Macy’s Inc (NYSE:M) had its target price cut by equities researchers at Bank of America Corporation from $31.00 to $25.00 in a note issued to investors on Friday. The firm presently has a “neutral” rating on the stock. Bank of America Corporation’s price objective points to a potential upside of 10.28% from the company’s previous close.
A number of other research firms have also recently commented on M. Cowen and Company set a $29.00 price objective on Macy’s and gave the stock a “hold” rating in a research report on Saturday, May 13th. Royal Bank Of Canada set a $28.00 price objective on Macy’s and gave the stock a “hold” rating in a research report on Saturday, May 13th. Jefferies Group LLC dropped their price objective on Macy’s from $27.00 to $24.00 and set a “hold” rating for the company in a research report on Friday. Goldman Sachs Group, Inc. (The) dropped their price objective on Macy’s from $28.00 to $25.00 and set a “neutral” rating for the company in a research report on Wednesday, June 7th. Finally, ValuEngine cut Macy’s from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Macy’s currently has a consensus rating of “Hold” and an average target price of $32.79.
Shares of Macy’s (M) opened at 22.2925 on Friday. The stock has a market cap of $6.79 billion, a price-to-earnings ratio of 12.0240 and a beta of 0.77. Macy’s has a one year low of $21.51 and a one year high of $45.41. The company has a 50-day moving average of $25.38 and a 200 day moving average of $30.97. Macy’s also saw some unusual options trading on Monday. Stock traders bought 3,746 call options on the company. This is an increase of approximately 129% compared to the typical volume of 1,635 call options.
Macy’s (NYSE:M) last announced its quarterly earnings results on Thursday, May 11th. The company reported $0.24 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by $0.12. Macy’s had a net margin of 2.26% and a return on equity of 22.37%. The firm had revenue of $5.34 billion during the quarter, compared to analysts’ expectations of $5.49 billion. During the same quarter in the prior year, the business earned $0.40 EPS. The company’s quarterly revenue was down 7.5% compared to the same quarter last year. On average, equities analysts forecast that Macy’s will post $3.31 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, July 3rd. Stockholders of record on Thursday, June 15th will be issued a $0.3775 dividend. The ex-dividend date is Tuesday, June 13th. This represents a $1.51 dividend on an annualized basis and a dividend yield of 6.66%. Macy’s’s dividend payout ratio (DPR) is 81.62%.
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In related news, insider Molly Langenstein sold 1,251 shares of the company’s stock in a transaction on Wednesday, March 29th. The stock was sold at an average price of $28.55, for a total transaction of $35,716.05. Following the completion of the transaction, the insider now directly owns 6,414 shares in the company, valued at approximately $183,119.70. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Felicia Williams sold 1,697 shares of the company’s stock in a transaction on Wednesday, March 29th. The stock was sold at an average price of $28.55, for a total value of $48,449.35. Following the transaction, the executive vice president now owns 1,697 shares of the company’s stock, valued at $48,449.35. The disclosure for this sale can be found here. 1.40% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the company. Penserra Capital Management LLC raised its position in shares of Macy’s by 9.5% in the first quarter. Penserra Capital Management LLC now owns 3,680 shares of the company’s stock worth $109,000 after buying an additional 320 shares during the period. WFG Advisors LP raised its stake in shares of Macy’s by 9,613.2% in the fourth quarter. WFG Advisors LP now owns 3,691 shares of the company’s stock valued at $144,000 after buying an additional 3,653 shares during the period. Ropes Wealth Advisors LLC raised its stake in shares of Macy’s by 63.5% in the first quarter. Ropes Wealth Advisors LLC now owns 4,806 shares of the company’s stock valued at $142,000 after buying an additional 1,866 shares during the period. First Manhattan Co. raised its stake in shares of Macy’s by 0.6% in the first quarter. First Manhattan Co. now owns 5,076 shares of the company’s stock valued at $188,000 after buying an additional 29 shares during the period. Finally, Blenheim Capital Management BV purchased a new stake in shares of Macy’s during the fourth quarter valued at $186,000. Hedge funds and other institutional investors own 86.34% of the company’s stock.
Macy’s, Inc is an omnichannel retail company operating stores, Websites and mobile applications under various brands, such as Macy’s, Bloomingdale’s and Bluemercury. The Company sells a range of merchandise, including apparel and accessories (men’s, women’s and children’s), cosmetics, home furnishings and other consumer goods.
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