Bank of America cut shares of Macy’s (NYSE:M) from a neutral rating to an underperform rating in a research note published on Thursday morning, MarketBeat.com reports.
Several other research firms have also issued reports on M. Zacks Investment Research reissued a hold rating and issued a $43.00 target price on shares of Macy’s in a report on Wednesday, November 14th. ValuEngine lowered shares of Macy’s from a hold rating to a sell rating in a report on Tuesday, October 2nd. Canaccord Genuity raised shares of Macy’s from an average rating to a buy rating and set a $5.50 target price for the company in a report on Friday, November 16th. Atlantic Securities lowered shares of Macy’s from a neutral rating to an underweight rating and reduced their target price for the stock from $39.00 to $28.00 in a report on Thursday, December 6th. Finally, Deutsche Bank increased their price objective on shares of Macy’s from $35.00 to $38.00 and gave the company a hold rating in a report on Thursday, November 15th. Five equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and six have given a buy rating to the company’s stock. Macy’s currently has an average rating of Hold and a consensus target price of $33.26.
Shares of NYSE:M opened at $25.42 on Thursday. Macy’s has a twelve month low of $22.47 and a twelve month high of $41.99. The company has a current ratio of 1.35, a quick ratio of 0.24 and a debt-to-equity ratio of 0.97. The company has a market capitalization of $9.75 billion, a PE ratio of 6.74, a price-to-earnings-growth ratio of 0.91 and a beta of 0.67.
Macy’s (NYSE:M) last released its earnings results on Wednesday, November 14th. The company reported $0.27 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.14 by $0.13. The company had revenue of $5.40 billion during the quarter, compared to analyst estimates of $5.40 billion. Macy’s had a net margin of 6.72% and a return on equity of 22.33%. The firm’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.23 EPS. As a group, analysts expect that Macy’s will post 4.09 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, January 2nd. Stockholders of record on Friday, December 14th were given a dividend of $0.3775 per share. The ex-dividend date was Thursday, December 13th. This represents a $1.51 dividend on an annualized basis and a dividend yield of 5.94%. Macy’s’s dividend payout ratio is currently 40.05%.
In other news, President Harry A. Lawton III sold 200,000 shares of the stock in a transaction that occurred on Friday, November 16th. The stock was sold at an average price of $33.09, for a total transaction of $6,618,000.00. Following the completion of the transaction, the president now directly owns 226,038 shares in the company, valued at approximately $7,479,597.42. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director William H. Lenehan bought 3,154 shares of the stock in a transaction dated Friday, November 16th. The shares were purchased at an average price of $31.74 per share, with a total value of $100,107.96. Following the completion of the transaction, the director now directly owns 11,214 shares in the company, valued at approximately $355,932.36. The disclosure for this purchase can be found here. 2.36% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Princeton Capital Management LLC bought a new position in shares of Macy’s during the 3rd quarter valued at approximately $104,000. First Hawaiian Bank bought a new stake in Macy’s in the third quarter worth $147,000. Qube Research & Technologies Ltd bought a new stake in Macy’s in the second quarter worth $150,000. Vectors Research Management LLC bought a new stake in Macy’s in the third quarter worth $164,000. Finally, Harvest Fund Management Co. Ltd lifted its position in Macy’s by 39.0% in the third quarter. Harvest Fund Management Co. Ltd now owns 5,655 shares of the company’s stock worth $196,000 after buying an additional 1,588 shares during the last quarter. Hedge funds and other institutional investors own 91.04% of the company’s stock.
Macy's, Inc, an omni-channel retail organization, operates stores, Websites, and mobile applications. The company sells a range of merchandise, such as apparel and accessories for men, women, and children; cosmetics; home furnishings; and other consumer goods. As of April 4, 2018, it operated approximately 690 department stores under the Macy's and Bloomingdale's brands; 160 specialty stores under the Bloomingdale's The Outlet, Bluemercury, and Macy's Backstage brands in the District of Columbia, Guam, and Puerto Rico; and Websites, including macys.com, bloomingdales.com, and bluemercury.com.
Read More: Quick Ratio