Macy’s (NYSE:M) Shares Down 3.4%

Shares of Macy’s, Inc. (NYSE:M) were down 3.4% during mid-day trading on Monday . The company traded as low as $18.90 and last traded at $18.97. Approximately 2,788,012 shares traded hands during trading, a decline of 58% from the average daily volume of 6,682,071 shares. The stock had previously closed at $19.64.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on M shares. StockNews.com started coverage on shares of Macy’s in a research report on Friday, July 5th. They set a “hold” rating on the stock. JPMorgan Chase & Co. upped their target price on shares of Macy’s from $25.00 to $27.00 and gave the stock an “overweight” rating in a report on Wednesday, May 22nd. Telsey Advisory Group restated a “market perform” rating and issued a $21.00 target price on shares of Macy’s in a report on Tuesday, May 21st. Finally, TD Cowen upped their target price on shares of Macy’s from $20.00 to $21.00 and gave the stock a “hold” rating in a report on Wednesday, May 22nd. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $17.70.

Macy’s Trading Down 0.2 %

The firm’s 50 day moving average price is $19.08 and its 200-day moving average price is $19.22. The stock has a market cap of $5.20 billion, a P/E ratio of 627.67 and a beta of 2.18. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.38 and a quick ratio of 0.35.

Macy’s (NYSE:M) last issued its earnings results on Tuesday, May 21st. The company reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $0.12. The firm had revenue of $4.85 billion for the quarter, compared to the consensus estimate of $4.82 billion. Macy’s had a net margin of 0.05% and a return on equity of 21.40%. The business’s revenue was down 2.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.56 earnings per share. As a group, equities research analysts forecast that Macy’s, Inc. will post 2.79 earnings per share for the current year.

Macy’s Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Friday, June 14th were given a $0.1737 dividend. The ex-dividend date was Friday, June 14th. This represents a $0.69 annualized dividend and a yield of 3.69%. Macy’s’s payout ratio is presently 2,300.00%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in M. Vanguard Group Inc. raised its position in shares of Macy’s by 7.8% during the 3rd quarter. Vanguard Group Inc. now owns 36,381,604 shares of the company’s stock valued at $422,390,000 after purchasing an additional 2,645,577 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Macy’s by 15.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 12,398,149 shares of the company’s stock valued at $249,456,000 after purchasing an additional 1,685,986 shares during the period. American Century Companies Inc. raised its position in shares of Macy’s by 20.8% during the 3rd quarter. American Century Companies Inc. now owns 3,287,930 shares of the company’s stock valued at $38,173,000 after purchasing an additional 565,269 shares during the period. Norges Bank bought a new stake in shares of Macy’s during the 4th quarter valued at $62,529,000. Finally, Deutsche Bank AG raised its position in shares of Macy’s by 260.8% during the 3rd quarter. Deutsche Bank AG now owns 2,547,529 shares of the company’s stock valued at $29,577,000 after purchasing an additional 1,841,432 shares during the period. 87.36% of the stock is currently owned by 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.