The stock price of Macy’s Inc [linkme to=”M”] has risen up by over 2.63% today till the late morning trading session. Since the beginning of this week, the stock price of Macy’s has gone up by over 8.5% and is still rising. The stock closed at $29.07 on Wednesday.
The Ohio based company is an American holding company. It is the owner of department store chains Macy’s and Bloomingdale’s, which specialize in the sales of clothing, footwear, accessories, bedding, furniture, jewelry, beauty products, and house wares; and Bluemercury, a chain of luxury beauty products stores and spas. As of July 26, 2015, the company operated approximately 885 stores in the United States, Guam, and Puerto Rico; its namesake locations and related operations account for 90 percent of its revenue. According to Deloitte, Macy’s, Inc. is the world’s largest fashion goods retailer and the 36th largest retailer overall, based on the company’s reported 2010 retail sales revenue of $25 billion (equivalent to $27.1 billion in 2016).
Articles speculated, Moors & Cabot Inc. boosted its stake in Macy’s Inc by 10.5% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 39,425 shares of the company’s stock after acquiring an additional 3,750 shares during the period. Moors & Cabot Inc.’s holdings in Macy’s were worth $993,000 as of its most recent SEC filing.
A number of other hedge funds also recently modified their holdings of the stock. Prudential Financial Inc. increased its position in Macy’s by 75.3% during the 3rd quarter. Prudential Financial Inc. now owns 5,013,391 shares of the company’s stock worth $109,392,000 after purchasing an additional 2,153,110 shares during the period. Wells Fargo & Company MN increased its position in Macy’s by 7.0% during the 3rd quarter. Wells Fargo & Company MN now owns 1,279,451 shares of the company’s stock worth $27,917,000 after purchasing an additional 84,147 shares during the period.
A number of equities research analysts recently weighed in on M shares. Zacks Investment Research upgraded Macy’s from a “hold” rating to a “buy” rating and set a $28.00 price target on the stock in a report on Wednesday, January 10th. BMO Capital Markets set a $38.00 price target on Macy’s and gave the stock a “buy” rating in a report on Friday, January 5th.
OTR Global upgraded Macy’s to a “sell” rating in a report on Monday, December 18th. Gordon Haskett upgraded Macy’s from a “hold” rating to a “buy” rating and set a $36.00 price target on the stock in a report on Thursday, March 1st. Finally, Deutsche Bank upped their price target on Macy’s from $27.00 to $28.00 and gave the stock a “hold” rating in a report on Monday, February 26th.
Our analysts have given a “HOLD” rating to Macy’s stock. Despite the fall in the past years, the stock has gone up this month and is expected to rise further. The current holders of this stock are advised not to sell it yet.