In the last trading session, 16.57 million Macy’s Inc. (NYSE:M) shares changed hands as the company’s beta touched 1.92. With the company’s per share price at $10.73 changed hands at -$0.41 or -3.68% during last session, the market valuation stood at $2.99B. M’s last price was a discount, traded about -134.11% off its 52-week high of $25.12. The share price had its 52-week low at $11.13, which suggests the last value was -3.73% down since then. When we look at Macy’s Inc.’s average trading volume, we note the 10-day average is 11.15 million shares, with the 3-month average coming to 10.45 million.
Analysts gave the Macy’s Inc. (M) stock a consensus recommendation rating of an Overweight, calculated at a mean rating of 2.70. If we narrow down to specifics, the data shows that 1 out of 16 analysts rate the stock as a Sell, with a further 0 assigning it an Overweight rating. Of the remaining, 7 recommended M as a Hold, 7 felt it is a Buy and 1 rated the stock as Underweight. Macy’s Inc.’s EPS for the current quarter is expected to be $0.
Macy’s Inc. (NYSE:M) trade information
Instantly M was in red as seen at the end of in last trading. With action -6.45%, the performance over the past five days has been red. The drop to weekly highs of 11.73 on Monday, 09/18/23 subtracted -3.68% to the stock’s daily price. The company’s shares are showing year-to-date downside of -48.04%, with the 5-day performance at -6.45% in the red. However, in the 30-day time frame, Macy’s Inc. (NYSE:M) is -28.66% down. Looking at the short shares, we see there were 22.18 million shares sold at short interest cover period of 1.78 days.
The consensus price target for the stock as assigned by Wall Street analysts is $15.57, meaning bulls need an upside of 31.09% from its current market value. According to analyst projections, M’s forecast low is $10.00 with $22.00 as the target high. To hit the forecast high, the stock’s price needs a -105.03% plunge from its current level, while the stock would need to tank 6.8% for it to hit the projected low.
Macy’s Inc. (M) estimates and forecasts
Data shows that the Macy’s Inc. share is performing relatively much not better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot -43.17% over the past 6 months, a -37.28% in annual growth rate that is considerably lower than the industry average of -27.60%. Moreover, analysts have looked to lower expectations by upgrading its fiscal year 2023 revenue estimates. The rating firms predict current quarter revenue for Macy’s Inc. will fall -100.00%, while the growth in revenue is estimated to hit 13.50% for the next quarter. Year-over-year growth is forecast to reach -5.50% down from the last financial year.
Consensus estimates given by 10 financial analysts project the company’s revenue in the current quarter to hit an average of $4.81 billion. 10 analysts are of the opinion that Macy’s Inc.’s revenue for the quarter ending Jan 2024 will be $8.04 billion. The estimates for the next quarter sales put growth at -2.70%.
Looking at the company’s year-on-year earnings, data shows that the past 5-year has an earnings growth rate of 5.50%. The 2023 estimates are for Macy’s Inc. earnings to decrease by -8.10%, but the outlook for the next 5-year period is at -9.67% per year.
Macy’s Inc. is expected to release its next quarterly earnings report between November 15 and November 20. The 6.17% annual yield figure for the share gives it an annual dividend of 0.66. It is important to note, however, that the 6.17% dividend yield ratio should serve as a guide only, as you should also take into consideration many other aspects of a company’s operations and fundamentals before making any investment decision.
Macy’s Inc. (NYSE:M)’s Major holders
If we look at who the major shareholders are, we find that insiders hold 0.59% of Macy’s Inc. shares while 83.80% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 84.30%. There are 83.80% institutions holding the Macy’s Inc. stock share, with Vanguard Group Inc the top institutional holder. As of Jun 29, 2023, the company held 12.33% of the shares, roughly 33.74 million M shares worth $361.99 million.
Blackrock Inc. holds the second largest percentage of outstanding shares, with 9.06% or 24.8 million shares worth $266.07 million as of Jun 29, 2023.
Among Mutual Funds, the top two as of Aug 30, 2023 were iShares Core S&P Midcap ETF and Vanguard Total Stock Market Index Fund. With 8.78 million shares estimated at $94.18 million under it, the former controlled 3.21% of total outstanding shares. On the other hand, Vanguard Total Stock Market Index Fund held about 3.09% of the shares, roughly 8.46 million shares worth around $90.74 million.