BlackRock Fund Advisors recently announced the acquisition of new stake in Macy’s Inc. (NYSE:M). The institutional investor has increased its shareholding in the Consumer Cyclical company by 58.67% to 36.19 million shares with purchase of 13.38 million shares. This fresh investment now brings its stake to 11.67% valued currently at $219.31 million. In addition, Dimensional Fund Advisors LP raised its holdings by 0.63 million to 9.65 million shares. And Mellon Investments Corp. has lifted its position by 12.84% or 0.72 million shares – to 6.33 million shares.
With over 19.66 million Macy’s Inc. (M) shares trading Friday and a closing price of $6.95 on the day, the dollar volume was approximately $136.62 million. The shares have shown a positive weekly performance of 11.02% and its price on 08/28/20 gained nearly 4.98%. Currently, there are 310.60M common shares owned by the public and among those 307.84M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 16 analysts who have offered their price forecasts for M have a consensus price objective of $5.79. The analysts have set the share’s price value over the next 12 months at a high of $9.00 and a low of $3.00 should the stock experience a downside. Incidentally, analysts’ outlook for the Macy’s Inc. stock is 3.60 for the next 12 months. The average price target is -8.93% below its last price level and a downside to the estimated low will see the stock lose -131.67% over that period. But an upside of 22.78% will see the stock hit the forecast high price target while mean target price for the stock is $6.00.
Insiders at the company have transacted a total of 25 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 11 of these insider trades were purchases, accounting for 258,815 shares. Insider sales of the common stock occurred on 14 occasions, with total insider shares sold totaling 120,802 shares.
The top 3 mutual fund holders in Macy’s Inc. are Managers AMG Yacktman Fund, iShares Core S&P Small Cap ETF, and Contrarius ICAV – Global Equity F. Managers AMG Yacktman Fund owns 19.5 million shares of the company’s stock, all valued at over $118.17 million. The company sold -6.0 million shares recently to bring their total holdings to about 6.29% of the shares outstanding. Contrarius ICAV – Global Equity F bought 3.15 million shares to bring its total holdings to over 9.63 million shares at a value of $58.38 million. Contrarius ICAV – Global Equity F now owns shares totaling to 3.11% of the shares outstanding.
Shares of Macy’s Inc. (NYSE: M) opened at $6.66, up $0.04 from a prior closing price of $6.62. However, the script later closed the day at $6.95, up 4.98%. The company’s stock has a 5-day price change of 11.02% and 9.11% over the past three months. M shares are trading -59.12% year to date (YTD), with the 12-month market performance down to -53.39% lower. It has a 12-month low price of $4.38 and touched a high of $18.57 over the same period. Currently, 19.66 million shares have been traded, compared to an average intraday trading volume of 36.94 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 5.25%, 4.58%, and -31.74% respectively.
Institutional ownership of Macy’s Inc. (NYSE: M) shares accounts for 87.70% of the company’s 310.60M shares outstanding. Mutual fund holders own 34.24%, while other institutional holders and individual stakeholders account for 52.15% and 0.81% respectively.
It has a market capitalization of $2.05B and a beta (3y monthly) value of 1.53. The earnings-per-share (ttm) stands at -$10.16. Price movements for the stock have been influenced by the stock’s volatility, which stands at 5.08% over the week and 6.19% over the month.
Analysts forecast that Macy’s Inc. (M) will achieve an EPS of -$1.77 for the current quarter, -$0.94 for the next quarter and $0.5 for 2022. The lowest estimate earnings-per-share for the quarter is -$2.77 while analysts give the company a high EPS estimate of -$1.25. Comparatively, EPS for the current quarter was $0.28 a year ago. Earnings per share for the fiscal year are expected to decrease by -48.30%, and 111.40% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 16 brokerage firm advisors rate Macy’s Inc. (M) as a “Hold” at a consensus score of 3.60. Specifically, 1 Wall Street analysts polled rate the stock as a buy, while 8 of the 16 advise that investors “hold,” and 6 rated it as a “Sell.”
Looking at the support for the M, a number of firms have released research notes about the stock. UBS stated their Sell rating for the stock in a research note on July 22, 2020, with the firm’s price target at $6-$3. Telsey Advisory Group coverage for the Macy’s Inc. (M) stock in a research note released on May 22, 2020 offered a Market Perform rating with a price target of $6. CFRA was of a view on March 23, 2020 that the stock is Sell, while Telsey Advisory Group gave the stock Market Perform rating on February 26, 2020, issuing a price target of $18- $16. Telsey Advisory Group on their part issued Market Perform rating on February 06, 2020.