Macy’s (NYSE:M) Hits New 1-Year Low at $11.40

Macy’s, Inc. (NYSE:M)’s share price reached a new 52-week low on Wednesday . The stock traded as low as $11.40 and last traded at $11.42, with a volume of 686636 shares trading hands. The stock had previously closed at $11.56.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. The Goldman Sachs Group reduced their price target on shares of Macy’s from $23.00 to $17.00 and set a “buy” rating on the stock in a research report on Wednesday, August 23rd. Morgan Stanley decreased their price target on Macy’s from $23.00 to $15.00 and set an “equal weight” rating on the stock in a research note on Monday, August 7th. Telsey Advisory Group restated a “market perform” rating and issued a $14.00 price objective (down from $16.00) on shares of Macy’s in a report on Tuesday, August 22nd. JPMorgan Chase & Co. dropped their price target on shares of Macy’s from $26.00 to $23.00 in a research report on Friday, June 2nd. Finally, StockNews.com began coverage on shares of Macy’s in a report on Thursday, August 17th. They issued a “hold” rating on the stock. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Macy’s currently has a consensus rating of “Hold” and an average price target of $16.64.

Macy’s Stock Performance

The company has a market capitalization of $3.14 billion, a price-to-earnings ratio of 4.28, a price-to-earnings-growth ratio of 0.34 and a beta of 1.88. The company has a current ratio of 1.26, a quick ratio of 0.27 and a debt-to-equity ratio of 0.71. The stock’s fifty day simple moving average is $14.69 and its 200-day simple moving average is $16.11.

Macy’s (NYSE:M) last announced its quarterly earnings data on Tuesday, August 22nd. The company reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.13 by $0.13. Macy’s had a net margin of 3.15% and a return on equity of 22.46%. The company had revenue of $5.15 billion for the quarter, compared to the consensus estimate of $5.07 billion. During the same period in the prior year, the firm posted $1.00 EPS. The company’s quarterly revenue was down 8.0% compared to the same quarter last year. Analysts predict that Macy’s, Inc. will post 2.81 EPS for the current year.

Macy’s Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 15th will be given a $0.1654 dividend. The ex-dividend date of this dividend is Thursday, September 14th. This is an increase from Macy’s’s previous quarterly dividend of $0.17. This represents a $0.66 dividend on an annualized basis and a dividend yield of 5.77%. Macy’s’s dividend payout ratio is currently 24.44%.

Insider Buying and Selling at Macy’s

In related news, SVP Paul Griscom sold 8,044 shares of the stock in a transaction on Friday, June 16th. The shares were sold at an average price of $15.90, for a total value of $127,899.60. Following the transaction, the senior vice president now directly owns 11,061 shares of the company’s stock, valued at approximately $175,869.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CEO Antony Spring sold 19,026 shares of the stock in a transaction on Monday, July 10th. The shares were sold at an average price of $15.97, for a total value of $303,845.22. Following the transaction, the chief executive officer now directly owns 198,155 shares of the company’s stock, valued at approximately $3,164,535.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Paul Griscom sold 8,044 shares of the stock in a transaction on Friday, June 16th. The shares were sold at an average price of $15.90, for a total transaction of $127,899.60. Following the completion of the transaction, the senior vice president now directly owns 11,061 shares in the company, valued at $175,869.90. The disclosure for this sale can be found here. In the last three months, insiders have sold 52,822 shares of company stock valued at $838,453. Insiders own 1.52% of the company’s stock.

Institutional Trading of Macy’s

A number of large investors have recently bought and sold shares of M. Point72 Asset Management L.P. boosted its stake in Macy’s by 1,054.0% during the 2nd quarter. Point72 Asset Management L.P. now owns 10,846,841 shares of the company’s stock worth $174,092,000 after purchasing an additional 9,906,912 shares during the period. Holocene Advisors LP boosted its stake in Macy’s by 171.1% during the 2nd quarter. Holocene Advisors LP now owns 5,582,759 shares of the company’s stock worth $89,603,000 after purchasing an additional 3,523,368 shares during the period. Bank of America Corp DE lifted its stake in shares of Macy’s by 408.1% in the 4th quarter. Bank of America Corp DE now owns 3,875,317 shares of the company’s stock worth $80,025,000 after acquiring an additional 3,112,649 shares during the period. Ceredex Value Advisors LLC acquired a new stake in shares of Macy’s in the 1st quarter worth $44,860,000. Finally, Schonfeld Strategic Advisors LLC lifted its stake in shares of Macy’s by 196.2% in the 4th quarter. Schonfeld Strategic Advisors LLC now owns 3,453,241 shares of the company’s stock worth $71,309,000 after acquiring an additional 2,287,287 shares during the period. Institutional investors and hedge funds own 82.69% 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.