Macy’s (NYSE:M) Research Coverage Started at StockNews.com

StockNews.com began coverage on shares of Macy’s (NYSE:M) in a report released on Sunday. The brokerage issued a hold rating on the stock.

M has been the topic of a number of other research reports. Telsey Advisory Group restated a market perform rating and set a $21.00 target price on shares of Macy’s in a research note on Wednesday, August 21st. TD Cowen raised their target price on shares of Macy’s from $20.00 to $21.00 and gave the stock a hold rating in a research note on Wednesday, May 22nd. Evercore ISI decreased their target price 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. JPMorgan Chase & Co. lifted their price objective on shares of Macy’s from $25.00 to $27.00 and gave the company an overweight rating in a research report on Wednesday, May 22nd. Finally, Morgan Stanley reduced their price objective on shares of 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 assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of Hold and an average target price of $19.50.

Macy’s Price Performance

NYSE M opened at $15.12 on Friday. The company has a 50-day moving average price of $16.13 and a 200-day moving average price of $18.23. 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 capitalization of $4.18 billion, a P/E ratio of 504.00 and a beta of 2.11.

Macy’s (NYSE:M) last issued its quarterly earnings data on Wednesday, August 21st. The company reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.30 by $0.23. Macy’s had a net margin of 0.80% and a return on equity of 23.14%. The firm had revenue of $4.94 billion for the quarter, compared to analysts’ expectations of $5.06 billion. During the same quarter in the prior year, the business earned $0.26 EPS. The business’s quarterly revenue was down 3.8% on a year-over-year basis. Equities research analysts anticipate that Macy’s will post 2.72 earnings per share for the current year.

Macy’s Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be paid a dividend of $0.1737 per share. This represents a $0.69 annualized dividend and a yield of 4.60%. The ex-dividend date is Friday, September 13th. Macy’s’s payout ratio is 2,300.00%.

Insiders Place Their Bets

In other Macy’s news, EVP Danielle L. Kirgan sold 24,147 shares of Macy’s stock in a transaction on Wednesday, July 10th. The shares were sold at an average price of $18.96, for a total transaction of $457,827.12. Following the completion of the transaction, the executive vice president now directly owns 348,000 shares of the company’s stock, valued at $6,598,080. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Antony Spring sold 18,981 shares of Macy’s stock in a transaction on Wednesday, July 10th. The stock was sold at an average price of $18.96, for a total transaction of $359,879.76. Following the completion of the sale, the chief executive officer now directly owns 267,265 shares in the company, valued at $5,067,344.40. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Danielle L. Kirgan sold 24,147 shares of Macy’s stock in a transaction on Wednesday, July 10th. The stock was sold at an average price of $18.96, for a total value of $457,827.12. Following the sale, the executive vice president now owns 348,000 shares of the company’s stock, valued at $6,598,080. The disclosure for this sale can be found here. Insiders sold 44,665 shares of company stock valued at $842,372 over the last three months. 2.77% of the stock is owned by company insiders.

Institutional Trading of Macy’s

Several institutional investors and hedge funds have recently made changes to their positions in the company. Dimensional Fund Advisors LP raised its holdings in shares of Macy’s by 9.8% in the second 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 in the last quarter. LSV Asset Management raised its holdings in Macy’s by 1.3% in the second quarter. LSV Asset Management now owns 5,374,167 shares of the company’s stock worth $103,184,000 after purchasing an additional 68,300 shares in the last quarter. American Century Companies Inc. raised its holdings in Macy’s by 18.9% in the second 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. Marshall Wace LLP raised its holdings in Macy’s by 1,539.5% in the second quarter. Marshall Wace LLP now owns 3,534,952 shares of the company’s stock worth $67,871,000 after purchasing an additional 3,319,337 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in Macy’s by 1.2% in the second quarter. Bank of New York Mellon Corp now owns 3,185,513 shares of the company’s stock worth $61,162,000 after purchasing an additional 37,254 shares in the last quarter. 87.36% of the stock is currently owned by institutional investors.

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.