Macy’s (NYSE:M) Upgraded at Argus

Argus upgraded shares of Macy’s (NYSE:M) to a hold rating in a research report report published on Thursday, Zacks.com reports.

A number of other equities research analysts have also recently commented on M. Evercore ISI dropped their price objective on shares of 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. Telsey Advisory Group reaffirmed a market perform rating and issued a $21.00 price objective on shares of Macy’s in a report on Wednesday, August 21st. StockNews.com initiated coverage on shares of Macy’s in a research note on Wednesday. They set a hold rating on the stock. Finally, Morgan Stanley dropped their target price on Macy’s from $18.00 to $17.00 and set an equal weight rating on the stock in a research report on Thursday, August 22nd. Seven investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of Hold and an average price target of $20.43.

Macy’s Price Performance

Shares of NYSE M opened at $15.78 on Thursday. Macy’s has a 52 week low of $10.54 and a 52 week high of $22.10. The company has a quick ratio of 0.34, a current ratio of 1.48 and a debt-to-equity ratio of 0.70. The firm has a market cap of $4.36 billion, a P/E ratio of 526.00 and a beta of 2.11. The business’s 50 day moving average price is $15.50 and its 200 day moving average price is $17.58.

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

Macy’s Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 13th were paid a $0.1737 dividend. This represents a $0.69 dividend on an annualized basis and a yield of 4.40%. The ex-dividend date was Friday, September 13th. Macy’s’s dividend payout ratio is presently 2,300.00%.

Hedge Funds Weigh In On Macy’s

Hedge funds have recently made changes to their positions in the company. Marshall Wace LLP raised its position 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 during the last quarter. Dimensional Fund Advisors LP raised its holdings in Macy’s by 9.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 15,489,334 shares of the company’s stock valued at $297,385,000 after acquiring an additional 1,379,476 shares during the last quarter. American Century Companies Inc. lifted its stake in Macy’s by 18.9% in the 2nd quarter. American Century Companies Inc. now owns 4,704,854 shares of the company’s stock worth $90,333,000 after purchasing an additional 747,542 shares in the last quarter. Beryl Capital Management LLC acquired a new position in shares of Macy’s during the 1st quarter worth approximately $7,015,000. Finally, Alden Global Capital LLC grew its position in shares of Macy’s by 56.1% in the second quarter. Alden Global Capital LLC now owns 606,741 shares of the company’s stock valued at $11,649,000 after purchasing an additional 218,146 shares in the last quarter. Institutional investors and hedge funds own 87.36% of the company’s stock.

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.