StockNews.com Begins Coverage on Macy’s (NYSE:M)

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

A number of other equities analysts have also recently commented on M. Morgan Stanley reduced their price target on Macy’s from $21.00 to $20.00 and set an equal weight rating for the company in a report on Wednesday, February 28th. The Goldman Sachs Group boosted their target price on Macy’s from $16.00 to $22.00 and gave the stock a buy rating in a report on Wednesday, February 28th. JPMorgan Chase & Co. increased their price target on Macy’s from $25.00 to $27.00 and gave the company an overweight rating in a research note on Wednesday, May 22nd. TD Cowen lifted their price objective on shares of Macy’s from $20.00 to $21.00 and gave the stock a hold rating in a research report on Wednesday, May 22nd. Finally, Telsey Advisory Group reissued a market perform rating and issued a $21.00 price objective on shares of Macy’s in a research report on Tuesday, May 21st. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, Macy’s presently has a consensus rating of Hold and a consensus price target of $17.70.

Macy’s Stock Up 2.7 %

Shares of NYSE:M opened at $19.20 on Thursday. The company has a 50 day moving average of $19.08 and a 200-day moving average of $19.29. Macy’s has a one year low of $10.54 and a one year high of $22.10. The stock has a market cap of $5.31 billion, a price-to-earnings ratio of 640.00 and a beta of 2.16. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.38 and a quick ratio of 0.35.

Macy’s (NYSE:M) last announced its quarterly earnings results on Tuesday, May 21st. The company reported $0.27 EPS for the quarter, beating analysts’ consensus estimates of $0.15 by $0.12. The company had revenue of $4.85 billion during the quarter, compared to analysts’ expectations of $4.82 billion. Macy’s had a return on equity of 21.40% and a net margin of 0.05%. Macy’s’s revenue was down 2.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.56 EPS. On average, sell-side analysts forecast that Macy’s will post 2.79 earnings per share for the current year.

Macy’s Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be given a dividend of $0.1737 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.69 dividend on an annualized basis and a yield of 3.62%. Macy’s’s payout ratio is 2,300.00%.

Insiders Place Their Bets

In other Macy’s news, CEO Antony Spring sold 14,859 shares of the business’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $19.63, for a total value of $291,682.17. Following the completion of the sale, the chief executive officer now directly owns 248,897 shares of the company’s stock, valued at $4,885,848.11. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Danielle L. Kirgan sold 6,680 shares of the company’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $19.66, for a total transaction of $131,328.80. Following the completion of the sale, the executive vice president now directly owns 324,635 shares in the company, valued at approximately $6,382,324.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Antony Spring sold 14,859 shares of the firm’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $19.63, for a total transaction of $291,682.17. Following the completion of the sale, the chief executive officer now directly owns 248,897 shares in the company, valued at approximately $4,885,848.11. The disclosure for this sale can be found here. Insiders sold a total of 65,430 shares of company stock valued at $1,285,499 over the last quarter. 2.77% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Macy’s

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Glassman Wealth Services increased its stake 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 in the last quarter. Lindbrook Capital LLC grew its stake in shares of Macy’s by 253.1% in the 4th quarter. Lindbrook Capital LLC now owns 1,317 shares of the company’s stock worth $26,000 after buying an additional 944 shares during the last quarter. Riverview Trust Co bought a new position in Macy’s during the 1st quarter valued at approximately $27,000. Fidelis Capital Partners LLC purchased a new position in Macy’s during the first quarter valued at $42,000. Finally, Fortitude Family Office LLC bought a new stake in Macy’s in the fourth quarter worth $50,000. Hedge funds and other institutional investors 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.