Macy’s (NYSE:M) Receives New Coverage from Analysts at StockNews.com

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

A number of other research analysts have also recently issued reports on M. Citigroup raised shares of Macy’s from a sell rating to a neutral rating and lifted their price objective for the company from $14.00 to $18.00 in a research note on Friday, February 2nd. JPMorgan Chase & Co. boosted their target price on shares of Macy’s from $23.00 to $25.00 and gave the stock an overweight rating in a research note on Monday, March 18th. The Goldman Sachs Group boosted their target price on shares of Macy’s from $16.00 to $22.00 and gave the stock a buy rating in a research note on Wednesday, February 28th. Morgan Stanley decreased their target price on shares of Macy’s from $21.00 to $20.00 and set an equal weight rating on the stock in a research note on Wednesday, February 28th. Finally, TD Cowen cut shares of Macy’s from an outperform rating to a market perform rating and decreased their target price for the stock from $23.00 to $20.00 in a research note on Thursday, February 29th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company. According to MarketBeat.com, Macy’s currently has a consensus rating of Hold and a consensus price target of $17.45.

Macy’s Stock Performance

Shares of NYSE:M opened at $18.43 on Wednesday. The company’s 50 day simple moving average is $19.63 and its 200 day simple moving average is $17.52. The stock has a market capitalization of $5.07 billion, a price-to-earnings ratio of 49.81 and a beta of 2.15. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.37 and a quick ratio of 0.39. Macy’s has a 1 year low of $10.54 and a 1 year high of $22.10.

Macy’s (NYSE:M) last announced its quarterly earnings data on Tuesday, February 27th. The company reported $2.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.98 by $0.47. The business had revenue of $8.12 billion for the quarter, compared to analysts’ expectations of $8.07 billion. Macy’s had a net margin of 0.45% and a return on equity of 23.34%. The firm’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same period last year, the firm posted $1.88 earnings per share. As a group, research analysts predict that Macy’s will post 2.57 EPS for the current fiscal year.

Macy’s Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 15th were issued a dividend of $0.1737 per share. This represents a $0.69 dividend on an annualized basis and a dividend yield of 3.77%. The ex-dividend date of this dividend was Thursday, March 14th. This is a positive change from Macy’s’s previous quarterly dividend of $0.17. Macy’s’s payout ratio is 186.49%.

Insider Transactions at Macy’s

In other news, EVP Danielle L. Kirgan sold 15,070 shares of Macy’s stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $20.42, for a total transaction of $307,729.40. Following the transaction, the executive vice president now owns 306,555 shares in the company, valued at $6,259,853.10. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, Director Jeffrey Gennette sold 30,090 shares of the business’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $19.66, for a total value of $591,569.40. Following the transaction, the director now owns 1,073,699 shares in the company, valued at $21,108,922.34. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Danielle L. Kirgan sold 15,070 shares of the business’s stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $20.42, for a total transaction of $307,729.40. Following the completion of the transaction, the executive vice president now owns 306,555 shares in the company, valued at approximately $6,259,853.10. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 218,424 shares of company stock worth $4,405,507. Company insiders own 1.52% of the company’s stock.

Hedge Funds Weigh In On Macy’s

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Glassman Wealth Services raised its holdings in shares of Macy’s by 154.5% during the fourth quarter. Glassman Wealth Services now owns 1,224 shares of the company’s stock valued at $25,000 after purchasing an additional 743 shares during the period. Lindbrook Capital LLC raised its holdings in shares of Macy’s by 253.1% during the fourth quarter. Lindbrook Capital LLC now owns 1,317 shares of the company’s stock valued at $26,000 after purchasing an additional 944 shares during the period. Riverview Trust Co acquired a new position in shares of Macy’s during the first quarter valued at about $27,000. Fifth Third Bancorp raised its holdings in shares of Macy’s by 221.4% during the third quarter. Fifth Third Bancorp now owns 3,506 shares of the company’s stock valued at $41,000 after purchasing an additional 2,415 shares during the period. Finally, Fortitude Family Office LLC bought a new stake in shares of Macy’s during the fourth quarter worth about $50,000. Institutional investors and hedge funds own 87.36% of the company’s stock.

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.