Macy’s (NYSE:M) Now Covered by Analysts at StockNews.com

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

Other research analysts also recently issued research reports about the stock. Evercore ISI lowered their price objective 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. Argus raised Macy’s to a “hold” rating in a report on Thursday, October 10th. Morgan Stanley dropped their price objective on Macy’s from $18.00 to $17.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 22nd. Finally, Telsey Advisory Group restated a “market perform” rating and set a $21.00 price target on shares of Macy’s in a report on Wednesday, August 21st. Seven analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Macy’s has an average rating of “Hold” and an average price target of $20.43.

Macy’s Stock Performance

Shares of M opened at $15.40 on Friday. The firm’s fifty day simple moving average is $15.45 and its two-hundred day simple moving average is $17.34. Macy’s has a 12 month low of $10.59 and a 12 month high of $22.10. The company has a current ratio of 1.48, a quick ratio of 0.34 and a debt-to-equity ratio of 0.70. The stock has a market capitalization of $4.26 billion, a P/E ratio of 513.33 and a beta of 2.11.

Macy’s (NYSE:M) last released its quarterly earnings data on Wednesday, August 21st. The company reported $0.53 earnings per share for the quarter, beating 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 during the quarter, compared to analyst estimates of $5.06 billion. During the same quarter in the previous year, the business posted $0.26 EPS. Macy’s’s revenue for the quarter was down 3.8% compared to the same quarter last year. As a group, analysts predict that Macy’s will post 2.72 EPS for the current year.

Macy’s Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be paid a $0.1737 dividend. This represents a $0.69 annualized dividend and a yield of 4.51%. Macy’s’s dividend payout ratio is presently 2,300.00%.

Hedge Funds Weigh In On Macy’s

Several hedge funds and other institutional investors have recently added to or reduced their stakes in M. Allspring Global Investments Holdings LLC grew its stake in shares of Macy’s by 1,695.3% during the first quarter. Allspring Global Investments Holdings LLC now owns 159,747 shares of the company’s stock valued at $3,193,000 after buying an additional 150,849 shares during the last quarter. State of Michigan Retirement System grew its position in Macy’s by 2.4% during the 1st quarter. State of Michigan Retirement System now owns 67,270 shares of the company’s stock worth $1,345,000 after acquiring an additional 1,600 shares during the last quarter. Norden Group LLC purchased a new position in Macy’s in the 1st quarter worth approximately $259,000. HB Wealth Management LLC lifted its position in Macy’s by 13.6% in the first quarter. HB Wealth Management LLC now owns 13,483 shares of the company’s stock valued at $270,000 after purchasing an additional 1,611 shares during the last quarter. Finally, Retirement Systems of Alabama lifted its position in Macy’s by 0.3% in the first quarter. Retirement Systems of Alabama now owns 500,066 shares of the company’s stock valued at $9,996,000 after purchasing an additional 1,454 shares during the last quarter. 87.36% of the stock is currently owned by hedge funds and other institutional investors.

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.