Macy’s (M) Stock Price Up 6.7%

Macy’s Inc (NYSE:M)’s share price rose 6.7% during mid-day trading on Tuesday . The stock traded as high as $26.26 and last traded at $25.80. Approximately 27,017,600 shares were traded during mid-day trading, an increase of 166% from the average daily volume of 10,158,675 shares. The stock had previously closed at $24.19.

M has been the topic of several recent research reports. Susquehanna Bancshares set a $38.00 price target on Macy’s and gave the company a “buy” rating in a report on Friday, October 20th. Citigroup lowered Macy’s from a “neutral” rating to a “sell” rating and cut their target price for the company from $21.00 to $16.00 in a research note on Monday, October 30th. Royal Bank Of Canada set a $21.00 target price on Macy’s and gave the company a “sector perform” rating in a research note on Friday, October 20th. Zacks Investment Research lowered Macy’s from a “hold” rating to a “sell” rating in a research note on Wednesday, October 11th. Finally, BMO Capital Markets reissued a “buy” rating and issued a $36.00 target price on shares of Macy’s in a research note on Thursday, November 2nd. Three research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and nine have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $25.41.

The company has a market capitalization of $7,368.27, a PE ratio of 8.14, a PEG ratio of 0.84 and a beta of 0.97. The company has a current ratio of 1.29, a quick ratio of 0.19 and a debt-to-equity ratio of 1.49.

Macy’s (NYSE:M) last announced its earnings results on Thursday, November 9th. The company reported $0.23 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.19 by $0.04. The business had revenue of $5.28 billion for the quarter, compared to analyst estimates of $5.31 billion. Macy’s had a return on equity of 21.20% and a net margin of 2.83%. Macy’s’s revenue for the quarter was down 6.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.17 EPS. equities analysts expect that Macy’s Inc will post 3.39 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 2nd. Shareholders of record on Friday, December 15th will be paid a $0.3775 dividend. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $1.51 dividend on an annualized basis and a yield of 5.99%. Macy’s’s dividend payout ratio is 66.52%.

Several hedge funds and other institutional investors have recently modified their holdings of M. Prudential Financial Inc. boosted its stake in shares of Macy’s by 75.3% during the 3rd quarter. Prudential Financial Inc. now owns 5,013,391 shares of the company’s stock worth $109,392,000 after acquiring an additional 2,153,110 shares during the period. Alps Advisors Inc. bought a new position in shares of Macy’s during the 3rd quarter worth approximately $46,431,000. Discovery Capital Management LLC CT boosted its stake in shares of Macy’s by 239.0% during the 2nd quarter. Discovery Capital Management LLC CT now owns 2,871,297 shares of the company’s stock worth $66,729,000 after acquiring an additional 2,024,297 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Macy’s by 30.9% during the 3rd quarter. Dimensional Fund Advisors LP now owns 6,969,989 shares of the company’s stock worth $152,091,000 after acquiring an additional 1,646,858 shares during the period. Finally, Contrarius Investment Management Ltd boosted its stake in shares of Macy’s by 827.4% during the 3rd quarter. Contrarius Investment Management Ltd now owns 1,575,547 shares of the company’s stock worth $34,378,000 after acquiring an additional 1,405,656 shares during the period. Institutional investors own 82.27% of the company’s stock.

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About Macy’s

Macy’s, Inc is an omnichannel retail company operating stores, Websites and mobile applications under various brands, such as Macy’s, Bloomingdale’s and Bluemercury. The Company sells a range of merchandise, including apparel and accessories (men’s, women’s and children’s), cosmetics, home furnishings and other consumer goods.

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