ValuEngine Lowers Macy’s Inc (M) to Hold
ValuEngine cut shares of Macy’s Inc (NYSE:M) from a buy rating to a hold rating in a research note published on Friday morning.
A number of other research firms have also recently weighed in on M. Jefferies Group LLC reaffirmed a hold rating and set a $27.00 price objective on shares of Macy’s in a research report on Thursday, May 11th. Wunderlich reaffirmed a buy rating and set a $24.00 price objective on shares of Macy’s in a research report on Friday, May 5th. Zacks Investment Research raised shares of Macy’s from a sell rating to a hold rating in a research report on Tuesday, May 9th. Gordon Haskett started coverage on shares of Macy’s in a research report on Tuesday, May 9th. They set a hold rating and a $29.00 price objective for the company. Finally, Deutsche Bank AG lowered their price objective on shares of Macy’s from $33.00 to $24.00 and set a hold rating for the company in a research report on Friday, May 12th. Two analysts have rated the stock with a sell rating, seventeen have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus price target of $27.63.
Macy’s (M) opened at 21.41 on Friday. Macy’s has a 52-week low of $19.32 and a 52-week high of $45.41. The company has a 50-day moving average price of $21.99 and a 200 day moving average price of $25.76. The stock has a market cap of $6.52 billion, a price-to-earnings ratio of 9.73 and a beta of 0.83.
Macy’s (NYSE:M) last posted its quarterly earnings results on Thursday, August 10th. The company reported $0.48 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.03. Macy’s had a net margin of 2.71% and a return on equity of 21.38%. The business had revenue of $5.55 billion during the quarter, compared to analysts’ expectations of $5.52 billion. During the same quarter in the prior year, the company posted $0.51 EPS. The business’s revenue for the quarter was down 5.4% on a year-over-year basis. On average, analysts expect that Macy’s will post $3.38 earnings per share for the current year.
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The business also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 15th will be paid a dividend of $0.3775 per share. The ex-dividend date is Thursday, September 14th. This represents a $1.51 annualized dividend and a yield of 7.05%. Macy’s’s dividend payout ratio is currently 68.64%.
In related news, insider Jeffrey Gennette purchased 13,085 shares of the business’s stock in a transaction that occurred on Monday, June 12th. The shares were purchased at an average cost of $22.95 per share, for a total transaction of $300,300.75. Following the purchase, the insider now directly owns 89,053 shares of the company’s stock, valued at $2,043,766.35. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John A. Bryant purchased 9,825 shares of the business’s stock in a transaction that occurred on Wednesday, August 23rd. The shares were bought at an average price of $20.32 per share, for a total transaction of $199,644.00. Following the completion of the purchase, the director now directly owns 9,825 shares in the company, valued at $199,644. The disclosure for this purchase can be found here. Insiders have purchased a total of 27,300 shares of company stock worth $599,686 over the last quarter. 1.40% of the stock is owned by company insiders.
A number of large investors have recently made changes to their positions in M. BlackRock Inc. raised its stake in Macy’s by 2,606.3% during the 1st quarter. BlackRock Inc. now owns 24,416,816 shares of the company’s stock worth $723,716,000 after acquiring an additional 23,514,600 shares in the last quarter. Levin Capital Strategies L.P. acquired a new stake in Macy’s during the 1st quarter worth $73,163,000. Discovery Capital Management LLC CT raised its stake in Macy’s by 239.0% during the 2nd quarter. Discovery Capital Management LLC CT now owns 2,871,297 shares of the company’s stock worth $66,729,000 after acquiring an additional 2,024,297 shares in the last quarter. Morgan Stanley raised its stake in Macy’s by 50.0% during the 1st quarter. Morgan Stanley now owns 3,772,472 shares of the company’s stock worth $111,817,000 after acquiring an additional 1,258,024 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in Macy’s by 26.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 5,323,131 shares of the company’s stock worth $123,703,000 after acquiring an additional 1,117,903 shares in the last quarter. Hedge funds and other institutional investors own 81.71% 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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