Macy’s Inc (NYSE:M)’s share price rose 0.9% on Wednesday . The stock traded as high as $40.28 and last traded at $39.44. Approximately 633,779 shares traded hands during mid-day trading, a decline of 95% from the average daily volume of 12,534,731 shares. The stock had previously closed at $39.80.
Several equities analysts recently commented on the company. Atlantic Securities lowered Macy’s from an “overweight” rating to a “neutral” rating and set a $39.00 price target on the stock. in a research report on Wednesday. They noted that the move was a valuation call. Evercore ISI boosted their price target on Macy’s from $17.41 to $36.00 and gave the stock a “buy” rating in a research report on Monday. ValuEngine raised Macy’s from a “hold” rating to a “buy” rating in a research report on Thursday, March 1st. Credit Suisse Group assumed coverage on Macy’s in a research report on Monday, March 12th. They set a “neutral” rating and a $31.00 price target on the stock. Finally, BMO Capital Markets boosted their price target on Macy’s from $38.00 to $42.00 and gave the stock an “outperform” rating in a research report on Thursday, March 1st. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $29.70.
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The company has a quick ratio of 0.48, a current ratio of 1.52 and a debt-to-equity ratio of 1.01. The firm has a market capitalization of $12.29 billion, a PE ratio of 10.58, a P/E/G ratio of 1.24 and a beta of 0.74.
Macy’s (NYSE:M) last posted its quarterly earnings data on Wednesday, May 16th. The company reported $0.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.12. Macy’s had a return on equity of 24.56% and a net margin of 6.45%. The company had revenue of $5.54 billion for the quarter, compared to the consensus estimate of $5.39 billion. During the same period in the previous year, the business earned $0.24 EPS. Macy’s’s revenue for the quarter was up 3.6% compared to the same quarter last year. analysts forecast that Macy’s Inc will post 3.79 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 2nd. Shareholders of record on Friday, June 15th will be issued a dividend of $0.3775 per share. The ex-dividend date is Thursday, June 14th. This represents a $1.51 annualized dividend and a yield of 3.77%. Macy’s’s dividend payout ratio is presently 40.05%.
In other news, Chairman Jeffrey Gennette purchased 10,000 shares of the stock in a transaction dated Thursday, April 12th. The stock was acquired at an average cost of $29.10 per share, for a total transaction of $291,000.00. Following the acquisition, the chairman now owns 89,303 shares of the company’s stock, valued at $2,598,717.30. The acquisition was disclosed in a filing with the SEC, which is available at this link. 2.36% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Harvest Fund Management Co. Ltd grew its stake in Macy’s by 78.4% during the 1st quarter. Harvest Fund Management Co. Ltd now owns 4,067 shares of the company’s stock worth $120,000 after buying an additional 1,787 shares during the last quarter. ING Groep NV grew its stake in Macy’s by 20.6% during the 1st quarter. ING Groep NV now owns 12,742 shares of the company’s stock worth $379,000 after buying an additional 2,180 shares during the last quarter. Commonwealth Equity Services LLC grew its stake in Macy’s by 3.7% during the 1st quarter. Commonwealth Equity Services LLC now owns 62,904 shares of the company’s stock worth $1,870,000 after buying an additional 2,244 shares during the last quarter. Advisory Services Network LLC grew its stake in Macy’s by 18.1% during the 4th quarter. Advisory Services Network LLC now owns 14,696 shares of the company’s stock worth $370,000 after buying an additional 2,253 shares during the last quarter. Finally, Doyle Wealth Management grew its stake in Macy’s by 8.9% during the 1st quarter. Doyle Wealth Management now owns 27,770 shares of the company’s stock worth $826,000 after buying an additional 2,265 shares during the last quarter. Institutional investors and hedge funds own 88.91% 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.