Macy’s Inc (NYSE:M) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Wednesday.
According to Zacks, “Macy’s waning top and bottom-line performance has been a major concern. As a result, the stock has been hit hard and underperformed the industry in the past six months. Challenging retail landscape, aggressive pricing strategy, waning mall traffic and increased online competition have been major deterrents. Macy’s had warned investors that its margins may continue to feel the pinch. Management now envisions fiscal 2017 gross margin to contract 50–70 bps compared with 60–80 bps viewed earlier due to better-than-expected second-quarter results. However, Macy's continues to project comps on an owned basis to decrease in the band of 2.2–3.3% and sales to decline in the range of 3.2–4.3% in fiscal 2017. Nevertheless, Macy’s has announced slew of measures revolving around stores closures, cost containment, real estate strategy and investment in omnichannel capabilities to improve its performance.”
Several other analysts have also recently weighed in on the company. ValuEngine raised Macy’s from a “hold” rating to a “buy” rating in a report on Monday, October 2nd. Cowen and Company reissued a “hold” rating and set a $23.00 price objective on shares of Macy’s in a report on Thursday, September 28th. Royal Bank Of Canada reissued a “hold” rating and set a $23.00 price objective on shares of Macy’s in a report on Monday, September 18th. BMO Capital Markets reissued an “outperform” rating on shares of Macy’s in a report on Thursday, September 14th. Finally, BidaskClub raised Macy’s from a “sell” rating to a “hold” rating in a report on Saturday, August 26th. Two research analysts have rated the stock with a sell rating, sixteen have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $26.92.
Shares of Macy’s (NYSE:M) opened at 20.24 on Wednesday. The stock has a market capitalization of $6.16 billion, a price-to-earnings ratio of 9.20 and a beta of 0.87. The firm’s 50-day moving average is $21.37 and its 200-day moving average is $23.79. Macy’s has a 1-year low of $19.32 and a 1-year high of $45.41.
Macy’s (NYSE:M) last announced its quarterly earnings data on Thursday, August 10th. The company reported $0.48 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.45 by $0.03. The firm had revenue of $5.55 billion during the quarter, compared to analysts’ expectations of $5.52 billion. Macy’s had a return on equity of 21.38% and a net margin of 2.71%. The company’s quarterly revenue was down 5.4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.51 EPS. On average, analysts predict that Macy’s will post $3.40 earnings per share for the current fiscal year.
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In other Macy’s news, Director John A. Bryant acquired 9,825 shares of the firm’s stock in a transaction that occurred on Wednesday, August 23rd. The stock was acquired at an average cost of $20.32 per share, for a total transaction of $199,644.00. Following the transaction, the director now owns 9,825 shares of the company’s stock, valued at $199,644. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.40% of the stock is currently owned by insiders.
Several institutional investors and hedge funds have recently modified their holdings of the stock. Ffcm LLC lifted its stake in Macy’s by 251.6% in the 2nd quarter. Ffcm LLC now owns 5,052 shares of the company’s stock valued at $120,000 after acquiring an additional 3,615 shares in the last quarter. Penserra Capital Management LLC lifted its stake in Macy’s by 51.1% in the 2nd quarter. Penserra Capital Management LLC now owns 5,560 shares of the company’s stock valued at $129,000 after acquiring an additional 1,880 shares in the last quarter. Financial Architects Inc lifted its stake in Macy’s by 254.5% in the 2nd quarter. Financial Architects Inc now owns 5,850 shares of the company’s stock valued at $136,000 after acquiring an additional 4,200 shares in the last quarter. Edge Wealth Management LLC bought a new stake in Macy’s in the 2nd quarter valued at approximately $142,000. Finally, Pacer Advisors Inc. lifted its stake in Macy’s by 3.2% in the 1st quarter. Pacer Advisors Inc. now owns 6,500 shares of the company’s stock valued at $193,000 after acquiring an additional 200 shares in the last quarter. Institutional investors and hedge funds own 81.97% of the company’s stock.
Macy’s, Inc is an omnichannel retail company operating stores, Websites and mobile applications under various brands, such as Macy’s, Bloomingdale’s and Bluemercury. The Company sells a range of merchandise, including apparel and accessories (men’s, women’s and children’s), cosmetics, home furnishings and other consumer goods.
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