Citigroup Cuts Macy’s (NYSE:M) Price Target to $14.00

Macy’s (NYSE:M) had its price target reduced by Citigroup from $16.00 to $14.00 in a research report sent to investors on Friday morning,Benzinga reports. They currently have a neutral rating on the stock.

A number of other equities analysts have also recently commented on the company. Telsey Advisory Group restated a “market perform” rating and set a $17.00 target price on shares of Macy’s in a report on Thursday. Gordon Haskett cut shares of Macy’s from an “accumulate” rating to a “hold” rating in a report on Thursday. Guggenheim reaffirmed a “neutral” rating on shares of Macy’s in a research note on Thursday, December 12th. StockNews.com raised shares of Macy’s from a “hold” rating to a “buy” rating in a research report on Friday, February 14th. Finally, JPMorgan Chase & Co. lowered Macy’s from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $19.00 to $14.00 in a research report on Thursday. One analyst has rated the stock with a sell rating, nine have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Macy’s currently has a consensus rating of “Hold” and an average target price of $16.00.

Macy’s Stock Up 6.6 %

Shares of NYSE:M opened at $14.10 on Friday. The company has a market capitalization of $3.91 billion, a price-to-earnings ratio of 23.89 and a beta of 2.07. Macy’s has a 12-month low of $12.60 and a 12-month high of $22.10. The business has a 50-day moving average price of $15.03 and a 200 day moving average price of $15.46. 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 released its quarterly earnings results on Thursday, March 6th. The company reported $1.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.55 by $0.25. The business had revenue of $7.77 billion for the quarter, compared to the consensus estimate of $7.76 billion. Macy’s had a net margin of 0.73% and a return on equity of 21.99%. Sell-side analysts expect that Macy’s will post 2.39 EPS for the current year.

Macy’s Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be paid a dividend of $0.1824 per share. This is a boost from Macy’s’s previous quarterly dividend of $0.17. The ex-dividend date is Friday, March 14th. This represents a $0.73 annualized dividend and a yield of 5.18%. Macy’s’s payout ratio is presently 35.44%.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of M. Norges Bank acquired a new stake in shares of Macy’s in the fourth quarter valued at approximately $96,689,000. Junto Capital Management LP acquired a new stake in shares of Macy’s during the fourth quarter worth $48,775,000. FMR LLC raised its position in Macy’s by 59.9% during the 4th quarter. FMR LLC now owns 7,503,742 shares of the company’s stock worth $127,038,000 after buying an additional 2,812,151 shares during the last quarter. Marshall Wace LLP lifted its position in Macy’s by 1,230.8% in the fourth quarter. Marshall Wace LLP now owns 2,387,193 shares of the company’s stock valued at $40,415,000 after purchasing an additional 2,207,809 shares during the period. Finally, Cooper Creek Partners Management LLC raised its stake in shares of Macy’s by 26.2% during the 4th quarter. Cooper Creek Partners Management LLC now owns 7,838,240 shares of the company’s stock worth $132,701,000 after buying an additional 1,627,572 shares in the last quarter. Institutional investors and hedge funds own 87.36% of the company’s stock.

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.