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 published on Monday. The firm issued a hold rating on the stock.

Other research analysts have also recently issued reports about the company. Telsey Advisory Group reiterated a market perform rating and issued a $21.00 price objective on shares of Macy’s in a report on Wednesday, August 21st. Evercore ISI lowered their price target on Macy’s from $22.00 to $17.00 and set an in-line rating for the company in a report on Tuesday, July 16th. Finally, Morgan Stanley decreased their target price on shares of Macy’s from $18.00 to $17.00 and set an equal weight rating on the stock in a research report on Thursday, August 22nd. Seven equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of Hold and a consensus price target of $19.50.

Macy’s Stock Down 0.9 %

Shares of NYSE M opened at $15.16 on Monday. The stock has a market cap of $4.19 billion, a PE ratio of 505.33 and a beta of 2.11. The company has a current ratio of 1.48, a quick ratio of 0.34 and a debt-to-equity ratio of 0.70. Macy’s has a 12-month low of $10.54 and a 12-month high of $22.10. The company has a 50-day moving average of $15.86 and a 200 day moving average of $18.09.

Macy’s (NYSE:M) last posted its quarterly earnings results on Wednesday, August 21st. The company reported $0.53 EPS for the quarter, beating the consensus estimate of $0.30 by $0.23. The firm had revenue of $4.94 billion during the quarter, compared to analysts’ expectations of $5.06 billion. Macy’s had a return on equity of 23.14% and a net margin of 0.80%. The business’s revenue for the quarter was down 3.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.26 earnings per share. As a group, sell-side analysts predict that Macy’s will post 2.72 EPS for the current fiscal year.

Macy’s Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be issued a $0.1737 dividend. This represents a $0.69 dividend on an annualized basis and a dividend yield of 4.58%. The ex-dividend date is Friday, September 13th. Macy’s’s dividend payout ratio (DPR) is currently 2,300.00%.

Insiders Place Their Bets

In other Macy’s news, EVP Danielle L. Kirgan sold 24,147 shares of the company’s stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $18.96, for a total transaction of $457,827.12. Following the sale, the executive vice president now owns 348,000 shares in the company, valued at approximately $6,598,080. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Macy’s news, EVP Danielle L. Kirgan sold 24,147 shares of the stock in a transaction that occurred on Wednesday, July 10th. The shares were sold at an average price of $18.96, for a total value of $457,827.12. Following the sale, the executive vice president now directly owns 348,000 shares of the company’s stock, valued at approximately $6,598,080. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Antony Spring sold 18,981 shares of Macy’s stock in a transaction on Wednesday, July 10th. The stock was sold at an average price of $18.96, for a total transaction of $359,879.76. Following the sale, the chief executive officer now directly owns 267,265 shares of the company’s stock, valued at $5,067,344.40. The disclosure for this sale can be found here. Insiders have sold a total of 44,665 shares of company stock worth $842,372 in the last ninety days. 2.77% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of M. Norges Bank purchased a new stake in shares of Macy’s in the 4th quarter valued at about $62,529,000. Corient Private Wealth LLC boosted its holdings in shares of Macy’s by 465.0% in the fourth quarter. Corient Private Wealth LLC now owns 303,193 shares of the company’s stock valued at $6,100,000 after acquiring an additional 249,535 shares during the period. Franklin Resources Inc. grew its position in shares of Macy’s by 2.4% during the fourth quarter. Franklin Resources Inc. now owns 211,247 shares of the company’s stock worth $4,250,000 after acquiring an additional 4,945 shares during the last quarter. Nomura Asset Management Co. Ltd. increased its holdings in shares of Macy’s by 13.1% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 6,900 shares of the company’s stock valued at $139,000 after acquiring an additional 800 shares during the period. Finally, Intech Investment Management LLC purchased a new stake in Macy’s in the 4th quarter valued at $402,000. Institutional investors and hedge funds own 87.36% of the company’s stock.

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.