Macy’s (NYSE:M) Receives New Coverage from Analysts at StockNews.com

StockNews.com initiated coverage on shares of Macy’s (NYSE:M) in a research note published on Thursday morning. The firm issued a hold rating on the stock.

Several other brokerages have also recently commented on M. Evercore ISI lowered their target price 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. Morgan Stanley lowered 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 report on Thursday, August 22nd. Argus raised shares of Macy’s to a “hold” rating in a research note on Thursday, October 10th. 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. Seven investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $20.43.

Macy’s Stock Down 0.7 %

Shares of M opened at $16.18 on Thursday. Macy’s has a 12 month low of $10.59 and a 12 month high of $22.10. The firm’s 50 day moving average is $15.55 and its 200-day moving average is $17.45. The stock has a market capitalization of $4.47 billion, a PE ratio of 539.33 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 (NYSE:M) last announced its earnings results on Wednesday, August 21st. The company reported $0.53 EPS for the quarter, topping the consensus estimate of $0.30 by $0.23. Macy’s had a net margin of 0.80% and a return on equity of 23.14%. The company had revenue of $4.94 billion for the quarter, compared to analysts’ expectations of $5.06 billion. During the same period last year, the firm earned $0.26 earnings per share. The business’s revenue for the quarter was down 3.8% on a year-over-year basis. Equities research analysts forecast that Macy’s will post 2.72 EPS for the current year.

Macy’s Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th were given a $0.1737 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.69 dividend on an annualized basis and a yield of 4.29%. Macy’s’s dividend payout ratio is currently 2,300.00%.

Institutional Trading of Macy’s

A number of hedge funds have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP boosted its position in Macy’s by 9.8% in the second quarter. Dimensional Fund Advisors LP now owns 15,489,334 shares of the company’s stock valued at $297,385,000 after buying an additional 1,379,476 shares in the last quarter. LSV Asset Management lifted its holdings in shares of Macy’s by 1.3% during the second quarter. LSV Asset Management now owns 5,374,167 shares of the company’s stock worth $103,184,000 after purchasing an additional 68,300 shares during the period. American Century Companies Inc. lifted its holdings in shares of Macy’s by 18.9% during the second quarter. American Century Companies Inc. now owns 4,704,854 shares of the company’s stock worth $90,333,000 after purchasing an additional 747,542 shares during the period. Marshall Wace LLP lifted its holdings in shares of Macy’s by 1,539.5% during the second quarter. Marshall Wace LLP now owns 3,534,952 shares of the company’s stock worth $67,871,000 after purchasing an additional 3,319,337 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Macy’s by 1.2% during the second quarter. Bank of New York Mellon Corp now owns 3,185,513 shares of the company’s stock worth $61,162,000 after purchasing an additional 37,254 shares during the period. 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.