Macy’s Inc (NYSE:M) shares gapped down prior to trading on Friday after Royal Bank of Canada lowered their price target on the stock to $29.00. The stock had previously closed at $25.85, but opened at $26.11. Royal Bank of Canada currently has a sector perform rating on the stock. Macy’s shares last traded at $25.88, with a volume of 9361270 shares trading hands.

A number of other research analysts have also issued reports on the company. Credit Suisse Group dropped their target price on Macy’s from $34.00 to $26.00 and set a “neutral” rating on the stock in a report on Friday. Gordon Haskett downgraded Macy’s from a “buy” rating to a “hold” rating in a research note on Thursday. Bank of America downgraded Macy’s from a “neutral” rating to an “underperform” rating in a research note on Thursday. ValuEngine upgraded Macy’s from a “strong sell” rating to a “sell” rating in a research note on Wednesday, January 2nd. Finally, Atlantic Securities downgraded Macy’s from a “neutral” rating to an “underweight” rating and decreased their price target for the company from $39.00 to $28.00 in a research note on Thursday, December 6th. Five analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $33.26.

In related news, Director William H. Lenehan purchased 3,154 shares of the business’s stock in a transaction dated Friday, November 16th. The stock was bought at an average cost of $31.74 per share, with a total value of $100,107.96. Following the completion of the acquisition, the director now directly owns 11,214 shares in the company, valued at approximately $355,932.36. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, President Harry A. Lawton III sold 200,000 shares of the business’s stock in a transaction on Friday, November 16th. The stock was sold at an average price of $33.09, for a total value of $6,618,000.00. Following the completion of the transaction, the president now directly owns 226,038 shares of the company’s stock, valued at $7,479,597.42. The disclosure for this sale can be found here. 2.36% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Princeton Capital Management LLC acquired a new position in shares of Macy’s in the third quarter worth $104,000. First Hawaiian Bank acquired a new position in Macy’s in the third quarter valued at $147,000. Qube Research & Technologies Ltd acquired a new position in Macy’s in the second quarter valued at $150,000. Vectors Research Management LLC acquired a new position in Macy’s in the third quarter valued at $164,000. Finally, Harvest Fund Management Co. Ltd increased its stake in Macy’s by 39.0% in the third quarter. Harvest Fund Management Co. Ltd now owns 5,655 shares of the company’s stock valued at $196,000 after purchasing an additional 1,588 shares during the last quarter. 91.04% of the stock is owned by institutional investors.

The company has a market cap of $9.75 billion, a P/E ratio of 6.74, a price-to-earnings-growth ratio of 0.91 and a beta of 0.67. The company has a quick ratio of 0.24, a current ratio of 1.35 and a debt-to-equity ratio of 0.97.

Macy’s (NYSE:M) last released its earnings results on Wednesday, November 14th. The company reported $0.27 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.14 by $0.13. The firm had revenue of $5.40 billion during the quarter, compared to analyst estimates of $5.40 billion. Macy’s had a return on equity of 22.33% and a net margin of 6.72%. The business’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.23 earnings per share. As a group, research analysts expect that Macy’s Inc will post 4.09 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 2nd. Investors of record on Friday, December 14th were paid a $0.3775 dividend. The ex-dividend date was Thursday, December 13th. This represents a $1.51 annualized dividend and a yield of 5.94%. Macy’s’s payout ratio is currently 40.05%.

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About Macy’s (NYSE:M)

Macy's, Inc, an omni-channel retail organization, operates stores, Websites, and mobile applications. The company sells a range of merchandise, such as apparel and accessories for men, women, and children; cosmetics; home furnishings; and other consumer goods. As of April 4, 2018, it operated approximately 690 department stores under the Macy's and Bloomingdale's brands; 160 specialty stores under the Bloomingdale's The Outlet, Bluemercury, and Macy's Backstage brands in the District of Columbia, Guam, and Puerto Rico; and Websites, including macys.com, bloomingdales.com, and bluemercury.com.

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