Macy’s (NYSE:M) Research Coverage Started at StockNews.com

StockNews.com started coverage on shares of Macy’s (NYSE:M) in a research note issued to investors on Sunday. The firm issued a hold rating on the stock.

A number of other brokerages have also weighed in on M. Evercore ISI dropped their price target on Macy’s from $22.00 to $17.00 and set an in-line rating on the stock in a research note on Tuesday, July 16th. TD Cowen boosted their price target on Macy’s from $20.00 to $21.00 and gave the stock a hold rating in a research note on Wednesday, May 22nd. Morgan Stanley dropped their price target on Macy’s from $18.00 to $17.00 and set an equal weight rating on the stock in a research note on Thursday, August 22nd. JPMorgan Chase & Co. upped 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. Finally, Telsey Advisory Group reiterated a market perform rating and issued a $21.00 target price on shares of Macy’s in a research report on Wednesday, August 21st. Seven investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, Macy’s presently has an average rating of Hold and a consensus target price of $19.50.

Macy’s Stock Performance

Shares of Macy’s stock opened at $15.12 on Friday. The company has a market capitalization of $4.18 billion, a PE ratio of 504.00 and a beta of 2.11. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.34 and a current ratio of 1.48. The company has a 50-day simple moving average of $16.13 and a two-hundred day simple moving average of $18.23. Macy’s has a one year low of $10.54 and a one year high of $22.10.

Macy’s (NYSE:M) last issued its quarterly 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 return on equity of 23.14% and a net margin of 0.80%. The business had revenue of $4.94 billion for the quarter, compared to analyst estimates of $5.06 billion. During the same quarter in the previous year, the firm earned $0.26 earnings per share. The company’s revenue was down 3.8% on a year-over-year basis. Research analysts expect that Macy’s will post 2.72 EPS for the current fiscal year.

Macy’s Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be given a $0.1737 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.69 dividend on an annualized basis and a yield of 4.60%. Macy’s’s dividend payout ratio is currently 2,300.00%.

Insiders Place Their Bets

In other Macy’s news, EVP Danielle L. Kirgan sold 24,147 shares of the company’s stock in a transaction that occurred on Wednesday, July 10th. The stock was sold at an average price of $18.96, for a total value of $457,827.12. Following the sale, the executive vice president now owns 348,000 shares in the company, valued at approximately $6,598,080. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Macy’s news, CEO Antony Spring sold 18,981 shares of the company’s stock in a transaction that occurred 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 owns 267,265 shares in the company, valued at approximately $5,067,344.40. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Danielle L. Kirgan sold 24,147 shares of the company’s stock in a transaction that occurred on Wednesday, July 10th. The stock was sold at an average price of $18.96, for a total value of $457,827.12. Following the completion of the sale, the executive vice president now owns 348,000 shares in the company, valued at approximately $6,598,080. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 44,665 shares of company stock worth $842,372. Corporate insiders own 2.77% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in M. Marshall Wace LLP raised its stake in shares of Macy’s by 1,539.5% during the 2nd quarter. Marshall Wace LLP now owns 3,534,952 shares of the company’s stock worth $67,871,000 after buying an additional 3,319,337 shares during the period. Norges Bank acquired a new position in shares of Macy’s during the 4th quarter worth approximately $62,529,000. Crestline Management LP acquired a new position in shares of Macy’s during the 4th quarter worth approximately $32,192,000. Dimensional Fund Advisors LP raised its stake in shares of Macy’s by 9.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 15,489,334 shares of the company’s stock worth $297,385,000 after buying an additional 1,379,476 shares during the period. Finally, Invenomic Capital Management LP acquired a new position in Macy’s in the 4th quarter valued at $19,372,000. 87.36% of the stock is owned by institutional investors and hedge funds.

About Macy’s

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.