StockNews.com Initiates Coverage on Macy’s (NYSE:M)

Investment analysts at StockNews.com started coverage on shares of Macy’s (NYSE:M) in a research note issued to investors on Thursday. The brokerage set a “hold” rating on the stock.

Several other brokerages also recently weighed in on M. TD Cowen downgraded Macy’s from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $23.00 to $20.00 in a research report on Thursday, February 29th. Telsey Advisory Group restated a “market perform” rating and set a $21.00 price objective on shares of Macy’s in a research report on Thursday, March 28th. Morgan Stanley dropped their price objective on Macy’s from $21.00 to $20.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 28th. The Goldman Sachs Group upped their price objective on Macy’s from $16.00 to $22.00 and gave the stock a “buy” rating in a research report on Wednesday, February 28th. Finally, Citigroup upgraded Macy’s from a “sell” rating to a “neutral” rating and upped their price objective for the stock from $14.00 to $18.00 in a research report on Friday, February 2nd. Two analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $17.45.

Macy’s Stock Performance

M opened at $18.15 on Thursday. The business has a fifty day simple moving average of $19.59 and a 200 day simple moving average of $17.68. The company has a market capitalization of $4.99 billion, a PE ratio of 49.05 and a beta of 2.15. Macy’s has a 1 year low of $10.54 and a 1 year high of $22.10. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.37 and a quick ratio of 0.39.

Macy’s (NYSE:M) last released its earnings results on Tuesday, February 27th. The company reported $2.45 earnings per share for the quarter, beating analysts’ consensus estimates of $1.98 by $0.47. The firm had revenue of $8.12 billion during the quarter, compared to the consensus estimate of $8.07 billion. Macy’s had a return on equity of 23.34% and a net margin of 0.45%. The company’s revenue was down 1.7% compared to the same quarter last year. During the same period in the prior year, the company posted $1.88 EPS. Research analysts expect that Macy’s will post 2.57 EPS for the current year.

Insider Activity

In other news, CFO Adrian V. Mitchell sold 13,249 shares of the stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $20.42, for a total value of $270,544.58. Following the completion of the sale, the chief financial officer now owns 99,098 shares of the company’s stock, valued at $2,023,581.16. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, CFO Adrian V. Mitchell sold 13,249 shares of the stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $20.42, for a total value of $270,544.58. Following the completion of the sale, the chief financial officer now owns 99,098 shares of the company’s stock, valued at $2,023,581.16. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Paul Griscom sold 2,969 shares of the stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $20.43, for a total value of $60,656.67. Following the completion of the sale, the senior vice president now directly owns 21,436 shares of the company’s stock, valued at approximately $437,937.48. The disclosure for this sale can be found here. Over the last quarter, insiders sold 218,424 shares of company stock valued at $4,405,507. Company insiders own 1.52% of the company’s stock.

Institutional Investors Weigh In On Macy’s

Institutional investors and hedge funds have recently made changes to their positions in the business. SummerHaven Investment Management LLC boosted its holdings in Macy’s by 1.3% in the fourth quarter. SummerHaven Investment Management LLC now owns 43,046 shares of the company’s stock worth $866,000 after acquiring an additional 554 shares in the last quarter. Private Advisor Group LLC boosted its holdings in Macy’s by 3.5% in the fourth quarter. Private Advisor Group LLC now owns 17,847 shares of the company’s stock worth $359,000 after acquiring an additional 603 shares in the last quarter. Glassman Wealth Services boosted its holdings in Macy’s by 154.5% in the fourth quarter. Glassman Wealth Services now owns 1,224 shares of the company’s stock worth $25,000 after acquiring an additional 743 shares in the last quarter. Nomura Asset Management Co. Ltd. boosted its holdings in Macy’s by 13.1% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 6,900 shares of the company’s stock worth $139,000 after acquiring an additional 800 shares in the last quarter. Finally, Yousif Capital Management LLC boosted its holdings in Macy’s by 0.6% in the fourth quarter. Yousif Capital Management LLC now owns 140,135 shares of the company’s stock worth $2,820,000 after acquiring an additional 841 shares in the last quarter. Institutional investors own 87.36% of the company’s stock.

Macy’s Company Profile

Macy's, Inc, an omni-channel retail organization, operates stores, websites, and mobile applications in the United States. The company sells a range of merchandise, such as apparel and accessories for men, women, and kids; cosmetics; home furnishings; and other consumer goods under the Macy's, Bloomingdale's, and bluemercury brands.