Macy's Inc (NYSE:M) Short Interest Down 21.2% in June

Macy's Inc (NYSE:M) was the target of a large decline in short interest in the month of June. As of June 30th, there was short interest totalling 23,560,021 shares, a decline of 21.2% from the June 15th total of 29,882,865 shares. Based on an average trading volume of 7,949,786 shares, the short-interest ratio is presently 3.0 days. Currently, 7.8% of the company’s shares are short sold.

Macy's (NYSE M) opened at 23.05 on Tuesday. Macy's has a 12 month low of $20.85 and a 12 month high of $45.41. The stock’s 50 day moving average price is $22.92 and its 200-day moving average price is $29.24. The firm has a market capitalization of $7.02 billion, a P/E ratio of 12.43 and a beta of 0.84.

Macy's (NYSE:M) last posted its earnings results on Thursday, May 11th. The company reported $0.24 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by $0.12. Macy's had a net margin of 1.31% and a return on equity of 6.60%. The company had revenue of $5.34 billion during the quarter, compared to analyst estimates of $5.49 billion. During the same quarter last year, the business posted $0.40 EPS. Macy's’s quarterly revenue was down 7.5% compared to the same quarter last year. On average, analysts forecast that Macy's will post $3.34 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Monday, July 3rd. Stockholders of record on Thursday, June 15th were paid a $0.3775 dividend. The ex-dividend date was Tuesday, June 13th. This represents a $1.51 dividend on an annualized basis and a dividend yield of 6.55%. Macy's’s dividend payout ratio (DPR) is currently 81.62%.

A number of brokerages recently issued reports on M. Cowen and Company set a $29.00 price objective on Macy's and gave the stock a “hold” rating in a research report on Saturday, May 13th. Royal Bank Of Canada set a $28.00 price objective on Macy's and gave the stock a “hold” rating in a research report on Saturday, May 13th. Jefferies Group LLC cut their price objective on Macy's from $27.00 to $24.00 and set a “hold” rating for the company in a research report on Friday, June 9th. Northcoast Research reissued a “neutral” rating on shares of Macy's in a research report on Thursday, May 11th. Finally, Goldman Sachs Group, Inc. (The) cut their price objective on Macy's from $28.00 to $25.00 and set a “neutral” rating for the company in a research report on Wednesday, June 7th. Two research analysts have rated the stock with a sell rating, seventeen have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $32.26.

In related news, insider Jeffrey Gennette purchased 13,085 shares of Macy's stock in a transaction dated Monday, June 12th. The shares were acquired at an average price of $22.95 per share, for a total transaction of $300,300.75. Following the acquisition, the insider now directly owns 89,053 shares in the company, valued at $2,043,766.35. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, Director William H. Lenehan purchased 4,390 shares of Macy's stock in a transaction dated Thursday, June 15th. The shares were bought at an average price of $22.72 per share, for a total transaction of $99,740.80. Following the acquisition, the director now owns 5,968 shares in the company, valued at $135,592.96. The disclosure for this purchase can be found here. 1.40% of the stock is owned by insiders.

Large investors have recently bought and sold shares of the stock. Penserra Capital Management LLC raised its stake in Macy's by 9.5% in the first quarter. Penserra Capital Management LLC now owns 3,680 shares of the company’s stock worth $109,000 after buying an additional 320 shares during the period. Ropes Wealth Advisors LLC raised its stake in Macy's by 63.5% in the first quarter. Ropes Wealth Advisors LLC now owns 4,806 shares of the company’s stock worth $142,000 after buying an additional 1,866 shares during the period. Winslow Evans & Crocker Inc. raised its stake in Macy's by 241.4% in the first quarter. Winslow Evans & Crocker Inc. now owns 5,530 shares of the company’s stock worth $164,000 after buying an additional 3,910 shares during the period. First Manhattan Co. raised its stake in Macy's by 0.6% in the first quarter. First Manhattan Co. now owns 5,076 shares of the company’s stock worth $188,000 after buying an additional 29 shares during the period. Finally, Pacer Advisors Inc. raised its stake in Macy's by 3.2% in the first quarter. Pacer Advisors Inc. now owns 6,500 shares of the company’s stock worth $193,000 after buying an additional 200 shares during the period. Institutional investors and hedge funds own 84.46% of the company’s stock.

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About Macy's

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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