Macy’s Inc (NYSE:M) Sees Significant Drop in Short Interest

Macy’s Inc (NYSE:M) was the recipient of a significant drop in short interest in the month of June. As of June 30th, there was short interest totalling 23,560,021 shares, a drop of 21.2% from the June 15th total of 29,882,865 shares. Based on an average daily volume of 7,949,786 shares, the days-to-cover ratio is currently 3.0 days. Approximately 7.8% of the company’s shares are short sold.

Shares of Macy’s (NYSE:M) opened at 20.62 on Friday. The firm has a market cap of $6.28 billion, a PE ratio of 9.37 and a beta of 0.84. The stock has a 50 day moving average price of $22.86 and a 200 day moving average price of $26.87. Macy’s has a 52 week low of $20.16 and a 52 week high of $45.41.

Macy’s (NYSE:M) last issued its quarterly earnings results on Thursday, August 10th. The company reported $0.48 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.45 by $0.03. Macy’s had a return on equity of 21.69% and a net margin of 2.71%. The business had revenue of $5.55 billion during the quarter, compared to analyst estimates of $5.52 billion. During the same quarter in the prior year, the business posted $0.51 EPS. Macy’s’s revenue for the quarter was down 5.4% compared to the same quarter last year. Equities analysts expect that Macy’s will post $3.33 earnings per share for the current year.

Several research analysts have weighed in on M shares. Vetr lowered Macy’s from a “strong-buy” rating to a “buy” rating and set a $26.02 price target on the stock. in a research report on Thursday, July 27th. Zacks Investment Research lowered Macy’s from a “hold” rating to a “sell” rating in a report on Tuesday. Deutsche Bank AG boosted their target price on Macy’s from $24.00 to $25.00 and gave the stock a “hold” rating in a report on Tuesday. Bank of America Corporation decreased their target price on Macy’s from $31.00 to $25.00 and set a “neutral” rating on the stock in a report on Friday, June 9th. Finally, Gordon Haskett initiated coverage on Macy’s in a report on Tuesday, May 9th. They set a “hold” rating and a $29.00 target price on the stock. Two research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $30.84.

In other Macy’s news, Director William H. Lenehan acquired 4,390 shares of the business’s stock in a transaction dated Thursday, June 15th. The shares were acquired at an average price of $22.72 per share, for a total transaction of $99,740.80. Following the acquisition, the director now directly owns 5,968 shares of the company’s stock, valued at approximately $135,592.96. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jeffrey Gennette acquired 13,085 shares of the business’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 disclosure for this purchase can be found here. 1.40% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Thrivent Financial for Lutherans raised its position in shares of Macy’s by 5.1% in the fourth quarter. Thrivent Financial for Lutherans now owns 10,628 shares of the company’s stock worth $381,000 after buying an additional 520 shares during the last quarter. Dodge & Cox acquired a new position in shares of Macy’s during the fourth quarter worth approximately $358,000. Quadrature Capital Ltd increased its position in shares of Macy’s by 2,381.9% in the fourth quarter. Quadrature Capital Ltd now owns 143,999 shares of the company’s stock worth $5,158,000 after buying an additional 138,197 shares during the last quarter. UBS Asset Management Americas Inc. increased its position in shares of Macy’s by 2.5% in the fourth quarter. UBS Asset Management Americas Inc. now owns 989,291 shares of the company’s stock worth $35,426,000 after buying an additional 24,127 shares during the last quarter. Finally, Kentucky Retirement Systems acquired a new position in shares of Macy’s during the fourth quarter worth approximately $794,000. Hedge funds and other institutional investors own 84.30% of the company’s stock.

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Macy’s Company Profile

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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