Macy’s (NYSE:M) Shares Gap Down – Here’s What Happened

Shares of Macy’s, Inc. (NYSE:M) gapped down prior to trading on Wednesday . The stock had previously closed at $22.71, but opened at $21.39. Macy’s shares last traded at $22.8490, with a volume of 5,863,023 shares changing hands.

Wall Street Analyst Weigh In

M has been the subject of a number of recent research reports. Jefferies Financial Group increased their price target on shares of Macy’s from $18.50 to $26.00 and gave the stock a “buy” rating in a research note on Thursday. Barclays upped their target price on shares of Macy’s from $12.00 to $15.00 and gave the company an “equal weight” rating in a report on Thursday, September 4th. UBS Group set a $21.00 price target on Macy’s in a report on Thursday. BTIG Research began coverage on Macy’s in a research report on Tuesday, October 14th. They issued a “neutral” rating on the stock. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Macy’s in a research report on Monday. Two investment analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $19.25.

Macy’s Stock Performance

The stock’s 50-day moving average is $19.47 and its 200 day moving average is $15.36. The stock has a market cap of $5.99 billion, a price-to-earnings ratio of 13.19 and a beta of 1.44. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.25 and a quick ratio of 0.35.

Macy’s (NYSE:M) last released its earnings results on Wednesday, December 3rd. The company reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.22. The company had revenue of $4.91 billion for the quarter, compared to analysts’ expectations of $4.52 billion. Macy’s had a return on equity of 15.57% and a net margin of 2.10%.The firm’s quarterly revenue was down .6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.04 EPS. Macy’s has set its FY 2025 guidance at 2.000-2.20 EPS. As a group, analysts predict that Macy’s, Inc. will post 2.39 earnings per share for the current fiscal year.

Macy’s Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Monday, December 15th will be issued a $0.1824 dividend. The ex-dividend date of this dividend is Monday, December 15th. This represents a $0.73 dividend on an annualized basis and a yield of 3.3%. Macy’s’s dividend payout ratio (DPR) is 41.71%.

Insider Buying and Selling at Macy’s

In related news, SVP Paul Griscom sold 12,843 shares of the firm’s stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $17.26, for a total value of $221,670.18. Following the completion of the sale, the senior vice president owned 23,379 shares in the company, valued at $403,521.54. This trade represents a 35.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Danielle L. Kirgan sold 100,000 shares of the company’s stock in a transaction dated Wednesday, September 17th. The stock was sold at an average price of $17.75, for a total transaction of $1,775,000.00. Following the transaction, the executive vice president owned 136,161 shares in the company, valued at $2,416,857.75. The trade was a 42.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.09% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Macy’s

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. US Bancorp DE grew its holdings in shares of Macy’s by 6.7% in the 1st quarter. US Bancorp DE now owns 19,624 shares of the company’s stock worth $246,000 after acquiring an additional 1,227 shares during the period. PNC Financial Services Group Inc. grew its holdings in Macy’s by 6.2% in the first quarter. PNC Financial Services Group Inc. now owns 25,399 shares of the company’s stock valued at $319,000 after purchasing an additional 1,491 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Macy’s by 2.6% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,849,558 shares of the company’s stock worth $35,790,000 after buying an additional 73,096 shares during the last quarter. Headlands Technologies LLC acquired a new stake in Macy’s in the 1st quarter valued at about $29,000. Finally, CCM Investment Group LLC purchased a new position in Macy’s during the 1st quarter valued at about $549,000. 87.36% of the stock is currently owned by institutional investors and hedge funds.

Macy’s Company Profile

Macy’s, Inc engages in the retail of apparel, accessories, cosmetics, home furnishings, and other consumer goods. The firm’s brands include Macy’s, Bloomingdale’s, and Bluemercury. It offers men’s, women’s, and children’s apparel, women’s accessories, intimate apparel, shoes, cosmetics, fragrances, as well as home and miscellaneous products.