Stock Traders Buy Large Volume of Put Options on Macy’s (M)

Macy’s Inc (NYSE:M) saw some unusual options trading on Wednesday. Investors acquired 83,454 put options on the stock. This represents an increase of 1,880% compared to the typical volume of 4,214 put options.

In related news, Director William H. Lenehan purchased 2,092 shares of Macy’s stock in a transaction dated Friday, August 17th. The shares were acquired at an average price of $35.78 per share, with a total value of $74,851.76. Following the completion of the transaction, the director now owns 8,060 shares of the company’s stock, valued at approximately $288,386.80. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider C Elisa D. Garcia sold 4,628 shares of the stock in a transaction dated Friday, September 21st. The stock was sold at an average price of $35.85, for a total transaction of $165,913.80. Following the transaction, the insider now directly owns 10,727 shares in the company, valued at approximately $384,562.95. The disclosure for this sale can be found here. 2.36% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently modified their holdings of the business. Baker Ellis Asset Management LLC bought a new stake in shares of Macy’s during the second quarter valued at approximately $112,000. Bay Colony Advisory Group Inc d b a Bay Colony Advisors bought a new stake in shares of Macy’s during the second quarter valued at approximately $116,000. Point72 Asia Hong Kong Ltd raised its holdings in shares of Macy’s by 10,087.2% during the first quarter. Point72 Asia Hong Kong Ltd now owns 3,973 shares of the company’s stock valued at $118,000 after buying an additional 3,934 shares during the last quarter. Qube Research & Technologies Ltd bought a new stake in shares of Macy’s during the second quarter valued at approximately $150,000. Finally, Highstreet Asset Management Inc. raised its holdings in shares of Macy’s by 1,475.0% during the second quarter. Highstreet Asset Management Inc. now owns 4,410 shares of the company’s stock valued at $165,000 after buying an additional 4,130 shares during the last quarter. 90.26% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NYSE M opened at $34.59 on Friday. The company has a current ratio of 1.53, a quick ratio of 0.43 and a debt-to-equity ratio of 0.93. Macy’s has a 52-week low of $17.41 and a 52-week high of $41.99. The stock has a market capitalization of $10.55 billion, a price-to-earnings ratio of 9.18, a price-to-earnings-growth ratio of 1.03 and a beta of 0.69.

Macy’s (NYSE:M) last issued its earnings results on Wednesday, August 15th. The company reported $0.70 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.50 by $0.20. Macy’s had a net margin of 6.65% and a return on equity of 23.55%. The firm had revenue of $5.57 billion for the quarter, compared to analysts’ expectations of $5.55 billion. During the same quarter last year, the company posted $0.48 earnings per share. Macy’s’s revenue was down 1.1% on a year-over-year basis. analysts anticipate that Macy’s will post 3.93 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 1st. Shareholders of record on Friday, September 14th will be issued a $0.3775 dividend. The ex-dividend date of this dividend is Thursday, September 13th. This represents a $1.51 dividend on an annualized basis and a yield of 4.37%. Macy’s’s dividend payout ratio is currently 40.05%.

M has been the topic of several research analyst reports. Evercore ISI increased their price target on shares of Macy’s from $17.41 to $36.00 and gave the stock a “buy” rating in a research report on Monday, June 4th. Atlantic Securities cut shares of Macy’s from an “overweight” rating to a “neutral” rating and set a $39.00 price target on the stock. in a research report on Wednesday, June 6th. They noted that the move was a valuation call. Cowen reaffirmed a “hold” rating on shares of Macy’s in a research report on Thursday, June 7th. Susquehanna Bancshares reaffirmed a “positive” rating on shares of Macy’s in a research report on Thursday, June 7th. Finally, UBS Group initiated coverage on shares of Macy’s in a research report on Thursday, June 21st. They set a “neutral” rating and a $39.00 price target on the stock. Four analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $33.57.

About Macy’s

Macy's, Inc, an omni-channel retail organization, operates stores, Websites, and mobile applications. The company sells a range of merchandise, such as apparel and accessories for men, women, and children; cosmetics; home furnishings; and other consumer goods. As of April 4, 2018, it operated approximately 690 department stores under the Macy's and Bloomingdale's brands; 160 specialty stores under the Bloomingdale's The Outlet, Bluemercury, and Macy's Backstage brands in the District of Columbia, Guam, and Puerto Rico; and Websites, including macys.com, bloomingdales.com, and bluemercury.com.

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