Dimensional Fund Advisors LP 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 15.39% to 12.04 million shares with purchase of 1.61 million shares. This fresh investment now brings its stake to 4.40% valued currently at $147.22 million. In addition, SSgA Funds Management, Inc. raised its holdings by 1.05 million to 11.24 million shares. And Point72 Asset Management LP has lifted its position by 1,075.76% or 10.11 million shares – to 11.05 million shares.
With over 16.57 million Macy’s Inc. (M) shares trading Monday and a closing price of $10.73 on the day, the dollar volume was approximately $177.85 million. The shares have shown a negative half year performance of -43.17% and its price on 09/18/23 lost nearly -3.68%. Currently, there are 273.80M common shares owned by the public and among those 272.02M 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 $15.57. The analysts have set the share’s price value over the next 12 months at a high of $22.00 and a low of $10.00. The average price target is 31.0% above its recent price level and a downside to the estimated low will see the stock lose -7.3% over that period. But an upside of 51.23% will see the stock hit the forecast high price target while median target price for the stock is $15.40.
Insiders at the company have transacted a total of 54 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 26 of these insider trades were purchases, accounting for 1,635,275 shares. Insider sales of the common stock occurred on 28 occasions, with total insider shares sold totaling 870,625 shares.
The top 3 mutual fund holders in Macy’s Inc. are iShares Core S&P Mid Cap ETF, Vanguard Total Stock Market ETF, and Vanguard Small Cap Index Fund. iShares Core S&P Mid Cap ETF owns 8.79 million shares of the company’s stock, all valued at over $107.48 million. The company bought an additional 3108.0 shares recently to bring their total holdings to about 3.21% of the shares outstanding. Vanguard Total Stock Market ETF sold 647.0 shares to see its total holdings shrink to 8.44 million shares valued at over $103.25 million and representing 3.09% of the shares outstanding. Vanguard Small Cap Index Fund bought 28508.0 shares to bring its total holdings to over 7.09 million shares at a value of $86.73 million. Vanguard Small Cap Index Fund now owns shares totaling to 2.59% of the shares outstanding.
Shares of Macy’s Inc. (NYSE: M) opened at $11.11, down -$0.03 from a prior closing price of $11.14. The company’s stock has a 5-day price change of -6.45% and -32.30% over the past three months. M shares are trading -48.04% year to date (YTD), with the 12-month market performance down to -35.59% lower. It has a 12-month low price of $11.13 and touched a high of $25.12 over the same period. M has an average intraday trading volume of 10.45 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 -12.34%, -25.88%, and -39.93% respectively.
Institutional ownership of Macy’s Inc. (NYSE: M) shares accounts for 83.60% of the company’s 273.80M shares outstanding. Mutual fund holders own 41.03%, while other institutional holders and individual stakeholders account for 42.97% and 1.45% respectively.
It has a market capitalization of $2.99B and a beta (3y monthly) value of 1.92. The stock’s trailing 12-month PE ratio is 4.15, while the earnings-per-share (ttm) stands at $2.59. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.73% over the week and 3.46% over the month.
Analysts forecast that Macy’s Inc. (M) will achieve an EPS of $0 for the current quarter, $1.94 for the next quarter and $2.81 for 2025. The lowest estimate earnings-per-share for the quarter is -$0.03 while analysts give the company a high EPS estimate of $0.03. Comparatively, EPS for the current quarter was $0.52 a year ago. Earnings per share for the fiscal year are expected to decrease by -8.10%, and 0.75% over the next financial year. EPS should shrink at an annualized rate of -9.67% over the next five years, compared to 5.50% over the past 5-year period.
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 “Moderate Buy” at a consensus score of 2.70. Specifically, 7 Wall Street analysts polled rate the stock as a buy, while 7 of the 16 advise that investors “hold,” and 1 rated it as a “Sell.”
Looking at the support for the M, a number of firms have released research notes about the stock. Telsey Advisory Group stated their Market Perform rating for the stock in a research note on August 23, 2023, with the firm’s price target at $16-$14.