Macy’s (NYSE:M) Receives New Coverage from Analysts at StockNews.com

StockNews.com assumed coverage on shares of Macy’s (NYSE:M) in a research note issued to investors on Thursday. The brokerage issued a hold rating on the stock.

Several other analysts have also commented on M. Citigroup raised shares of Macy’s from a sell rating to a neutral rating and lifted their price objective for the stock from $14.00 to $18.00 in a research report on Friday, February 2nd. The Goldman Sachs Group lifted their price target on shares of Macy’s from $16.00 to $22.00 and gave the stock 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 report on Monday, March 18th. Telsey Advisory Group restated a market perform rating and issued a $21.00 target price on shares of Macy’s in a research note on Thursday, March 28th. Finally, Morgan Stanley cut their price target on Macy’s from $21.00 to $20.00 and set an equal weight rating for the company in a research note on Wednesday, February 28th. Two investment 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, the company currently has a consensus rating of Hold and an average price target of $17.45.

Macy’s Stock Up 2.1 %

Macy’s stock opened at $19.52 on Thursday. The firm has a market capitalization of $5.37 billion, a price-to-earnings ratio of 52.74 and a beta of 2.16. The firm’s fifty day moving average price is $19.57 and its two-hundred day moving average price is $17.75. Macy’s has a 1-year low of $10.54 and a 1-year high of $22.10. The company has a current ratio of 1.37, a quick ratio of 0.39 and a debt-to-equity ratio of 0.72.

Macy’s (NYSE:M) last posted its earnings results on Tuesday, February 27th. The company reported $2.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.98 by $0.47. Macy’s had a net margin of 0.45% and a return on equity of 23.34%. The firm had revenue of $8.12 billion during the quarter, compared to analyst estimates of $8.07 billion. During the same quarter in the prior year, the business posted $1.88 EPS. The business’s revenue was down 1.7% compared to the same quarter last year. On average, equities research analysts predict that Macy’s will post 2.57 earnings per share for the current fiscal year.

Macy’s Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 15th were given a $0.1737 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This is a positive change from Macy’s’s previous quarterly dividend of $0.17. This represents a $0.69 annualized dividend and a yield of 3.56%. Macy’s’s payout ratio is 186.49%.

Insider Buying and Selling

In other news, Director Jeffrey Gennette sold 30,090 shares of the company’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $19.66, for a total value of $591,569.40. Following the completion of the sale, the director now owns 1,073,699 shares of the company’s stock, valued at approximately $21,108,922.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, SVP Paul Griscom sold 2,969 shares of the stock in a transaction that occurred on Friday, March 22nd. The stock was 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 owns 21,436 shares of the company’s stock, valued at $437,937.48. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Jeffrey Gennette sold 30,090 shares of the company’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $19.66, for a total transaction of $591,569.40. Following the sale, the director now owns 1,073,699 shares of the company’s stock, valued at $21,108,922.34. The disclosure for this sale can be found here. Insiders sold 218,424 shares of company stock worth $4,405,507 in the last quarter. 1.52% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Robeco Institutional Asset Management B.V. boosted its holdings in shares of Macy’s by 15.4% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 144,926 shares of the company’s stock valued at $1,683,000 after buying an additional 19,377 shares in the last quarter. Pinnacle Associates Ltd. increased its holdings in shares of Macy’s by 16.9% in the 3rd quarter. Pinnacle Associates Ltd. now owns 24,390 shares of the company’s stock worth $283,000 after purchasing an additional 3,522 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Macy’s by 8.9% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 48,718 shares of the company’s stock worth $566,000 after purchasing an additional 3,961 shares during the last quarter. Fifth Third Bancorp lifted its holdings in shares of Macy’s by 221.4% during the third quarter. Fifth Third Bancorp now owns 3,506 shares of the company’s stock valued at $41,000 after purchasing an additional 2,415 shares in the last quarter. Finally, Lynwood Capital Management Inc. bought a new stake in Macy’s in the 3rd quarter worth about $580,000. 87.36% of the stock is 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.