Macy’s, Inc. (NYSE:M) Receives $19.50 Average PT from Brokerages

Shares of Macy’s, Inc. (NYSE:M) have been assigned a consensus recommendation of “Hold” from the seven analysts that are currently covering the firm, MarketBeat.com reports. Five research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $20.43.

M has been the subject of a number of research reports. Evercore ISI reduced their price target on shares of Macy’s from $22.00 to $17.00 and set an “in-line” rating for the company in a report on Tuesday, July 16th. Morgan Stanley decreased their target price on Macy’s from $18.00 to $17.00 and set an “equal weight” rating for the company in a research report on Thursday, August 22nd. StockNews.com assumed coverage on Macy’s in a report on Monday, September 23rd. They issued a “hold” rating on the stock. Finally, Telsey Advisory Group reissued a “market perform” rating and issued a $21.00 price objective on shares of Macy’s in a research note on Wednesday, August 21st.

Macy’s Trading Up 0.3 %

M opened at $15.25 on Wednesday. The company has a fifty day moving average of $15.74 and a 200-day moving average of $17.92. Macy’s has a twelve month low of $10.54 and a twelve month high of $22.10. 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 $4.22 billion, a PE ratio of 508.33 and a beta of 2.11.

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

Macy’s Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be given a dividend of $0.1737 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.69 annualized dividend and a dividend yield of 4.56%. Macy’s’s payout ratio is 2,300.00%.

Insider Buying and Selling

In other Macy’s news, CEO Antony Spring sold 18,981 shares of Macy’s stock in a transaction on Wednesday, July 10th. The shares were sold at an average price of $18.96, for a total transaction of $359,879.76. Following the transaction, the chief executive officer now directly owns 267,265 shares of the company’s stock, valued at approximately $5,067,344.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, EVP Danielle L. Kirgan sold 24,147 shares of the business’s stock in a transaction dated Wednesday, July 10th. The stock was 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 in the company, valued at approximately $6,598,080. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Antony Spring sold 18,981 shares of the stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $18.96, for a total transaction of $359,879.76. Following the transaction, the chief executive officer now owns 267,265 shares of the company’s stock, valued at approximately $5,067,344.40. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 44,665 shares of company stock worth $842,372. 2.77% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Macy’s

Several hedge funds have recently bought and sold shares of the stock. Norges Bank purchased a new position in shares of Macy’s in the 4th quarter worth about $62,529,000. Corient Private Wealth LLC lifted its position in Macy’s by 465.0% in the 4th quarter. Corient Private Wealth LLC now owns 303,193 shares of the company’s stock worth $6,100,000 after buying an additional 249,535 shares during the last quarter. Franklin Resources Inc. boosted its stake in Macy’s by 2.4% in the fourth quarter. Franklin Resources Inc. now owns 211,247 shares of the company’s stock worth $4,250,000 after buying an additional 4,945 shares in the last quarter. Nomura Asset Management Co. Ltd. grew its position in Macy’s by 13.1% during the fourth 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 last quarter. Finally, Intech Investment Management LLC purchased a new position in Macy’s in the 4th quarter worth $402,000. 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.