JPMorgan Chase & Co. Issues Pessimistic Forecast for Macy’s (NYSE:M) Stock Price

Macy’s (NYSE:M) had its price target dropped by investment analysts at JPMorgan Chase & Co. from $21.00 to $20.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 26.10% from the company’s current price.

Several other research firms also recently commented on M. Guggenheim reissued a “neutral” rating on shares of Macy’s in a research note on Thursday, December 12th. Telsey Advisory Group reissued a “market perform” rating and issued a $17.00 price target on shares of Macy’s in a research note on Wednesday, December 11th. Gordon Haskett raised Macy’s from a “hold” rating to a “buy” rating and set a $20.00 price objective on the stock in a research note on Monday, December 16th. Morgan Stanley lowered their target price on Macy’s from $17.00 to $16.00 and set an “equal weight” rating for the company in a research note on Thursday, December 12th. Finally, UBS Group reduced their price target on Macy’s from $10.00 to $9.00 and set a “sell” rating on the stock in a research report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $17.78.

Macy’s Price Performance

Shares of Macy’s stock traded down $0.50 on Wednesday, hitting $15.86. 3,902,546 shares of the company traded hands, compared to its average volume of 6,232,993. Macy’s has a 12-month low of $14.06 and a 12-month high of $22.10. The company has a current ratio of 1.26, a quick ratio of 0.34 and a debt-to-equity ratio of 0.67. The company has a market cap of $4.40 billion, a P/E ratio of 26.88 and a beta of 2.07. The firm’s 50-day simple moving average is $16.15 and its 200 day simple moving average is $16.23.

Macy’s (NYSE:M) last issued its quarterly earnings results on Wednesday, December 11th. The company reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.03). The firm had revenue of $4.74 billion for the quarter, compared to the consensus estimate of $4.74 billion. Macy’s had a return on equity of 21.99% and a net margin of 0.73%. The company’s revenue for the quarter was down 2.4% on a year-over-year basis. During the same period last year, the firm earned $0.21 EPS. Analysts expect that Macy’s will post 2.4 earnings per share for the current fiscal year.

Institutional Trading of Macy’s

Institutional investors and hedge funds have recently bought and sold shares of the stock. Quest Partners LLC bought a new stake in shares of Macy’s during the 3rd quarter valued at $35,000. Venturi Wealth Management LLC boosted its stake in Macy’s by 282.7% during the third quarter. Venturi Wealth Management LLC now owns 2,281 shares of the company’s stock worth $36,000 after acquiring an additional 1,685 shares in the last quarter. Future Financial Wealth Managment LLC purchased a new stake in Macy’s in the third quarter worth about $39,000. Abich Financial Wealth Management LLC bought a new position in shares of Macy’s during the second quarter valued at approximately $57,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Macy’s during the second quarter valued at approximately $62,000. 87.36% of the stock is currently owned by hedge funds and other institutional investors.

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.