Gordon Haskett Downgrades Macy’s (M) to Hold

Gordon Haskett cut shares of Macy’s (NYSE:M) from a buy rating to a hold rating in a research note issued to investors on Thursday, MarketBeat reports.

Several other brokerages have also commented on M. Zacks Investment Research reaffirmed a hold rating and issued a $43.00 price target on shares of Macy’s in a research note on Wednesday, November 14th. Atlantic Securities lowered Macy’s from a neutral rating to an underweight rating and decreased their price target for the company from $39.00 to $28.00 in a research note on Thursday, December 6th. Bank of America set a $39.00 price target on Macy’s and gave the company a hold rating in a research note on Thursday, November 15th. Canaccord Genuity raised Macy’s from an average rating to a buy rating and set a $5.50 price target on the stock in a research note on Friday, November 16th. Finally, Deutsche Bank upped their price target on Macy’s from $35.00 to $38.00 and gave the company a hold rating in a research note on Thursday, November 15th. Five research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have assigned a buy rating to the company’s stock. Macy’s presently has an average rating of Hold and an average price target of $33.26.

Shares of NYSE:M opened at $25.42 on Thursday. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.35 and a quick ratio of 0.24. The firm has a market capitalization of $9.75 billion, a price-to-earnings ratio of 6.74, a P/E/G ratio of 0.91 and a beta of 0.67. Macy’s has a 52-week low of $22.47 and a 52-week high of $41.99.

Macy’s (NYSE:M) last issued its earnings results on Wednesday, November 14th. The company reported $0.27 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.14 by $0.13. The company had revenue of $5.40 billion during the quarter, compared to analysts’ expectations of $5.40 billion. Macy’s had a return on equity of 22.33% and a net margin of 6.72%. The firm’s quarterly revenue was up 2.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.23 EPS. As a group, equities analysts expect that Macy’s will post 4.09 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 2nd. Investors of record on Friday, December 14th were paid a dividend of $0.3775 per share. This represents a $1.51 annualized dividend and a yield of 5.94%. The ex-dividend date was Thursday, December 13th. Macy’s’s payout ratio is 40.05%.

In related news, President Harry A. Lawton III sold 200,000 shares of the stock in a transaction dated Friday, November 16th. The stock was sold at an average price of $33.09, for a total transaction of $6,618,000.00. Following the transaction, the president now owns 226,038 shares of the company’s stock, valued at approximately $7,479,597.42. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director William H. Lenehan bought 3,154 shares of the firm’s stock in a transaction that occurred on Friday, November 16th. The shares were purchased at an average cost of $31.74 per share, for a total transaction of $100,107.96. Following the purchase, the director now owns 11,214 shares in the company, valued at approximately $355,932.36. The disclosure for this purchase can be found here. 2.36% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Princeton Capital Management LLC acquired a new position in Macy’s during the 3rd quarter worth about $104,000. First Hawaiian Bank acquired a new position in Macy’s during the 3rd quarter worth about $147,000. Qube Research & Technologies Ltd acquired a new position in Macy’s during the 2nd quarter worth about $150,000. Vectors Research Management LLC acquired a new position in Macy’s during the 3rd quarter worth about $164,000. Finally, Harvest Fund Management Co. Ltd lifted its stake in Macy’s by 39.0% during the 3rd quarter. Harvest Fund Management Co. Ltd now owns 5,655 shares of the company’s stock worth $196,000 after acquiring an additional 1,588 shares in the last quarter. 91.04% of the stock is currently owned by hedge funds and other institutional investors.

About Macy’s

Macy's, Inc, an omni-channel retail organization, operates stores, Websites, and mobile applications. The company sells a range of merchandise, such as apparel and accessories for men, women, and children; cosmetics; home furnishings; and other consumer goods. As of April 4, 2018, it operated approximately 690 department stores under the Macy's and Bloomingdale's brands; 160 specialty stores under the Bloomingdale's The Outlet, Bluemercury, and Macy's Backstage brands in the District of Columbia, Guam, and Puerto Rico; and Websites, including macys.com, bloomingdales.com, and bluemercury.com.

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Analyst Recommendations for Macy`s (NYSE:M)

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