JPMorgan Chase & Co. Cuts Macy’s (NYSE:M) Price Target to $20.00

Macy’s (NYSE:M) had its price objective reduced by JPMorgan Chase & Co. from $21.00 to $20.00 in a research report report published on Wednesday morning,Benzinga reports. They currently have an overweight rating on the stock.

M has been the subject of several other research reports. StockNews.com cut shares of Macy’s from a “buy” rating to a “hold” rating in a research report on Thursday, December 26th. Guggenheim restated a “neutral” rating on shares of Macy’s in a research report on Thursday, December 12th. UBS Group decreased their target price on shares of Macy’s from $10.00 to $9.00 and set a “sell” rating for the company in a research report on Thursday, December 12th. Telsey Advisory Group restated a “market perform” rating and issued a $17.00 target price on shares of Macy’s in a research report on Wednesday, December 11th. Finally, Gordon Haskett raised shares of Macy’s from a “hold” rating to a “buy” rating and set a $20.00 price target for the company in a research note on Monday, December 16th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Macy’s presently has an average rating of “Hold” and an average target price of $17.78.

Macy’s Stock Performance

Shares of M stock opened at $15.89 on Wednesday. Macy’s has a 12 month low of $14.06 and a 12 month high of $22.10. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.26 and a quick ratio of 0.34. The firm has a market capitalization of $4.41 billion, a P/E ratio of 26.93 and a beta of 2.07. The company’s fifty day moving average price is $16.18 and its two-hundred day moving average price is $16.22.

Macy’s (NYSE:M) last released its earnings results on Wednesday, December 11th. The company reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.03). The company had revenue of $4.74 billion during the quarter, compared to the consensus estimate of $4.74 billion. Macy’s had a return on equity of 21.99% and a net margin of 0.73%. Macy’s’s revenue for the quarter was down 2.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.21 EPS. On average, research analysts anticipate that Macy’s will post 2.4 earnings per share for the current fiscal year.

Macy’s Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th were issued a $0.1737 dividend. This represents a $0.69 dividend on an annualized basis and a yield of 4.37%. The ex-dividend date of this dividend was Friday, December 13th. Macy’s’s dividend payout ratio (DPR) is presently 116.95%.

Hedge Funds Weigh In On Macy’s

Hedge funds and other institutional investors have recently made changes to their positions in the business. Range Financial Group LLC acquired a new stake in shares of Macy’s during the 4th quarter worth about $285,000. Nordea Investment Management AB increased its position in shares of Macy’s by 4.0% during the 4th quarter. Nordea Investment Management AB now owns 273,872 shares of the company’s stock worth $4,671,000 after purchasing an additional 10,541 shares in the last quarter. Retirement Systems of Alabama increased its position in shares of Macy’s by 57.9% during the 3rd quarter. Retirement Systems of Alabama now owns 782,391 shares of the company’s stock worth $12,276,000 after purchasing an additional 286,879 shares in the last quarter. PVG Asset Management Corp acquired a new stake in shares of Macy’s during the 3rd quarter worth about $730,000. Finally, Wilmington Savings Fund Society FSB acquired a new stake in shares of Macy’s during the 3rd quarter worth about $221,000. 87.36% of the stock is 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.