Macy’s (NYSE:M) Lowered to “Hold” Rating by Wall Street Zen

Wall Street Zen downgraded shares of Macy’s (NYSE:M) from a strong-buy rating to a hold rating in a research note published on Monday morning.

M has been the topic of several other reports. Telsey Advisory Group reiterated a “market perform” rating and issued a $20.00 price objective (down from $25.00) on shares of Macy’s in a research note on Wednesday, March 18th. TD Cowen decreased their price target on Macy’s from $21.00 to $20.00 and set a “hold” rating on the stock in a research note on Thursday, March 19th. Weiss Ratings reiterated a “hold (c)” rating on shares of Macy’s in a research report on Monday, December 29th. JPMorgan Chase & Co. dropped their price objective on Macy’s from $24.00 to $21.00 and set a “neutral” rating for the company in a research note on Wednesday, March 18th. Finally, Guggenheim started coverage on Macy’s in a report on Tuesday, December 9th. They set a “neutral” rating for the company. One research analyst has rated the stock with a Buy rating, ten have issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Reduce” and a consensus target price of $18.90.

Macy’s Price Performance

Shares of Macy’s stock opened at $18.02 on Monday. The firm has a market cap of $4.79 billion, a P/E ratio of 7.77 and a beta of 1.51. The firm’s 50-day simple moving average is $20.17 and its 200-day simple moving average is $20.13. Macy’s has a twelve month low of $9.76 and a twelve month high of $24.41. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.50 and a current ratio of 1.49.

Macy’s (NYSE:M) last posted its quarterly earnings results on Wednesday, March 18th. The company reported $1.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.55 by $0.12. The firm had revenue of $7.92 billion during the quarter, compared to analyst estimates of $7.48 billion. Macy’s had a net margin of 2.84% and a return on equity of 14.22%. The company’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.80 earnings per share. As a group, research analysts expect that Macy’s will post 2.39 EPS for the current fiscal year.

Macy’s Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th will be paid a $0.1915 dividend. This represents a $0.77 dividend on an annualized basis and a dividend yield of 4.3%. This is an increase from Macy’s’s previous quarterly dividend of $0.18. The ex-dividend date is Friday, March 13th. Macy’s’s dividend payout ratio is presently 33.19%.

Institutional Investors Weigh In On Macy’s

A number of large investors have recently bought and sold shares of the business. Hennessy Advisors Inc. bought a new stake in shares of Macy’s during the third quarter worth $44,362,000. Y Intercept Hong Kong Ltd bought a new position in shares of Macy’s in the third quarter valued at about $3,307,000. Allianz Asset Management GmbH lifted its position in Macy’s by 2.1% during the 3rd quarter. Allianz Asset Management GmbH now owns 3,223,138 shares of the company’s stock worth $57,791,000 after buying an additional 65,395 shares in the last quarter. SummerHaven Investment Management LLC acquired a new position in Macy’s during the 3rd quarter worth about $1,192,000. Finally, Texas Permanent School Fund Corp grew its holdings in Macy’s by 25.9% during the 2nd quarter. Texas Permanent School Fund Corp now owns 304,192 shares of the company’s stock worth $3,547,000 after acquiring an additional 62,596 shares during the last quarter. 87.36% of the stock is currently owned by institutional investors.

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.