CIBC World Markets Inc. trimmed its holdings in Macy’s Inc (NYSE:M) by 42.2% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 78,331 shares of the company’s stock after selling 57,103 shares during the quarter. CIBC World Markets Inc.’s holdings in Macy’s were worth $2,932,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also modified their holdings of the company. Point72 Asia Hong Kong Ltd raised its holdings in Macy’s by 10,087.2% during the 1st quarter. Point72 Asia Hong Kong Ltd now owns 3,973 shares of the company’s stock worth $118,000 after buying an additional 3,934 shares during the period. Harvest Fund Management Co. Ltd raised its holdings in Macy’s by 78.4% during the 1st quarter. Harvest Fund Management Co. Ltd now owns 4,067 shares of the company’s stock worth $120,000 after buying an additional 1,787 shares during the period. Bristol John W & Co. Inc. NY acquired a new stake in Macy’s during the 1st quarter worth about $199,000. Wade G W & Inc. acquired a new stake in Macy’s during the 1st quarter worth about $201,000. Finally, Beese Fulmer Investment Management Inc. acquired a new stake in Macy’s during the 2nd quarter worth about $212,000. 86.04% of the stock is owned by institutional investors.
In other news, Director William H. Lenehan acquired 2,092 shares of the company’s stock in a transaction that occurred on Friday, August 17th. The shares were purchased at an average price of $35.78 per share, for a total transaction of $74,851.76. Following the completion of the acquisition, the director now owns 8,060 shares of the company’s stock, valued at approximately $288,386.80. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.36% of the stock is owned by corporate insiders.
Several analysts have issued reports on M shares. Evercore ISI boosted their price objective on Macy’s from $17.41 to $36.00 and gave the stock a “buy” rating in a report on Monday, June 4th. Susquehanna Bancshares upgraded Macy’s from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $25.00 to $43.00 in a report on Tuesday, May 22nd. Guggenheim restated a “buy” rating and set a $36.00 price objective on shares of Macy’s in a report on Wednesday, May 16th. Zacks Investment Research upgraded Macy’s from a “hold” rating to a “buy” rating and set a $41.00 price objective on the stock in a report on Wednesday, July 18th. Finally, Royal Bank of Canada set a $35.00 price objective on Macy’s and gave the stock a “hold” rating in a report on Thursday, May 17th. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. Macy’s presently has a consensus rating of “Hold” and an average price target of $33.61.
Shares of M opened at $38.24 on Wednesday. The stock has a market capitalization of $11.04 billion, a PE ratio of 8.75, a price-to-earnings-growth ratio of 1.07 and a beta of 0.79. Macy’s Inc has a fifty-two week low of $17.41 and a fifty-two week high of $41.99. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.43 and a current ratio of 1.53.
Macy’s (NYSE:M) last issued its earnings results on Wednesday, August 15th. The company reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.50 by $0.20. The company had revenue of $5.57 billion for the quarter, compared to the consensus estimate of $5.55 billion. Macy’s had a return on equity of 23.55% and a net margin of 6.65%. The firm’s quarterly revenue was down 1.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.48 EPS. sell-side analysts expect that Macy’s Inc will post 3.95 EPS for the current fiscal year.
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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