Macy’s (NYSE:M) Price Target Lowered to $20.00 at JPMorgan Chase & Co.

Macy’s (NYSE:M) had its price objective cut by JPMorgan Chase & Co. from $21.00 to $20.00 in a research note released on Wednesday morning,Benzinga reports. They currently have an overweight rating on the stock.

M has been the topic of several other reports. StockNews.com lowered shares of Macy’s from a “buy” rating to a “hold” rating in a research report on Thursday, December 26th. UBS Group lowered their target price on Macy’s from $10.00 to $9.00 and set a “sell” rating on the stock in a report on Thursday, December 12th. Guggenheim restated a “neutral” rating on shares of Macy’s in a research report on Thursday, December 12th. Gordon Haskett upgraded Macy’s from a “hold” rating to a “buy” rating and set a $20.00 price objective for the company in a research report on Monday, December 16th. Finally, Argus upgraded shares of Macy’s to a “hold” rating in a report on Thursday, October 10th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $17.78.

Macy’s Stock Performance

Shares of M stock opened at $16.03 on Wednesday. The stock has a fifty day moving average price of $16.17 and a 200 day moving average price of $16.22. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.34 and a current ratio of 1.26. The stock has a market cap of $4.45 billion, a PE ratio of 27.17 and a beta of 2.07. Macy’s has a 1 year low of $14.06 and a 1 year high of $22.10.

Macy’s (NYSE:M) last released its quarterly earnings results on Wednesday, December 11th. The company reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.03). The firm had revenue of $4.74 billion for the quarter, compared to analyst estimates of $4.74 billion. Macy’s had a return on equity of 21.99% and a net margin of 0.73%. The company’s quarterly revenue was down 2.4% compared to the same quarter last year. During the same period last year, the firm earned $0.21 EPS. Sell-side analysts forecast that Macy’s will post 2.4 earnings per share for the current fiscal year.

Macy’s Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th were issued a dividend of $0.1737 per share. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.69 annualized dividend and a dividend yield of 4.33%. Macy’s’s payout ratio is currently 116.95%.

Institutional Trading of Macy’s

Several institutional investors have recently made changes to their positions in M. Range Financial Group LLC purchased a new stake in shares of Macy’s during the 4th quarter worth about $285,000. Nordea Investment Management AB grew its stake in Macy’s by 4.0% during the fourth quarter. Nordea Investment Management AB now owns 273,872 shares of the company’s stock worth $4,671,000 after buying an additional 10,541 shares during the period. Retirement Systems of Alabama increased its position in shares of Macy’s by 57.9% in the third quarter. Retirement Systems of Alabama now owns 782,391 shares of the company’s stock worth $12,276,000 after acquiring an additional 286,879 shares in the last quarter. PVG Asset Management Corp purchased a new position in shares of Macy’s in the 3rd quarter valued at $730,000. Finally, Wilmington Savings Fund Society FSB acquired a new position in shares of Macy’s during the 3rd quarter valued at $221,000. 87.36% of the stock is owned by hedge funds and other institutional investors.

About Macy’s

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.