Macy's Sees Unusually High Options Volume (NYSE:M)

Key Points

• Macy’s saw unusually high options activity on Wednesday, with investors purchasing 16,077 call options—about 39% above the average daily volume.
• Analyst sentiment remains mixed, with an average “Hold” rating and a consensus price target of $22.78, while several firms recently raised their targets and Zacks upgraded the stock to “Strong Buy.”
• The shares fell 1.3% to $22.16, while Macy’s announced a quarterly dividend of $0.1915 per share, equivalent to a 3.5% annualized yield.

Macy's, Inc. (NYSE:M - Get Free Report) was the recipient of some unusual options trading activity on Wednesday. Investors bought 16,077 call options on the stock. This represents an increase of approximately 39% compared to the average daily volume of 11,540 call options.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Zacks Research raised Macy's from a "hold" rating to a "strong-buy" rating in a research report on Monday, July 27th. JPMorgan Chase & Co. increased their price objective on Macy's from $21.00 to $27.00 and gave the company a "neutral" rating in a research note on Thursday, June 4th. Telsey Advisory Group lifted their price objective on Macy's from $20.00 to $23.00 and gave the stock a "market perform" rating in a research report on Thursday, June 4th. Weiss Ratings raised shares of Macy's from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday, August 21st. Finally, TD Cowen upped their target price on shares of Macy's from $20.00 to $25.00 and gave the company a "hold" rating in a report on Monday, June 22nd. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $22.78.

Macy's Trading Down 1.3%

NYSE M traded down $0.29 during trading hours on Wednesday, hitting $22.16. 3,183,227 shares of the company's stock were exchanged, compared to its average volume of 6,348,610. The business's 50 day moving average is $23.59 and its 200-day moving average is $21.44. Macy's has a 12-month low of $16.41 and a 12-month high of $26.58. The firm has a market capitalization of $5.83 billion, a P/E ratio of 9.16 and a beta of 1.41. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.44 and a current ratio of 1.48.

Macy's Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be given a $0.1915 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.77 annualized dividend and a dividend yield of 3.5%. Macy's's dividend payout ratio (DPR) is currently 31.82%.

Insider Transactions at Macy's

In related news, SVP Paul Griscom sold 10,077 shares of Macy's stock in a transaction on Thursday, June 25th. The stock was sold at an average price of $25.63, for a total transaction of $258,273.51. Following the completion of the transaction, the senior vice president directly owned 25,373 shares of the company's stock, valued at approximately $650,309.99. The trade was a 28.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Thomas Edwards, Jr. sold 16,419 shares of the company's stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $24.89, for a total value of $408,668.91. Following the completion of the sale, the executive vice president directly owned 20,000 shares in the company, valued at $497,800. This trade represents a 45.08% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 1.05% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Macy's

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Sequoia Financial Advisors LLC raised its stake in Macy's by 19.5% during the second quarter. Sequoia Financial Advisors LLC now owns 38,689 shares of the company's stock worth $911,000 after purchasing an additional 6,310 shares during the period. Integrated Wealth Concepts LLC acquired a new stake in shares of Macy's during the 2nd quarter worth $735,000. IFP Advisors Inc raised its position in shares of Macy's by 559.1% in the 2nd quarter. IFP Advisors Inc now owns 10,229 shares of the company's stock worth $241,000 after buying an additional 8,677 shares during the period. Allworth Financial LP raised its position in shares of Macy's by 37.0% in the 2nd quarter. Allworth Financial LP now owns 2,270 shares of the company's stock worth $53,000 after buying an additional 613 shares during the period. Finally, Nykredit A S acquired a new position in Macy's in the second quarter valued at $69,000. Institutional investors and hedge funds own 87.36% of the company's stock.

About Macy's

Macy's, Inc is a leading American omnichannel retailer operating under the Macy's brand, as well as specialty divisions Bloomingdale's and Bluemercury. The company's retail portfolio encompasses full-line department stores, fashion-focused specialty outlets and a high-end beauty chain, offering consumers a wide array of apparel, footwear, accessories, cosmetics and home furnishings. Through its integrated network of physical stores and digital platforms, Macy's seeks to deliver a seamless shopping experience that blends in-store service with online convenience.

The company's product assortment spans men's, women's and children's clothing, beauty and personal care products, housewares and home décor.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.