Macy’s (NYSE:M) Trading 4% Higher – Here’s Why

Macy’s, Inc. (NYSE:M) traded up 4% during mid-day trading on Tuesday . The company traded as high as $16.00 and last traded at $16.00. 1,546,258 shares traded hands during trading, a decline of 76% from the average session volume of 6,424,864 shares. The stock had previously closed at $15.38.

Analysts Set New Price Targets

M has been the subject of a number of research analyst reports. Telsey Advisory Group restated a “market perform” rating and set a $21.00 price objective on shares of Macy’s in a research report on Wednesday, August 21st. Evercore ISI reduced their price objective on shares of Macy’s from $22.00 to $17.00 and set an “in-line” rating for the company in a research report on Tuesday, July 16th. Argus upgraded shares of Macy’s to a “hold” rating in a research report on Thursday, October 10th. Morgan Stanley reduced their price objective on shares of Macy’s from $18.00 to $17.00 and set an “equal weight” rating for the company in a research report on Thursday, August 22nd. Finally, StockNews.com initiated coverage on shares of Macy’s in a research report on Wednesday, October 9th. They set a “hold” rating for the company. Seven research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Macy’s currently has a consensus rating of “Hold” and a consensus price target of $20.43.

Macy’s Trading Up 1.7 %

The company’s fifty day moving average is $15.50 and its two-hundred day moving average is $17.53. The stock has a market cap of $4.32 billion, a price-to-earnings ratio of 512.33 and a beta of 2.11. The company has a quick ratio of 0.34, a current ratio of 1.48 and a debt-to-equity ratio of 0.70.

Macy’s (NYSE:M) last announced its quarterly earnings data on Wednesday, August 21st. The company reported $0.53 earnings per share for the quarter, beating 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 business had revenue of $4.94 billion for the quarter, compared to analyst estimates of $5.06 billion. During the same period last year, the business earned $0.26 EPS. The company’s revenue was down 3.8% on a year-over-year basis. On average, research analysts predict that Macy’s, Inc. will post 2.72 EPS for the current fiscal year.

Macy’s Dividend Announcement

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 dividend of $0.1737 per share. The ex-dividend date was Friday, September 13th. This represents a $0.69 annualized dividend and a yield of 4.44%. Macy’s’s dividend payout ratio is currently 2,300.00%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Wedmont Private Capital boosted its holdings in shares of Macy’s by 31.1% in the third quarter. Wedmont Private Capital now owns 18,887 shares of the company’s stock valued at $290,000 after acquiring an additional 4,484 shares in the last quarter. CWM LLC boosted its holdings in Macy’s by 26.0% during the third quarter. CWM LLC now owns 10,584 shares of the company’s stock worth $166,000 after buying an additional 2,186 shares in the last quarter. Future Financial Wealth Managment LLC purchased a new stake in Macy’s during the third quarter worth about $39,000. Affinity Capital Advisors LLC boosted its holdings in Macy’s by 11.5% during the third quarter. Affinity Capital Advisors LLC now owns 12,116 shares of the company’s stock worth $190,000 after buying an additional 1,248 shares in the last quarter. Finally, Handelsbanken Fonder AB boosted its holdings in Macy’s by 17.0% during the third quarter. Handelsbanken Fonder AB now owns 57,865 shares of the company’s stock worth $908,000 after buying an additional 8,400 shares in the last quarter. 87.36% of the stock is currently 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.