Macy’s (NYSE:M) Cut to “Hold” at Wall Street Zen
by Mitch Edgeman · The Markets DailyWall Street Zen cut shares of Macy’s (NYSE:M – Free Report) from a strong-buy rating to a hold rating in a research report released on Monday.
Other equities research analysts have also recently issued research reports about the stock. Morgan Stanley increased their target price on shares of Macy’s from $20.00 to $21.00 and gave the company an “equal weight” rating in a research report on Friday, December 5th. Citigroup reduced their price target on Macy’s from $24.00 to $18.00 and set a “neutral” rating on the stock in a research report on Thursday, March 19th. Zacks Research lowered Macy’s from a “hold” rating to a “strong sell” rating in a report on Friday, March 13th. Jefferies Financial Group reissued a “buy” rating and issued a $22.00 price objective on shares of Macy’s in a research report on Wednesday, March 18th. Finally, UBS Group boosted their target price on Macy’s from $8.00 to $9.00 and gave the stock a “sell” rating in a research note on Monday, March 9th. One analyst has rated the stock with a Buy rating, ten have issued a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average target price of $18.90.
Read Our Latest Stock Report on Macy’s
Macy’s Price Performance
M opened at $18.49 on Monday. The firm has a market capitalization of $4.92 billion, a PE ratio of 7.97 and a beta of 1.51. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.49 and a quick ratio of 0.50. The business’s 50-day moving average is $20.05 and its two-hundred day moving average is $20.13. Macy’s has a 1 year low of $9.76 and a 1 year high of $24.41.
Macy’s (NYSE:M – Get Free Report) last released its quarterly earnings results on Wednesday, March 18th. The company reported $1.67 EPS for the quarter, beating the consensus estimate of $1.55 by $0.12. Macy’s had a net margin of 2.84% and a return on equity of 14.22%. The business had revenue of $7.92 billion during the quarter, compared to analyst estimates of $7.48 billion. During the same period in the prior year, the firm posted $1.80 earnings per share. The company’s quarterly revenue was down 1.7% on a year-over-year basis. Research analysts anticipate that Macy’s will post 2.39 earnings per share for the current fiscal year.
Macy’s Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th will be paid a dividend of $0.1915 per share. This represents a $0.77 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date is Friday, March 13th. This is a positive change from Macy’s’s previous quarterly dividend of $0.18. Macy’s’s dividend payout ratio (DPR) is currently 33.19%.
Institutional Investors Weigh In On Macy’s
Institutional investors and hedge funds have recently made changes to their positions in the stock. Hennessy Advisors Inc. purchased a new stake in shares of Macy’s in the third quarter worth about $44,362,000. Y Intercept Hong Kong Ltd purchased a new position in Macy’s during the third quarter valued at approximately $3,307,000. Allianz Asset Management GmbH raised its position in Macy’s by 2.1% during the third quarter. Allianz Asset Management GmbH now owns 3,223,138 shares of the company’s stock valued at $57,791,000 after acquiring an additional 65,395 shares in the last quarter. SummerHaven Investment Management LLC acquired a new position in Macy’s in the third quarter valued at approximately $1,192,000. Finally, Prudential Financial Inc. boosted its position in Macy’s by 4.6% in the 2nd quarter. Prudential Financial Inc. now owns 389,238 shares of the company’s stock worth $4,539,000 after purchasing an additional 17,209 shares in the last quarter. 87.36% of the stock is currently owned by institutional investors and hedge funds.
Macy’s Company Profile
Macy’s, Inc is a leading American omnichannel retailer operating under the Macy’s brand, as well as specialty divisions Bloomingdale’s and Bluemercury. The company’s retail portfolio encompasses full-line department stores, fashion-focused specialty outlets and a high-end beauty chain, offering consumers a wide array of apparel, footwear, accessories, cosmetics and home furnishings. Through its integrated network of physical stores and digital platforms, Macy’s seeks to deliver a seamless shopping experience that blends in-store service with online convenience.
The company’s product assortment spans men’s, women’s and children’s clothing, beauty and personal care products, housewares and home décor.