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

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

M has been the topic of a number of other reports. TD Cowen downgraded shares of Macy’s from an outperform rating to a market perform rating and dropped their target price for the stock from $23.00 to $20.00 in a report on Thursday, February 29th. The Goldman Sachs Group upped their price target on Macy’s from $16.00 to $22.00 and gave the company a buy rating in a report on Wednesday, February 28th. JPMorgan Chase & Co. increased their price objective on Macy’s from $23.00 to $25.00 and gave the company an overweight rating in a research report on Monday, March 18th. Citigroup upgraded Macy’s from a sell rating to a neutral rating and lifted their target price for the stock from $14.00 to $18.00 in a report on Friday, February 2nd. Finally, Morgan Stanley reduced their target price 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. Two analysts have rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of Hold and a consensus target price of $17.45.

Macy’s Stock Performance

Shares of NYSE M opened at $19.05 on Tuesday. Macy’s has a 1 year low of $10.54 and a 1 year high of $22.10. The firm has a market cap of $5.24 billion, a P/E ratio of 51.47 and a beta of 2.15. The stock has a fifty day moving average price of $19.71 and a two-hundred day moving average price of $17.17. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.39 and a current ratio of 1.37.

Macy’s (NYSE:M) last announced its earnings results on Tuesday, February 27th. The company reported $2.45 earnings per share for the quarter, beating the consensus estimate of $1.98 by $0.47. Macy’s had a return on equity of 23.34% and a net margin of 0.45%. The business had revenue of $8.12 billion during the quarter, compared to analysts’ expectations of $8.07 billion. During the same quarter last year, the business posted $1.88 earnings per share. The company’s quarterly revenue was down 1.7% on a year-over-year basis. Research analysts forecast that Macy’s will post 2.57 EPS for the current fiscal year.

Macy’s Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 15th were given a dividend of $0.1737 per share. This represents a $0.69 annualized dividend and a yield of 3.65%. This is a positive change from Macy’s’s previous quarterly dividend of $0.17. The ex-dividend date was Thursday, March 14th. Macy’s’s payout ratio is presently 186.49%.

Insider Buying and Selling

In related news, SVP Paul Griscom sold 2,969 shares of the firm’s stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $20.43, for a total transaction of $60,656.67. Following the completion of the sale, the senior vice president now directly owns 21,436 shares in the company, valued at $437,937.48. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Macy’s news, CFO Adrian V. Mitchell sold 13,249 shares of the business’s stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $20.42, for a total value of $270,544.58. Following the transaction, the chief financial officer now owns 99,098 shares in the company, valued at $2,023,581.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Paul Griscom sold 2,969 shares of the company’s stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $20.43, for a total value of $60,656.67. Following the completion of the transaction, the senior vice president now directly owns 21,436 shares in the company, valued at $437,937.48. The disclosure for this sale can be found here. In the last ninety days, insiders sold 218,424 shares of company stock valued at $4,405,507. Corporate insiders own 1.52% of the company’s stock.

Institutional Investors Weigh In On Macy’s

A number of large investors have recently bought and sold shares of M. State of Michigan Retirement System raised its holdings in Macy’s by 2.4% during the first quarter. State of Michigan Retirement System now owns 67,270 shares of the company’s stock valued at $1,345,000 after buying an additional 1,600 shares in the last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of Macy’s by 1,695.3% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 159,747 shares of the company’s stock valued at $3,193,000 after acquiring an additional 150,849 shares during the last quarter. Future Financial Wealth Managment LLC bought a new position in shares of Macy’s in the 1st quarter valued at approximately $50,000. Atlas Capital Advisors LLC boosted its position in Macy’s by 1,122.9% during the first quarter. Atlas Capital Advisors LLC now owns 17,695 shares of the company’s stock worth $354,000 after purchasing an additional 16,248 shares during the period. Finally, Riverview Trust Co acquired a new stake in Macy’s in the 1st quarter worth $27,000. 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.