Short Interest in Macy’s, Inc. (NYSE:M) Grows By 9.9%

Macy’s, Inc. (NYSE:M) was the recipient of a significant growth in short interest during the month of August. As of August 15th, there was short interest totalling 13,240,000 shares, a growth of 9.9% from the July 31st total of 12,050,000 shares. Based on an average daily volume of 6,050,000 shares, the days-to-cover ratio is currently 2.2 days. Currently, 4.8% of the company’s stock are short sold.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on M shares. Morgan Stanley lowered their price objective on Macy’s from $18.00 to $17.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 22nd. StockNews.com began coverage on shares of Macy’s in a research note on Friday. They issued a “hold” rating for the company. Evercore ISI lowered their target price on shares of Macy’s from $22.00 to $17.00 and set an “in-line” rating on the stock in a research note on Tuesday, July 16th. Telsey Advisory Group reiterated a “market perform” rating and issued a $21.00 price target on shares of Macy’s in a research note on Wednesday, August 21st. Finally, JPMorgan Chase & Co. boosted their price objective on Macy’s from $25.00 to $27.00 and gave the company an “overweight” rating in a research report on Wednesday, May 22nd. Seven investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, Macy’s presently has a consensus rating of “Hold” and an average price target of $19.50.

Macy’s Price Performance

Macy’s stock remained flat at $15.57 during midday trading on Friday. 5,960,924 shares of the company were exchanged, compared to its average volume of 7,370,599. Macy’s has a 12 month low of $10.54 and a 12 month high of $22.10. The stock has a 50-day simple moving average of $17.05 and a two-hundred day simple moving average of $18.58. The company has a market capitalization of $4.30 billion, a price-to-earnings ratio of 519.00 and a beta of 2.18. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.34 and a current ratio of 1.48.

Macy’s (NYSE:M) last issued its earnings results on Wednesday, August 21st. The company reported $0.53 EPS for the quarter, topping analysts’ consensus estimates of $0.30 by $0.23. Macy’s had a net margin of 0.80% and a return on equity of 23.14%. The business had revenue of $4.94 billion for the quarter, compared to the consensus estimate of $5.06 billion. The company’s revenue for the quarter was down 3.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.26 EPS. Equities research analysts predict that Macy’s will post 2.73 EPS for the current year.

Macy’s Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be issued a $0.1737 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.69 annualized dividend and a dividend yield of 4.46%. Macy’s’s dividend payout ratio is currently 2,300.00%.

Insider Transactions at Macy’s

In other Macy’s news, EVP Danielle L. Kirgan sold 24,147 shares of the company’s stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $18.96, for a total transaction of $457,827.12. Following the transaction, the executive vice president now owns 348,000 shares in the company, valued at approximately $6,598,080. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Antony Spring sold 18,981 shares of the company’s stock in a transaction on Wednesday, July 10th. The stock was sold at an average price of $18.96, for a total transaction of $359,879.76. Following the completion of the sale, the chief executive officer now owns 267,265 shares in the company, valued at $5,067,344.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Danielle L. Kirgan sold 24,147 shares of the stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $18.96, for a total value of $457,827.12. Following the completion of the transaction, the executive vice president now directly owns 348,000 shares in the company, valued at approximately $6,598,080. The disclosure for this sale can be found here. Insiders sold 43,464 shares of company stock worth $824,081 over the last quarter. 2.77% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Macy’s

A number of large investors have recently bought and sold shares of M. Creative Planning lifted its position in shares of Macy’s by 4.2% during the second quarter. Creative Planning now owns 62,703 shares of the company’s stock valued at $1,204,000 after buying an additional 2,554 shares during the last quarter. Algert Global LLC boosted its stake in Macy’s by 200.3% in the second quarter. Algert Global LLC now owns 230,559 shares of the company’s stock valued at $4,427,000 after acquiring an additional 153,789 shares in the last quarter. Abich Financial Wealth Management LLC acquired a new stake in Macy’s in the second quarter valued at approximately $57,000. Affinity Capital Advisors LLC purchased a new position in Macy’s in the second quarter worth $209,000. Finally, Alden Global Capital LLC increased its position in shares of Macy’s by 56.1% during the second quarter. Alden Global Capital LLC now owns 606,741 shares of the company’s stock worth $11,649,000 after purchasing an additional 218,146 shares in the last quarter. Institutional investors own 87.36% of the company’s stock.

About Macy’s

Macy's, Inc, an omni-channel retail organization, operates stores, websites, and mobile applications in the United States. The company sells a range of merchandise, such as apparel and accessories for men, women, and kids; cosmetics; home furnishings; and other consumer goods under the Macy's, Bloomingdale's, and bluemercury brands.