Macy’s (NYSE:M) Shares Gap Down to $17.74

Macy’s, Inc. (NYSE:M) shares gapped down prior to trading on Wednesday . The stock had previously closed at $17.74, but opened at $15.91. Macy’s shares last traded at $15.43, with a volume of 8,096,492 shares traded.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on M. Evercore ISI lowered their price target on Macy’s from $22.00 to $17.00 and set an “in-line” rating for the company in a research report on Tuesday, July 16th. TD Cowen lifted their price target on Macy’s from $20.00 to $21.00 and gave the stock a “hold” rating in a research report on Wednesday, May 22nd. JPMorgan Chase & Co. lifted their price target on Macy’s from $25.00 to $27.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 22nd. StockNews.com started coverage on Macy’s in a research report on Wednesday, August 14th. They issued a “hold” rating for the company. Finally, Telsey Advisory Group restated a “market perform” rating and set a $21.00 target price on shares of Macy’s in a research note on Wednesday. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Macy’s presently has a consensus rating of “Hold” and a consensus price target of $18.10.

Macy’s Stock Down 13.8 %

The company’s 50 day simple moving average is $17.53 and its 200-day simple moving average is $18.77. The company has a current ratio of 1.38, a quick ratio of 0.35 and a debt-to-equity ratio of 0.72. The firm has a market cap of $4.23 billion, a P/E ratio of 514.33 and a beta of 2.18.

Macy’s (NYSE:M) last issued its quarterly earnings data on Tuesday, May 21st. The company reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.15 by $0.12. Macy’s had a net margin of 0.05% and a return on equity of 21.40%. The firm had revenue of $4.85 billion for the quarter, compared to analysts’ expectations of $4.82 billion. During the same quarter in the prior year, the business earned $0.56 EPS. The business’s quarterly revenue was down 2.7% on a year-over-year basis. Research analysts forecast that Macy’s, Inc. will post 2.79 earnings per share for the current fiscal year.

Insider Transactions at Macy’s

In other Macy’s news, CEO Antony Spring sold 18,981 shares of the firm’s stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $18.96, for a total transaction of $359,879.76. Following the sale, the chief executive officer now directly owns 267,265 shares of the company’s stock, valued at $5,067,344.40. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Macy’s news, CEO Antony Spring sold 18,981 shares of the company’s stock in a transaction that occurred on Wednesday, July 10th. The stock was sold at an average price of $18.96, for a total value of $359,879.76. Following the completion of the transaction, the chief executive officer now directly owns 267,265 shares in the company, valued at approximately $5,067,344.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Danielle L. Kirgan sold 24,147 shares of the stock in a transaction that occurred on Wednesday, July 10th. The shares were sold at an average price of $18.96, for a total transaction of $457,827.12. Following the sale, the executive vice president now directly owns 348,000 shares of the company’s stock, valued at $6,598,080. The disclosure for this sale can be found here. Insiders have sold 43,464 shares of company stock worth $824,081 in the last quarter. Company insiders own 2.77% of the company’s stock.

Hedge Funds Weigh In On Macy’s

Several institutional investors have recently bought and sold shares of the stock. Creative Planning grew its stake in Macy’s by 4.2% during the second quarter. Creative Planning now owns 62,703 shares of the company’s stock valued at $1,204,000 after acquiring an additional 2,554 shares in the last quarter. Algert Global LLC lifted its position in Macy’s by 200.3% during the second quarter. Algert Global LLC now owns 230,559 shares of the company’s stock valued at $4,427,000 after purchasing an additional 153,789 shares during the last quarter. Abich Financial Wealth Management LLC bought a new position in Macy’s during the second quarter valued at $57,000. Affinity Capital Advisors LLC bought a new position in Macy’s during the second quarter valued at $209,000. Finally, Alden Global Capital LLC lifted its position in Macy’s by 56.1% during the second quarter. Alden Global Capital LLC now owns 606,741 shares of the company’s stock valued at $11,649,000 after purchasing an additional 218,146 shares during the last quarter. 87.36% of the stock is owned by hedge funds and other institutional investors.

About Macy’s

Macy's, Inc, an omni-channel retail organization, operates stores, websites, and mobile applications in the United States. The company sells a range of merchandise, such as apparel and accessories for men, women, and kids; cosmetics; home furnishings; and other consumer goods under the Macy's, Bloomingdale's, and bluemercury brands.