Macy’s (NYSE:M) Rating Increased to Hold at Zacks Research

Zacks Research upgraded shares of Macy’s (NYSE:M) from a strong sell rating to a hold rating in a report issued on Monday,Zacks.com reports.

Other research analysts have also recently issued reports about the company. Telsey Advisory Group reissued a “market perform” rating and issued a $20.00 price target on shares of Macy’s in a report on Wednesday, April 1st. TD Cowen lowered their price target on Macy’s from $21.00 to $20.00 and set a “hold” rating on the stock in a report on Thursday, March 19th. Wall Street Zen cut Macy’s from a “strong-buy” rating to a “hold” rating in a report on Monday, March 23rd. Weiss Ratings reissued a “hold (c)” rating on shares of Macy’s in a report on Friday, March 27th. Finally, JPMorgan Chase & Co. reduced their price objective on Macy’s from $24.00 to $21.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 18th. One analyst has rated the stock with a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, Macy’s presently has an average rating of “Reduce” and a consensus target price of $18.90.

Macy’s Price Performance

NYSE M traded up $0.13 during trading hours on Monday, reaching $19.23. The company’s stock had a trading volume of 557,589 shares, compared to its average volume of 7,369,966. The firm’s 50-day moving average price is $19.35 and its 200-day moving average price is $20.25. The company has a quick ratio of 0.50, a current ratio of 1.49 and a debt-to-equity ratio of 0.50. Macy’s has a 1 year low of $10.54 and a 1 year high of $24.41. The company has a market capitalization of $5.07 billion, a price-to-earnings ratio of 8.29 and a beta of 1.51.

Macy’s (NYSE:M) last posted its quarterly earnings results on Wednesday, March 18th. The company reported $1.67 EPS for the quarter, topping analysts’ consensus estimates of $1.55 by $0.12. Macy’s had a return on equity of 14.22% and a net margin of 2.84%.The company had revenue of $7.92 billion for the quarter, compared to analysts’ expectations of $7.48 billion. During the same period in the previous year, the firm earned $1.80 EPS. The firm’s revenue was down 1.7% compared to the same quarter last year. On average, equities research analysts predict that Macy’s will post 2.39 EPS for the current fiscal year.

Macy’s Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th were paid a $0.1915 dividend. This represents a $0.77 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date of this dividend was Friday, March 13th. This is a positive change from Macy’s’s previous quarterly dividend of $0.18. Macy’s’s dividend payout ratio is presently 33.19%.

Insider Transactions at Macy’s

In other Macy’s news, EVP Tracy M. Preston sold 5,271 shares of Macy’s stock in a transaction that occurred on Monday, April 6th. The stock was sold at an average price of $17.92, for a total value of $94,456.32. Following the sale, the executive vice president owned 28,773 shares of the company’s stock, valued at $515,612.16. The trade was a 15.48% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Antony Spring sold 50,044 shares of Macy’s stock in a transaction that occurred on Monday, April 6th. The stock was sold at an average price of $17.92, for a total value of $896,788.48. Following the completion of the sale, the chief executive officer directly owned 485,791 shares in the company, valued at approximately $8,705,374.72. The trade was a 9.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 94,967 shares of company stock worth $1,705,276. 1.05% of the stock is owned by insiders.

Hedge Funds Weigh In On Macy’s

Several large investors have recently modified their holdings of M. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Macy’s by 38.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 162,989 shares of the company’s stock valued at $2,047,000 after purchasing an additional 45,149 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Macy’s by 5.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,116,170 shares of the company’s stock valued at $14,019,000 after purchasing an additional 55,821 shares during the last quarter. Focus Partners Wealth increased its position in shares of Macy’s by 33.1% during the 1st quarter. Focus Partners Wealth now owns 58,197 shares of the company’s stock valued at $731,000 after purchasing an additional 14,489 shares during the last quarter. Cetera Investment Advisers increased its position in shares of Macy’s by 49.6% during the 2nd quarter. Cetera Investment Advisers now owns 24,300 shares of the company’s stock valued at $283,000 after purchasing an additional 8,053 shares during the last quarter. Finally, Invesco Ltd. increased its position in shares of Macy’s by 160.5% during the 2nd quarter. Invesco Ltd. now owns 4,283,107 shares of the company’s stock valued at $49,941,000 after purchasing an additional 2,639,132 shares during the last quarter. Institutional investors own 87.36% of the company’s stock.

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.