The Goldman Sachs Group Lowers Macy’s (NYSE:M) Price Target to $17.00

Macy’s (NYSE:M) had its price objective reduced by investment analysts at The Goldman Sachs Group from $19.00 to $17.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. The Goldman Sachs Group’s price objective points to a potential upside of 22.07% from the stock’s current price.

A number of other research firms have also recently weighed in on M. Telsey Advisory Group reaffirmed a “market perform” rating and issued a $17.00 price target on shares of Macy’s in a report on Thursday. Gordon Haskett cut shares of Macy’s from an “accumulate” rating to a “hold” rating in a research note on Thursday. JPMorgan Chase & Co. lowered Macy’s from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $19.00 to $14.00 in a research report on Thursday. Benchmark upgraded shares of Macy’s to a “strong-buy” rating in a research note on Monday, February 3rd. Finally, Guggenheim restated a “neutral” rating on shares of Macy’s in a report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $16.25.

Macy’s Trading Up 5.3 %

Shares of NYSE:M traded up $0.71 during trading on Friday, hitting $13.93. The company had a trading volume of 6,332,014 shares, compared to its average volume of 6,962,551. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.26 and a quick ratio of 0.17. The company has a fifty day simple moving average of $15.19 and a two-hundred day simple moving average of $15.51. The stock has a market cap of $3.87 billion, a price-to-earnings ratio of 23.55 and a beta of 2.05. Macy’s has a one year low of $12.60 and a one year high of $22.10.

Macy’s (NYSE:M) last posted its quarterly earnings results on Thursday, March 6th. The company reported $1.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.55 by $0.25. The business had revenue of $7.77 billion for the quarter, compared to the consensus estimate of $7.76 billion. Macy’s had a return on equity of 21.99% and a net margin of 0.73%. As a group, equities analysts forecast that Macy’s will post 2.39 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Coldstream Capital Management Inc. grew its stake in shares of Macy’s by 4.9% in the fourth quarter. Coldstream Capital Management Inc. now owns 15,442 shares of the company’s stock valued at $261,000 after acquiring an additional 717 shares in the last quarter. Treasurer of the State of North Carolina increased its holdings in shares of Macy’s by 0.6% during the fourth quarter. Treasurer of the State of North Carolina now owns 120,414 shares of the company’s stock worth $2,039,000 after buying an additional 760 shares in the last quarter. Quantinno Capital Management LP boosted its stake in shares of Macy’s by 0.9% during the fourth quarter. Quantinno Capital Management LP now owns 102,538 shares of the company’s stock valued at $1,736,000 after purchasing an additional 872 shares in the last quarter. ProShare Advisors LLC lifted its holdings in shares of Macy’s by 7.7% during the fourth quarter. ProShare Advisors LLC now owns 12,978 shares of the company’s stock worth $220,000 after purchasing an additional 924 shares during the period. Finally, Arizona State Retirement System grew its position in shares of Macy’s by 1.2% in the 4th quarter. Arizona State Retirement System now owns 80,549 shares of the company’s stock valued at $1,364,000 after buying an additional 958 shares during the last quarter. Institutional investors own 87.36% of the company’s stock.

About Macy’s

Macy’s, Inc engages in the retail of apparel, accessories, cosmetics, home furnishings, and other consumer goods. The firm’s brands include Macy’s, Bloomingdale’s, and Bluemercury. It offers men’s, women’s, and children’s apparel, women’s accessories, intimate apparel, shoes, cosmetics, fragrances, as well as home and miscellaneous products.