Macy’s (NYSE:M) Stock Price Down 2.1% – Here’s Why

Shares of Macy’s, Inc. (NYSE:M) were down 2.1% during mid-day trading on Friday . The stock traded as low as $13.19 and last traded at $13.18. Approximately 1,191,140 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 7,070,607 shares. The stock had previously closed at $13.46.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Benchmark upgraded shares of Macy’s to a “strong-buy” rating in a research note on Monday, February 3rd. StockNews.com raised Macy’s from a “hold” rating to a “buy” rating in a report on Friday, February 14th. UBS Group decreased their price objective on Macy’s from $9.00 to $8.00 and set a “sell” rating on the stock in a report on Friday, March 7th. Gordon Haskett downgraded Macy’s from an “accumulate” rating to a “hold” rating in a research report on Thursday, March 6th. Finally, Citigroup cut their price objective on Macy’s from $16.00 to $14.00 and set a “neutral” rating on the stock in a research report on Friday, March 7th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $15.56.

Macy’s Stock Down 4.1 %

The business’s 50-day simple moving average is $14.72 and its 200-day simple moving average is $15.39. The company has a market capitalization of $3.63 billion, a PE ratio of 22.18 and a beta of 2.07. The company has a current ratio of 1.26, a quick ratio of 0.17 and a debt-to-equity ratio of 0.67.

Macy’s (NYSE:M) last announced its quarterly earnings results on Thursday, March 6th. The company reported $1.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.55 by $0.25. Macy’s had a net margin of 0.73% and a return on equity of 21.99%. The firm had revenue of $7.77 billion for the quarter, compared to the consensus estimate of $7.76 billion. As a group, equities research analysts anticipate that Macy’s, Inc. will post 2.39 EPS for the current fiscal year.

Macy’s Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be given a dividend of $0.1824 per share. The ex-dividend date of this dividend is Friday, March 14th. This is a boost from Macy’s’s previous quarterly dividend of $0.17. This represents a $0.73 dividend on an annualized basis and a yield of 5.58%. Macy’s’s dividend payout ratio is currently 35.44%.

Institutional Investors Weigh In On Macy’s

Hedge funds have recently modified their holdings of the business. Coldstream Capital Management Inc. boosted its stake in Macy’s by 4.9% during the fourth quarter. Coldstream Capital Management Inc. now owns 15,442 shares of the company’s stock worth $261,000 after buying an additional 717 shares during the period. Treasurer of the State of North Carolina raised its stake in Macy’s by 0.6% in the fourth quarter. Treasurer of the State of North Carolina now owns 120,414 shares of the company’s stock valued at $2,039,000 after buying an additional 760 shares in the last quarter. Quantinno Capital Management LP raised its stake in Macy’s by 0.9% in the fourth quarter. Quantinno Capital Management LP now owns 102,538 shares of the company’s stock valued at $1,736,000 after buying an additional 872 shares in the last quarter. ProShare Advisors LLC raised its stake in Macy’s by 7.7% in the fourth quarter. ProShare Advisors LLC now owns 12,978 shares of the company’s stock valued at $220,000 after buying an additional 924 shares in the last quarter. Finally, Arizona State Retirement System raised its stake in Macy’s by 1.2% in the fourth quarter. Arizona State Retirement System now owns 80,549 shares of the company’s stock valued at $1,364,000 after buying an additional 958 shares in the last quarter. 87.36% of the stock is currently owned by institutional investors and hedge funds.

About Macy’s

Macy’s, Inc engages in the retail of apparel, accessories, cosmetics, home furnishings, and other consumer goods. The firm’s brands include Macy’s, Bloomingdale’s, and Bluemercury. It offers men’s, women’s, and children’s apparel, women’s accessories, intimate apparel, shoes, cosmetics, fragrances, as well as home and miscellaneous products.