Shares of Macy’s, Inc. (NYSE:M) have been given a consensus rating of “Hold” by the thirteen analysts that are covering the company, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating on the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $23.11.
A number of research analysts recently issued reports on the company. Credit Suisse Group increased their price objective on Macy’s from $16.00 to $19.00 and gave the stock an “underperform” rating in a report on Friday, August 20th. JPMorgan Chase & Co. upgraded Macy’s from an “underweight” rating to a “neutral” rating and increased their price objective for the stock from $19.00 to $25.00 in a report on Friday, August 20th. Citigroup increased their price objective on Macy’s from $14.00 to $20.00 and gave the stock a “sell” rating in a report on Friday, August 20th. OTR Global upgraded Macy’s from a “mixed” rating to a “positive” rating in a report on Monday, August 9th. Finally, Bank of America increased their price objective on Macy’s from $18.00 to $21.00 and gave the stock an “underperform” rating in a report on Friday, August 20th.
NYSE:M opened at $21.57 on Tuesday. Macy’s has a 1-year low of $5.57 and a 1-year high of $23.76. The business’s 50-day moving average price is $19.71 and its two-hundred day moving average price is $18.42. The company has a current ratio of 1.14, a quick ratio of 0.49 and a debt-to-equity ratio of 1.05. The firm has a market capitalization of $6.68 billion, a price-to-earnings ratio of 13.40, a PEG ratio of 0.46 and a beta of 2.11.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 1st. Investors of record on Wednesday, September 15th will be issued a dividend of $0.15 per share. The ex-dividend date is Tuesday, September 14th. This represents a $0.60 annualized dividend and a yield of 2.78%. Macy’s’s payout ratio is currently -27.15%.
Macy’s announced that its board has authorized a stock buyback program on Thursday, August 19th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to purchase up to 7.2% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its stock is undervalued.
In other Macy’s news, CEO Jeffrey Gennette sold 77,196 shares of Macy’s stock in a transaction on Monday, July 12th. The stock was sold at an average price of $18.97, for a total value of $1,464,408.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Paul Griscom sold 1,350 shares of Macy’s stock in a transaction on Thursday, June 24th. The shares were sold at an average price of $19.59, for a total value of $26,446.50. Following the completion of the transaction, the senior vice president now owns 1,357 shares in the company, valued at approximately $26,583.63. The disclosure for this sale can be found here. Over the last three months, insiders have sold 150,951 shares of company stock valued at $2,867,807. 0.74% of the stock is currently owned by insiders.
Several institutional investors and hedge funds have recently modified their holdings of the company. Arrowstreet Capital Limited Partnership grew its position in Macy’s by 27.1% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 7,246,047 shares of the company’s stock worth $117,314,000 after acquiring an additional 1,545,403 shares during the last quarter. Goldman Sachs Group Inc. grew its position in Macy’s by 74.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 4,807,043 shares of the company’s stock worth $77,826,000 after acquiring an additional 2,057,697 shares during the last quarter. Quadrature Capital Ltd grew its position in Macy’s by 20.2% during the 1st quarter. Quadrature Capital Ltd now owns 219,980 shares of the company’s stock worth $3,561,000 after acquiring an additional 37,039 shares during the last quarter. Advisor Partners LLC grew its position in Macy’s by 18.1% during the 1st quarter. Advisor Partners LLC now owns 15,466 shares of the company’s stock worth $250,000 after acquiring an additional 2,370 shares during the last quarter. Finally, Man Group plc grew its position in Macy’s by 13.4% during the 1st quarter. Man Group plc now owns 94,019 shares of the company’s stock worth $1,522,000 after acquiring an additional 11,124 shares during the last quarter. Institutional investors own 84.53% of the company’s stock.
Macy’s Company Profile
Macy’s, Inc engages in the retail of apparel, accessories, cosmetics, home furnishings, and other consumer goods. The firm’s brands include Macy’s, Bloomingdale’s, and Bluemercury. It offers men’s, women’s, and children’s apparel, women’s accessories, intimate apparel, shoes, cosmetics, fragrances, as well as home and miscellaneous products.
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