The Vanguard Group, Inc. 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 7.91% to 35.92 million shares with purchase of 2.63 million shares. This fresh investment now brings its stake to 13.11% valued currently at $569.64 million. In addition, BlackRock Fund Advisors raised its holdings by 0.68 million to 22.53 million shares. And SSgA Funds Management, Inc. has lifted its position by 0.93% or 0.1 million shares – to 11.35 million shares.
With over 4.2 million Macy’s Inc (M) shares trading Tuesday and a closing price of $19.05 on the day, the dollar volume was approximately $80.03 million. The shares have shown a positive half year performance of 15.59% and its price on 01/09/24 lost nearly -0.31%. Currently, there are 274.07M common shares owned by the public and among those 272.35M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 17 analysts who have offered their price forecasts for M have a consensus price objective of $17.38. The analysts have set the share’s price value over the next 12 months at a high of $23.00 and a low of $11.00. The average price target is -9.61% below its recent price level and a downside to the estimated low will see the stock lose -73.18% over that period. But an upside of 17.17% will see the stock hit the forecast high price target while median target price for the stock is $16.00.
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 1,633,413 shares. Insider sales of the common stock occurred on 28 occasions, with total insider shares sold totaling 868,582 shares.
The top 3 mutual fund holders in Macy’s Inc are Vanguard Total Stock Market ETF, iShares Core S&P Mid Cap ETF, and Vanguard Equity Income Fund. Vanguard Total Stock Market ETF owns 8.58 million shares of the company’s stock, all valued at over $136.09 million. The company bought an additional 11416.0 shares recently to bring their total holdings to about 3.13% of the shares outstanding. iShares Core S&P Mid Cap ETF bought 1491.0 shares to see its total holdings expand to 8.41 million shares valued at over $133.33 million and representing 3.07% of the shares outstanding. Vanguard Equity Income Fund bought 2.57 million shares to bring its total holdings to over 7.54 million shares at a value of $119.65 million. Vanguard Equity Income Fund now owns shares totaling to 2.75% of the shares outstanding.
Shares of Macy’s Inc (NYSE: M) opened at $19.06, down -$0.05 from a prior closing price of $19.11. However, the script later moved the day high at 19.22, down -0.31%. The company’s stock has a 5-day price change of -3.59% and 72.09% over the past three months. M shares are trading -5.32% year to date (YTD), with the 12-month market performance down to -13.92% lower. It has a 12-month low price of $10.54 and touched a high of $25.12 over the same period. M has an average intraday trading volume of 13.16 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 -2.95%, 18.37%, and 26.93% respectively.
Institutional ownership of Macy’s Inc (NYSE: M) shares accounts for 81.60% of the company’s 274.07M shares outstanding. Mutual fund holders own 38.92%, while other institutional holders and individual stakeholders account for 43.14% and 1.46% respectively.
It has a market capitalization of $5.22B and a beta (3y monthly) value of 2.19. The stock’s trailing 12-month PE ratio is 7.75, while the earnings-per-share (ttm) stands at $2.46. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.94% over the week and 3.38% over the month.
Analysts forecast that Macy’s Inc (M) will achieve an EPS of $1.96 for the current quarter, $0.41 for the next quarter and $2.76 for 2025. The lowest estimate earnings-per-share for the quarter is $1.71 while analysts give the company a high EPS estimate of $2.2. Comparatively, EPS for the current quarter was $1.71 a year ago. Earnings per share for the fiscal year are expected to decrease by -32.76%, and -9.03% over the next financial year. EPS should shrink at an annualized rate of -11.34% over the next five years, compared to -3.88% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 17 brokerage firm advisors rate Macy’s Inc (M) as a “Moderate Buy” at a consensus score of 2.71. Specifically, 4 Wall Street analysts polled rate the stock as a buy, while 8 of the 17 advise that investors “hold,” and 2 rated it as a “Sell.”
Looking at the support for the M, a number of firms have released research notes about the stock. Citigroup stated their Sell rating for the stock in a research note on December 12, 2023, with the firm’s price target at $14.
