StockNews.com Begins Coverage on Macy’s (NYSE:M)

StockNews.com began coverage on shares of Macy’s (NYSE:M) in a research note published on Friday morning. The brokerage issued a hold rating on the stock.

Several other research analysts have also recently issued reports on the company. JPMorgan Chase & Co. lifted their target price on Macy’s from $25.00 to $27.00 and gave the company an overweight rating in a research report on Wednesday, May 22nd. Morgan Stanley decreased their price objective on Macy’s from $18.00 to $17.00 and set an equal weight rating on the stock in a report on Thursday, August 22nd. Telsey Advisory Group reiterated a market perform rating and set a $21.00 price target on shares of Macy’s in a research report on Wednesday, August 21st. Evercore ISI reduced their target price on Macy’s from $22.00 to $17.00 and set an in-line rating for the company in a report on Tuesday, July 16th. Finally, TD Cowen increased their price objective on shares of Macy’s from $20.00 to $21.00 and gave the company a hold rating in a research report on Wednesday, May 22nd. Seven analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of Hold and a consensus price target of $19.50.

Macy’s Price Performance

Shares of M opened at $15.57 on Friday. The business’s fifty day moving average price is $17.05 and its two-hundred day moving average price is $18.58. The firm has a market capitalization of $4.30 billion, a price-to-earnings ratio of 519.00 and a beta of 2.18. Macy’s has a 52 week low of $10.54 and a 52 week high of $22.10. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.34 and a current ratio of 1.48.

Macy’s (NYSE:M) last announced its earnings results on Wednesday, August 21st. The company reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.30 by $0.23. Macy’s had a net margin of 0.80% and a return on equity of 23.14%. The firm had revenue of $4.94 billion during the quarter, compared to analyst estimates of $5.06 billion. During the same period in the prior year, the business earned $0.26 EPS. The company’s revenue for the quarter was down 3.8% compared to the same quarter last year. On average, analysts predict that Macy’s will post 2.73 earnings per share for the current year.

Macy’s Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be given a $0.1737 dividend. This represents a $0.69 dividend on an annualized basis and a dividend yield of 4.46%. The ex-dividend date of this dividend is Friday, September 13th. Macy’s’s payout ratio is 2,300.00%.

Insider Buying and Selling at Macy’s

In other Macy’s news, CEO Antony Spring sold 18,981 shares of the stock in a transaction on Wednesday, July 10th. The stock was sold at an average price of $18.96, for a total value of $359,879.76. Following the sale, the chief executive officer now directly owns 267,265 shares of the company’s stock, valued at $5,067,344.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Macy’s news, EVP Danielle L. Kirgan sold 24,147 shares of Macy’s stock in a transaction that occurred on Wednesday, July 10th. The shares were sold at an average price of $18.96, for a total value of $457,827.12. Following the transaction, the executive vice president now owns 348,000 shares in the company, valued at $6,598,080. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Antony Spring sold 18,981 shares of Macy’s stock in a transaction on Wednesday, July 10th. The stock was sold at an average price of $18.96, for a total value of $359,879.76. Following the completion of the transaction, the chief executive officer now owns 267,265 shares in the company, valued at $5,067,344.40. The disclosure for this sale can be found here. Insiders have sold 43,464 shares of company stock worth $824,081 over the last quarter. 2.77% of the stock is owned by corporate insiders.

Institutional Trading of Macy’s

Institutional investors and hedge funds have recently modified their holdings of the company. Marshall Wace LLP increased its stake in shares of Macy’s by 1,539.5% in the second quarter. Marshall Wace LLP now owns 3,534,952 shares of the company’s stock valued at $67,871,000 after buying an additional 3,319,337 shares in the last quarter. Norges Bank acquired a new stake in shares of Macy’s in the 4th quarter valued at about $62,529,000. Dimensional Fund Advisors LP lifted its position in shares of Macy’s by 15.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 12,398,149 shares of the company’s stock worth $249,456,000 after purchasing an additional 1,685,986 shares in the last quarter. Crestline Management LP acquired a new stake in shares of Macy’s in the fourth quarter valued at about $32,192,000. Finally, Invenomic Capital Management LP bought a new position in Macy’s during the fourth quarter worth about $19,372,000. 87.36% of the stock is currently owned by institutional investors and hedge funds.

Macy’s Company Profile

Macy's, Inc, an omni-channel retail organization, operates stores, websites, and mobile applications in the United States. The company sells a range of merchandise, such as apparel and accessories for men, women, and kids; cosmetics; home furnishings; and other consumer goods under the Macy's, Bloomingdale's, and bluemercury brands.