Victory Capital Management Inc. reduced its stake in shares of Macy’s Inc (NYSE:M) by 80.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 51,115 shares of the company’s stock after selling 208,621 shares during the quarter. Victory Capital Management Inc.’s holdings in Macy’s were worth $251,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently modified their holdings of M. National Asset Management Inc. purchased a new stake in Macy’s in the 1st quarter worth about $66,000. Raymond James Financial Services Advisors Inc. increased its position in Macy’s by 42.2% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 212,956 shares of the company’s stock worth $1,046,000 after purchasing an additional 63,229 shares during the last quarter. Baird Financial Group Inc. acquired a new position in Macy’s in the 4th quarter worth about $960,000. Smith Graham & Co. Investment Advisors LP increased its position in Macy’s by 17.3% in the 1st quarter. Smith Graham & Co. Investment Advisors LP now owns 425,920 shares of the company’s stock worth $2,091,000 after purchasing an additional 62,870 shares during the last quarter. Finally, Commonwealth Equity Services LLC increased its position in Macy’s by 11.2% in the 1st quarter. Commonwealth Equity Services LLC now owns 60,583 shares of the company’s stock worth $297,000 after purchasing an additional 6,102 shares during the last quarter. Hedge funds and other institutional investors own 90.25% of the company’s stock.
Macy’s stock opened at $6.88 on Wednesday. Macy’s Inc has a 52 week low of $4.38 and a 52 week high of $23.40. The company’s 50 day moving average price is $6.61 and its two-hundred day moving average price is $10.64. The company has a quick ratio of 0.28, a current ratio of 1.18 and a debt-to-equity ratio of 1.03. The stock has a market cap of $1.86 billion, a P/E ratio of -9.56 and a beta of 1.54.
Macy’s (NYSE:M) last posted its quarterly earnings results on Tuesday, June 9th. The company reported ($2.03) EPS for the quarter, topping analysts’ consensus estimates of ($2.35) by $0.32. The company had revenue of $3.02 billion for the quarter, compared to analysts’ expectations of $3.03 billion. Macy’s had a negative net margin of 1.01% and a positive return on equity of 2.24%. On average, equities analysts anticipate that Macy’s Inc will post -3.97 EPS for the current year.
M has been the topic of a number of research analyst reports. Bank of America reaffirmed an “underperform” rating and issued a $4.50 target price (down previously from $5.00) on shares of Macy’s in a report on Friday, May 22nd. Citigroup reduced their price objective on Macy’s from $6.00 to $5.00 and set a “sell” rating for the company in a research report on Thursday, March 26th. UBS Group reduced their price objective on Macy’s from $14.50 to $6.00 and set a “neutral” rating for the company in a research report on Thursday, April 30th. Morgan Stanley raised their price objective on Macy’s from $5.00 to $6.00 and gave the stock an “underweight” rating in a research report on Wednesday, June 10th. Finally, Cfra reduced their price objective on Macy’s from $4.00 to $3.00 and set a “sell” rating for the company in a research report on Thursday, May 21st. Eight analysts have rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $9.46.
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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