BB&T Corp increased its stake in Macy’s Inc. (NYSE:M) by 84.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 375,841 shares of the company’s stock after buying an additional 172,049 shares during the period. BB&T Corp’s holdings in Macy’s were worth $12,632,000 at the end of the most recent reporting period.
A number of other institutional investors also recently added to or reduced their stakes in M. Scopia Capital Management LP acquired a new stake in Macy’s during the first quarter valued at about $106,608,000. Bank of Montreal Can acquired a new stake in Macy’s during the second quarter valued at about $31,195,000. Natixis acquired a new stake in Macy’s during the first quarter valued at about $39,068,000. Wellington Management Group LLP acquired a new stake in Macy’s during the first quarter valued at about $16,133,000. Finally, Nantahala Capital Management LLC acquired a new stake in Macy’s during the first quarter valued at about $14,070,000. 83.31% of the stock is owned by institutional investors.
Shares of Macy’s Inc. (NYSE:M) traded up 0.77% during trading on Wednesday, hitting $35.47. The stock had a trading volume of 1,659,678 shares. The stock has a market cap of $10.94 billion, a price-to-earnings ratio of 14.22 and a beta of 0.89. Macy’s Inc. has a one year low of $29.94 and a one year high of $52.48. The stock’s 50-day moving average price is $36.31 and its 200 day moving average price is $36.03.
Macy’s (NYSE:M) last announced its quarterly earnings data on Thursday, August 11th. The company reported $0.54 EPS for the quarter, beating the Zacks’ consensus estimate of $0.45 by $0.09. The business earned $5.87 billion during the quarter, compared to analyst estimates of $5.73 billion. Macy’s had a net margin of 2.99% and a return on equity of 27.68%. The firm’s revenue for the quarter was down 3.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.64 earnings per share. On average, equities analysts forecast that Macy’s Inc. will post $3.36 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, October 3rd. Stockholders of record on Thursday, September 15th were given a dividend of $0.3775 per share. This represents a $1.51 dividend on an annualized basis and a dividend yield of 4.29%. The ex-dividend date was Tuesday, September 13th. Macy’s’s dividend payout ratio is currently 60.64%.
Several equities research analysts have recently issued reports on M shares. Goldman Sachs Group Inc. restated a “neutral” rating and set a $34.00 price objective on shares of Macy’s in a report on Monday, August 1st. Zacks Investment Research upgraded Macy’s from a “hold” rating to a “buy” rating and set a $45.00 price objective on the stock in a report on Tuesday, August 16th. Vetr upgraded Macy’s from a “buy” rating to a “strong-buy” rating and set a $42.00 price objective on the stock in a report on Monday, October 3rd. Guggenheim assumed coverage on Macy’s in a report on Friday, September 30th. They issued a “buy” rating and a $45.00 target price on the stock. Finally, Citigroup Inc. upgraded Macy’s from a “neutral” rating to a “buy” rating and lifted their target price for the company from $35.42 to $44.00 in a report on Wednesday, September 14th. Two research analysts have rated the stock with a sell rating, seventeen have given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $43.98.
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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