rating of “Hold” and an average target price of $33.26.

In other news, President Harry A. Lawton III sold 200,000 shares of the stock in a transaction 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 directly owns 226,038 shares in the company, valued at approximately $7,479,597.42. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director William H. Lenehan purchased 3,154 shares of the stock in a transaction dated Friday, November 16th. The shares were acquired at an average price of $31.74 per share, with a total value of $100,107.96. Following the completion of the acquisition, the director now owns 11,214 shares in the company, valued at approximately $355,932.36. The disclosure for this purchase can be found here. 2.36% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. AQR Capital Management LLC boosted its holdings in Macy’s by 88.7% during the 3rd quarter. AQR Capital Management LLC now owns 11,960,108 shares of the company’s stock valued at $415,374,000 after acquiring an additional 5,620,910 shares during the period. Vanguard Group Inc boosted its stake in shares of Macy’s by 6.5% in the 3rd quarter. Vanguard Group Inc now owns 35,205,128 shares of the company’s stock valued at $1,222,675,000 after buying an additional 2,133,597 shares during the period. Janus Henderson Group PLC boosted its stake in shares of Macy’s by 998.6% in the 3rd quarter. Janus Henderson Group PLC now owns 2,135,151 shares of the company’s stock valued at $74,153,000 after buying an additional 1,940,793 shares during the period. TIAA CREF Investment Management LLC boosted its stake in shares of Macy’s by 290.3% in the 3rd quarter. TIAA CREF Investment Management LLC now owns 2,597,586 shares of the company’s stock valued at $90,214,000 after buying an additional 1,932,030 shares during the period. Finally, Robeco Institutional Asset Management B.V. boosted its stake in shares of Macy’s by 87.1% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 3,760,431 shares of the company’s stock valued at $130,745,000 after buying an additional 1,750,507 shares during the period. Institutional investors and hedge funds own 91.04% of the company’s stock.

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 company has a market cap of $9.75 billion, a PE ratio of 6.74, a PEG ratio of 0.91 and a beta of 0.67.

Macy’s (NYSE:M) last announced its quarterly earnings data on Wednesday, November 14th. The company reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.13. The business had revenue of $5.40 billion during the quarter, compared to analysts’ expectations of $5.40 billion. Macy’s had a return on equity of 22.33% and a net margin of 6.72%. The business’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.23 EPS. Analysts expect that Macy’s Inc will post 4.09 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 2nd. Stockholders of record on Friday, December 14th were paid a $0.3775 dividend. This represents a $1.51 annualized dividend and a dividend yield of 5.94%. The ex-dividend date was Thursday, December 13th. Macy’s’s payout ratio is presently 40.05%.

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Macy’s Company Profile (NYSE:M)

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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