Macy’s (NYSE:M) Given New $20.00 Price Target at JPMorgan Chase & Co.

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

Other research analysts have also issued reports about the company. Argus upgraded Macy’s to a “hold” rating in a research report on Thursday, October 10th. StockNews.com lowered Macy’s from a “buy” rating to a “hold” rating in a research note on Thursday, December 26th. Gordon Haskett raised Macy’s from a “hold” rating to a “buy” rating and set a $20.00 target price for the company in a research report on Monday, December 16th. Telsey Advisory Group reissued a “market perform” rating and set a $17.00 price target on shares of Macy’s in a research report on Wednesday, December 11th. Finally, Morgan Stanley lowered their price objective on shares of Macy’s from $17.00 to $16.00 and set an “equal weight” rating for the company in a research note on Thursday, December 12th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, Macy’s has a consensus rating of “Hold” and an average target price of $17.78.

Macy’s Stock Down 2.0 %

Shares of M opened at $16.03 on Wednesday. Macy’s has a 52-week low of $14.06 and a 52-week high of $22.10. The company has a quick ratio of 0.34, a current ratio of 1.26 and a debt-to-equity ratio of 0.67. The stock has a fifty day simple moving average of $16.17 and a two-hundred day simple moving average of $16.22. The company has a market capitalization of $4.45 billion, a PE ratio of 27.17 and a beta of 2.07.

Macy’s (NYSE:M) last posted its quarterly 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). Macy’s had a net margin of 0.73% and a return on equity of 21.99%. The firm had revenue of $4.74 billion during the quarter, compared to analysts’ expectations of $4.74 billion. During the same period last year, the company earned $0.21 EPS. The business’s quarterly revenue was down 2.4% on a year-over-year basis. As a group, equities analysts forecast that Macy’s will post 2.4 EPS for the current year.

Macy’s Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Friday, December 13th were given a $0.1737 dividend. This represents a $0.69 annualized dividend and a yield of 4.33%. The ex-dividend date of this dividend was Friday, December 13th. Macy’s’s dividend payout ratio (DPR) is presently 116.95%.

Institutional Investors Weigh In On Macy’s

Hedge funds have recently modified their holdings of the stock. United Services Automobile Association raised its stake in shares of Macy’s by 4.8% during the 2nd quarter. United Services Automobile Association now owns 22,038 shares of the company’s stock worth $423,000 after buying an additional 1,012 shares in the last quarter. Federated Hermes Inc. raised its position in Macy’s by 2.5% in the second quarter. Federated Hermes Inc. now owns 44,337 shares of the company’s stock worth $851,000 after acquiring an additional 1,095 shares in the last quarter. Affinity Capital Advisors LLC lifted its holdings in Macy’s by 11.5% in the third quarter. Affinity Capital Advisors LLC now owns 12,116 shares of the company’s stock valued at $190,000 after acquiring an additional 1,248 shares during the period. KBC Group NV boosted its position in shares of Macy’s by 19.9% during the 3rd quarter. KBC Group NV now owns 7,952 shares of the company’s stock worth $125,000 after purchasing an additional 1,319 shares in the last quarter. Finally, Arizona State Retirement System grew its stake in shares of Macy’s by 1.9% during the 2nd quarter. Arizona State Retirement System now owns 76,784 shares of the company’s stock worth $1,474,000 after purchasing an additional 1,462 shares during the period. 87.36% of the stock is owned by institutional investors and hedge funds.

Macy’s Company Profile

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.