StockNews.com Initiates Coverage on Macy’s (NYSE:M)

Equities researchers at StockNews.com began coverage on shares of Macy’s (NYSE:M) in a report released on Friday. The brokerage set a “hold” rating on the stock.

Other research analysts have also recently issued research reports about the stock. Telsey Advisory Group reissued a “market perform” rating and set a $21.00 price target on shares of Macy’s in a research report on Wednesday, August 21st. Morgan Stanley reduced their price objective on shares of Macy’s from $18.00 to $17.00 and set an “equal weight” rating on the stock in a report on Thursday, August 22nd. Argus upgraded shares of Macy’s to a “hold” rating in a report on Thursday, October 10th. Finally, Evercore ISI reduced their price objective on shares of Macy’s from $22.00 to $17.00 and set an “in-line” rating on the stock in a report on Tuesday, July 16th. Seven investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, Macy’s has a consensus rating of “Hold” and a consensus price target of $20.43.

Macy’s Trading Down 0.1 %

Shares of M opened at $15.39 on Friday. The firm’s fifty day moving average is $15.45 and its two-hundred day moving average is $17.33. The company has a quick ratio of 0.34, a current ratio of 1.48 and a debt-to-equity ratio of 0.70. The stock has a market cap of $4.27 billion, a PE ratio of 24.05 and a beta of 2.11. Macy’s has a 52-week low of $10.59 and a 52-week high of $22.10.

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

Institutional Trading of Macy’s

A number of institutional investors and hedge funds have recently bought and sold shares of M. Allspring Global Investments Holdings LLC increased its stake in shares of Macy’s by 1,695.3% during the first quarter. Allspring Global Investments Holdings LLC now owns 159,747 shares of the company’s stock worth $3,193,000 after buying an additional 150,849 shares during the period. State of Michigan Retirement System boosted its holdings in Macy’s by 2.4% in the first quarter. State of Michigan Retirement System now owns 67,270 shares of the company’s stock valued at $1,345,000 after purchasing an additional 1,600 shares in the last quarter. Norden Group LLC acquired a new position in Macy’s in the first quarter valued at approximately $259,000. HB Wealth Management LLC boosted its holdings in Macy’s by 13.6% in the first quarter. HB Wealth Management LLC now owns 13,483 shares of the company’s stock valued at $270,000 after purchasing an additional 1,611 shares in the last quarter. Finally, Retirement Systems of Alabama boosted its holdings in Macy’s by 0.3% in the first quarter. Retirement Systems of Alabama now owns 500,066 shares of the company’s stock valued at $9,996,000 after purchasing an additional 1,454 shares in the last quarter. 87.36% of the stock is currently owned by hedge funds and other 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.