BMO Capital Markets Reaffirms Outperform Rating for Macy’s Inc. (M)
Macy’s Inc. (NYSE:M)‘s stock had its “outperform” rating reissued by analysts at BMO Capital Markets in a research note issued on Wednesday. They presently have a $45.00 price objective on the stock, down from their previous price objective of $51.00. BMO Capital Markets’ target price would indicate a potential upside of 6.64% from the company’s current price.
Several other brokerages have also recently weighed in on M. Vetr raised shares of Macy’s from a “hold” rating to a “buy” rating and set a $46.08 price objective on the stock in a research note on Wednesday. Jefferies Group reaffirmed a “hold” rating and set a $40.00 price objective on shares of Macy’s in a research note on Friday, November 11th. Zacks Investment Research raised shares of Macy’s from a “hold” rating to a “buy” rating and set a $41.00 price objective on the stock in a research note on Wednesday, November 2nd. OTR Global raised shares of Macy’s from a “negative” rating to a “mixed” rating in a research note on Wednesday, November 2nd. Finally, Stifel Nicolaus reaffirmed a “hold” rating and set a $38.00 price objective on shares of Macy’s in a research note on Tuesday, November 1st. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and ten have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $42.92.
Macy’s (NYSE:M) traded down 0.68% on Wednesday, hitting $42.20. The company’s stock had a trading volume of 6,951,476 shares. The company has a 50 day moving average price of $38.65 and a 200-day moving average price of $35.96. The company has a market capitalization of $12.90 billion, a P/E ratio of 19.21 and a beta of 0.77. Macy’s has a 1-year low of $29.94 and a 1-year high of $45.50.
Macy’s (NYSE:M) last posted its quarterly earnings results on Thursday, November 10th. The company reported $0.17 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.41 by $0.24. Macy’s had a return on equity of 24.83% and a net margin of 2.63%. The business earned $5.63 billion during the quarter, compared to analyst estimates of $5.65 billion. During the same period last year, the company earned $0.56 EPS. The business’s revenue for the quarter was down 4.2% on a year-over-year basis. On average, equities analysts forecast that Macy’s will post $3.29 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 3rd. Investors of record on Thursday, December 15th will be given a $0.3775 dividend. This represents a $1.51 dividend on an annualized basis and a yield of 3.58%. The ex-dividend date of this dividend is Tuesday, December 13th. Macy’s’s dividend payout ratio (DPR) is currently 69.27%.
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A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. HighPoint Advisor Group LLC acquired a new position in Macy’s during the third quarter worth $524,000. Quantitative Systematic Strategies LLC increased its position in Macy’s by 389.4% in the third quarter. Quantitative Systematic Strategies LLC now owns 35,944 shares of the company’s stock worth $1,298,000 after buying an additional 28,600 shares during the period. Delphi Management Inc. MA increased its position in Macy’s by 0.5% in the third quarter. Delphi Management Inc. MA now owns 13,694 shares of the company’s stock worth $507,000 after buying an additional 70 shares during the period. Cornerstone Capital Management Holdings LLC. increased its position in Macy’s by 182.0% in the third quarter. Cornerstone Capital Management Holdings LLC. now owns 274,496 shares of the company’s stock worth $10,168,000 after buying an additional 177,165 shares during the period. Finally, Pioneer Investment Management Inc. acquired a new position in Macy’s during the third quarter worth $7,998,000. 85.30% of the stock is owned by institutional investors and hedge funds.
Macy’s Company Profile
Macy’s, Inc is an omnichannel retail company operating stores, Websites and mobile applications under various brands, such as Macy’s, Bloomingdale’s and Bluemercury. The Company sells a range of merchandise, including apparel and accessories (men’s, women’s and children’s), cosmetics, home furnishings and other consumer goods.
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