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

StockNews.com began coverage on shares of Macy’s (NYSE:M) in a report published on Wednesday. The brokerage issued a hold rating on the stock.

Several other research analysts have also weighed in on the company. Telsey Advisory Group reaffirmed a market perform rating and issued a $21.00 target price on shares of Macy’s in a research report on Thursday, March 28th. Citigroup upgraded Macy’s from a sell rating to a neutral rating and upped their price target for the stock from $14.00 to $18.00 in a research note on Friday, February 2nd. Morgan Stanley decreased 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. TD Cowen downgraded Macy’s from an outperform rating to a market perform rating and decreased their price target for the stock from $23.00 to $20.00 in a research note on Thursday, February 29th. Finally, The Goldman Sachs Group upped their price target on Macy’s from $16.00 to $22.00 and gave the stock a buy rating in a research note on Wednesday, February 28th. Two analysts have rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, Macy’s presently has an average rating of Hold and an average price target of $17.45.

Macy’s Stock Up 0.5 %

NYSE:M opened at $18.44 on Wednesday. The firm has a market capitalization of $5.07 billion, a price-to-earnings ratio of 49.84 and a beta of 2.15. 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. The business’s fifty day moving average price is $19.63 and its 200 day moving average price is $17.48.

Macy’s (NYSE:M) last posted its quarterly 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. The firm had revenue of $8.12 billion for the quarter, compared to analyst estimates of $8.07 billion. Macy’s had a return on equity of 23.34% and a net margin of 0.45%. Macy’s’s quarterly revenue was down 1.7% on a year-over-year basis. During the same period in the previous year, the firm earned $1.88 earnings per share. On average, sell-side analysts forecast that Macy’s will post 2.57 earnings per share for the current fiscal year.

Macy’s Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 15th were paid a dividend of $0.1737 per share. This is an increase from Macy’s’s previous quarterly dividend of $0.17. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.69 annualized dividend and a yield of 3.77%. Macy’s’s dividend payout ratio is presently 186.49%.

Insider Activity at Macy’s

In related news, SVP Paul Griscom sold 2,969 shares of the firm’s stock in a transaction 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 directly owns 21,436 shares of the company’s stock, valued at approximately $437,937.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Macy’s news, SVP Paul Griscom sold 2,969 shares of the stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $20.43, for a total value of $60,656.67. Following the transaction, the senior vice president now directly owns 21,436 shares in the company, valued at approximately $437,937.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Antony Spring sold 13,404 shares of the firm’s stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $20.42, for a total value of $273,709.68. Following the completion of the transaction, the chief executive officer now owns 223,286 shares in the company, valued at $4,559,500.12. The disclosure for this sale can be found here. Insiders sold a total of 218,424 shares of company stock worth $4,405,507 in the last 90 days. 1.52% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Glassman Wealth Services raised its stake in shares of Macy’s by 154.5% in the 4th quarter. Glassman Wealth Services now owns 1,224 shares of the company’s stock valued at $25,000 after purchasing an additional 743 shares during the period. Lindbrook Capital LLC increased its position in Macy’s by 253.1% during the fourth quarter. Lindbrook Capital LLC now owns 1,317 shares of the company’s stock worth $26,000 after buying an additional 944 shares during the last quarter. Riverview Trust Co acquired a new position in Macy’s during the first quarter worth approximately $27,000. Fifth Third Bancorp increased its position in Macy’s by 221.4% during the third quarter. Fifth Third Bancorp now owns 3,506 shares of the company’s stock worth $41,000 after buying an additional 2,415 shares during the last quarter. Finally, Fortitude Family Office LLC bought a new stake in shares of Macy’s during the fourth quarter worth approximately $50,000. 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.