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

Macy’s, Inc. (NYSE:M) shares 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 were traded during trading, a decline of 76% from the average session volume of 6,424,864 shares. The stock had previously closed at $15.38.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Telsey Advisory Group restated a “market perform” rating and set a $21.00 target price on shares of Macy’s in a research report on Wednesday, August 21st. Evercore ISI cut their target price 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 cut their target price 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 assumed coverage on shares of Macy’s in a research report on Wednesday, October 9th. They set a “hold” rating for the company. Seven analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $20.43.

Macy’s Trading Up 1.7 %

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’s 50 day simple moving average is $15.50 and its 200-day simple moving average is $17.53. The company has a market capitalization of $4.32 billion, a PE ratio of 512.33 and a beta of 2.11.

Macy’s (NYSE:M) last released its quarterly earnings data on Wednesday, August 21st. The company reported $0.53 earnings per share (EPS) 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 company had revenue of $4.94 billion during the quarter, compared to the consensus estimate of $5.06 billion. During the same period in the previous year, the firm earned $0.26 earnings per share. Macy’s’s revenue for the quarter was down 3.8% on a year-over-year basis. As a group, equities research analysts anticipate that Macy’s, Inc. will post 2.72 EPS for the current year.

Macy’s Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders 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

Several institutional investors and hedge funds have recently made changes to their positions in the company. Dimensional Fund Advisors LP boosted its stake 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 purchasing an additional 1,379,476 shares during the period. LSV Asset Management boosted its stake in Macy’s by 1.3% during the 2nd quarter. LSV Asset Management now owns 5,374,167 shares of the company’s stock valued at $103,184,000 after acquiring an additional 68,300 shares during the last quarter. American Century Companies Inc. boosted its stake in Macy’s by 18.9% during the 2nd quarter. American Century Companies Inc. now owns 4,704,854 shares of the company’s stock valued at $90,333,000 after acquiring an additional 747,542 shares during the last quarter. Marshall Wace LLP boosted its stake in Macy’s by 1,539.5% during the 2nd quarter. Marshall Wace LLP now owns 3,534,952 shares of the company’s stock valued at $67,871,000 after acquiring an additional 3,319,337 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in Macy’s by 1.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 3,185,513 shares of the company’s stock valued at $61,162,000 after acquiring an additional 37,254 shares during the last quarter. 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.