Macy’s (NYSE:M) Stock Rating Upgraded by Zacks Research

Macy’s (NYSE:M) was upgraded by stock analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report issued on Monday,Zacks.com reports.

M has been the subject of several other research reports. Wall Street Zen downgraded Macy’s from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 23rd. Jefferies Financial Group reaffirmed a “buy” rating and issued a $22.00 price objective on shares of Macy’s in a research note on Wednesday, March 18th. JPMorgan Chase & Co. lowered their price objective on Macy’s from $24.00 to $21.00 and set a “neutral” rating for the company in a research note on Wednesday, March 18th. Telsey Advisory Group reaffirmed a “market perform” rating and issued a $20.00 price objective on shares of Macy’s in a research note on Wednesday, April 1st. Finally, TD Cowen lowered their price objective on Macy’s from $21.00 to $20.00 and set a “hold” rating for the company in a research note on Thursday, March 19th. One investment analyst has rated the stock with a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Macy’s has a consensus rating of “Reduce” and a consensus price target of $18.90.

Macy’s Stock Down 0.7%

Shares of NYSE M opened at $19.09 on Monday. The company has a current ratio of 1.49, a quick ratio of 0.50 and a debt-to-equity ratio of 0.50. The company has a market cap of $5.04 billion, a price-to-earnings ratio of 8.23 and a beta of 1.51. Macy’s has a 12 month low of $10.54 and a 12 month high of $24.41. The stock has a 50-day moving average price of $19.35 and a two-hundred day moving average price of $20.25.

Macy’s (NYSE:M) last issued its earnings results on Wednesday, March 18th. The company reported $1.67 EPS for the quarter, topping the consensus estimate of $1.55 by $0.12. The firm had revenue of $7.92 billion during the quarter, compared to the consensus estimate of $7.48 billion. Macy’s had a return on equity of 14.22% and a net margin of 2.84%.The business’s quarterly revenue was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.80 earnings per share. As a group, analysts forecast that Macy’s will post 2.39 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP Danielle L. Kirgan sold 10,010 shares of the company’s stock in a transaction that occurred on Monday, April 6th. The stock was sold at an average price of $17.92, for a total value of $179,379.20. Following the sale, the executive vice president directly owned 108,008 shares in the company, valued at $1,935,503.36. This represents a 8.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Antony Spring sold 50,044 shares of the company’s stock in a transaction that occurred on Monday, April 6th. The shares were sold at an average price of $17.92, for a total value of $896,788.48. Following the completion of the sale, the chief executive officer owned 485,791 shares in the company, valued at $8,705,374.72. The trade was a 9.34% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 94,967 shares of company stock valued at $1,705,276. Insiders own 1.05% of the company’s stock.

Institutional Trading of Macy’s

Several institutional investors have recently added to or reduced their stakes in M. Norges Bank bought a new stake in Macy’s in the fourth quarter valued at approximately $85,020,000. Marshall Wace LLP bought a new stake in Macy’s in the fourth quarter valued at approximately $69,562,000. Goldman Sachs Group Inc. boosted its holdings in shares of Macy’s by 67.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 6,823,034 shares of the company’s stock worth $150,448,000 after buying an additional 2,750,115 shares in the last quarter. Invesco Ltd. grew its position in shares of Macy’s by 160.5% during the 2nd quarter. Invesco Ltd. now owns 4,283,107 shares of the company’s stock worth $49,941,000 after buying an additional 2,639,132 shares during the period. Finally, Hennessy Advisors Inc. acquired a new stake in shares of Macy’s during the 3rd quarter worth approximately $44,362,000. 87.36% of the stock is currently owned by institutional investors.

Macy’s Company Profile

Macy’s, Inc is a leading American omnichannel retailer operating under the Macy’s brand, as well as specialty divisions Bloomingdale’s and Bluemercury. The company’s retail portfolio encompasses full-line department stores, fashion-focused specialty outlets and a high-end beauty chain, offering consumers a wide array of apparel, footwear, accessories, cosmetics and home furnishings. Through its integrated network of physical stores and digital platforms, Macy’s seeks to deliver a seamless shopping experience that blends in-store service with online convenience.

The company’s product assortment spans men’s, women’s and children’s clothing, beauty and personal care products, housewares and home décor.