Macy’s (NYSE:M) Sets New 1-Year Low – Here’s What Happened

Macy’s, Inc. (NYSE:M) hit a new 52-week low on Tuesday . The stock traded as low as $14.05 and last traded at $14.06, with a volume of 8064926 shares trading hands. The stock had previously closed at $14.56.

Analysts Set New Price Targets

M has been the subject of several recent analyst reports. Guggenheim reiterated a “neutral” rating on shares of Macy’s in a research note on Thursday, December 12th. Gordon Haskett upgraded Macy’s from a “hold” rating to a “buy” rating and set a $20.00 target price on the stock in a research note on Monday, December 16th. UBS Group dropped their price target on Macy’s from $10.00 to $9.00 and set a “sell” rating on the stock in a report on Thursday, December 12th. JPMorgan Chase & Co. reduced their target price on shares of Macy’s from $21.00 to $20.00 and set an “overweight” rating for the company in a research report on Wednesday, January 8th. Finally, StockNews.com lowered Macy’s from a “buy” rating to a “hold” rating in a research note on Thursday, December 26th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $17.78.

Macy’s Stock Down 3.2 %

The company has a 50 day moving average price of $16.18 and a 200-day moving average price of $16.13. The stock has a market capitalization of $3.91 billion, a PE ratio of 23.90 and a beta of 2.07. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.26 and a quick ratio of 0.34.

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

Macy’s Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Friday, December 13th were issued a $0.1737 dividend. The ex-dividend date was Friday, December 13th. This represents a $0.69 annualized dividend and a yield of 4.93%. Macy’s’s payout ratio is 116.95%.

Institutional Investors Weigh In On Macy’s

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Quest Partners LLC purchased a new position in shares of Macy’s in the third quarter valued at about $35,000. Venturi Wealth Management LLC grew its holdings in Macy’s by 282.7% during the 3rd quarter. Venturi Wealth Management LLC now owns 2,281 shares of the company’s stock valued at $36,000 after buying an additional 1,685 shares in the last quarter. Future Financial Wealth Managment LLC purchased a new position in shares of Macy’s in the third quarter worth $39,000. Abich Financial Wealth Management LLC bought a new position in shares of Macy’s during the second quarter worth $57,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in Macy’s during the second quarter valued at $62,000. Hedge funds and other 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.