Macy’s (NYSE:M) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday, Zacks.com reports. The brokerage currently has a $17.00 price objective on the stock. Zacks Investment Research‘s price target points to a potential upside of 6.52% from the stock’s current price.
According to Zacks, “Shares of Macy’s have slid and underperformed the industry in the past six months. The stock came under pressure following lower-than-expected second-quarter fiscal 2019 results, wherein both the top and the bottom line continued to fall year over year. This compelled management to cut fiscal 2019 earnings view. Results came below expectations due to inventory challenges in Spring. The company resorted to markdowns to clean the inventory and enter Fall season with right size but not without hurting gross margin. Also, concerns related to trade war cannot be ignored. Nonetheless, Macy’s kept fiscal sales outlook intact. It pointed that its Growth50 stores initiative and Backstage is aiding performance. The company continued to register positive comps, albeit at a slower rate and witnessed double-digit growth in the digital business.”
M has been the topic of a number of other research reports. ValuEngine raised shares of Macy’s from a “strong sell” rating to a “sell” rating in a report on Wednesday, October 2nd. JPMorgan Chase & Co. lowered shares of Macy’s from a “neutral” rating to an “underweight” rating in a report on Wednesday, August 14th. Telsey Advisory Group reissued a “market perform” rating and issued a $18.00 price target (down previously from $25.00) on shares of Macy’s in a report on Thursday, August 15th. Guggenheim lowered shares of Macy’s from a “buy” rating to a “neutral” rating in a report on Friday, August 23rd. Finally, Deutsche Bank decreased their price target on shares of Macy’s from $29.00 to $23.00 and set a “hold” rating on the stock in a report on Thursday, August 15th. Four analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the stock. Macy’s has an average rating of “Hold” and a consensus price target of $21.83.
Macy’s (NYSE:M) last posted its earnings results on Wednesday, August 14th. The company reported $0.28 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.45 by ($0.17). The firm had revenue of $5.55 billion for the quarter, compared to the consensus estimate of $5.55 billion. Macy’s had a return on equity of 18.74% and a net margin of 4.11%. The business’s revenue was down .5% on a year-over-year basis. During the same period last year, the company posted $0.70 EPS. On average, sell-side analysts anticipate that Macy’s will post 2.88 earnings per share for the current fiscal year.
In other news, insider C Elisa D. Garcia sold 5,089 shares of the stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $15.48, for a total value of $78,777.72. Following the transaction, the insider now owns 16,825 shares of the company’s stock, valued at approximately $260,451. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.55% of the stock is owned by corporate insiders.
Several institutional investors have recently made changes to their positions in the company. Patriot Financial Group Insurance Agency LLC boosted its position in Macy’s by 646.8% during the 2nd quarter. Patriot Financial Group Insurance Agency LLC now owns 1,501 shares of the company’s stock valued at $32,000 after buying an additional 1,300 shares during the period. Bartlett & Co. LLC boosted its position in Macy’s by 74.7% during the 2nd quarter. Bartlett & Co. LLC now owns 1,889 shares of the company’s stock valued at $41,000 after buying an additional 808 shares during the period. NumerixS Investment Technologies Inc purchased a new stake in Macy’s during the 2nd quarter valued at $41,000. Capital Bank & Trust Co purchased a new stake in Macy’s during the 2nd quarter valued at $43,000. Finally, Parallel Advisors LLC boosted its position in Macy’s by 1,733.1% during the 2nd quarter. Parallel Advisors LLC now owns 2,603 shares of the company’s stock valued at $56,000 after buying an additional 2,461 shares during the period. 83.60% of the stock is owned by institutional investors.
Macy’s Company Profile
Macy's, Inc, an omnichannel retail organization, operates stores, Websites, and mobile applications. The company sells a range of merchandise, including apparel and accessories for men, women, and children; cosmetics; home furnishings; and other consumer goods. As of April 1, 2019, it operated approximately 680 department stores under the Macy's and Bloomingdale's names; and 190 specialty stores, such as Bloomingdale's The Outlet, Bluemercury, Macy's Backstage, and STORY in 43 states, the District of Columbia, Guam, and Puerto Rico.
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