Macy’s (M) Hits New 52-Week Low at $20.87

Macy’s Inc (NYSE:M) reached a new 52-week low during trading on Tuesday . The stock traded as low as $20.87 and last traded at $21.27, with a volume of 171946 shares. The stock had previously closed at $21.58.

M has been the subject of several recent analyst reports. TheStreet cut Macy’s from a “b-” rating to a “c+” rating in a research note on Tuesday, February 5th. Desjardins reissued an “average” rating and issued a $5.25 price objective on shares of Macy’s in a research note on Friday, March 22nd. ValuEngine cut Macy’s from a “hold” rating to a “sell” rating in a research note on Wednesday, February 13th. Deutsche Bank raised their price objective on Macy’s from $27.00 to $28.00 and gave the company a “hold” rating in a research note on Thursday, May 16th. Finally, Zacks Investment Research cut Macy’s from a “hold” rating to a “strong sell” rating in a research note on Friday, March 1st. Four research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $28.10.

The company has a quick ratio of 0.42, a current ratio of 1.42 and a debt-to-equity ratio of 1.19. The company has a market cap of $6.69 billion, a P/E ratio of 5.14, a P/E/G ratio of 0.83 and a beta of 0.41.

Macy’s (NYSE:M) last announced its quarterly earnings data on Wednesday, May 15th. The company reported $0.44 EPS for the quarter, beating the Zacks’ consensus estimate of $0.33 by $0.11. Macy’s had a return on equity of 20.66% and a net margin of 4.43%. The firm had revenue of $5.50 billion during the quarter, compared to analysts’ expectations of $5.52 billion. During the same quarter last year, the firm posted $0.48 earnings per share. The company’s revenue for the quarter was down .7% compared to the same quarter last year. As a group, equities research analysts anticipate that Macy’s Inc will post 3.11 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be issued a $0.3775 dividend. The ex-dividend date of this dividend is Thursday, June 13th. This represents a $1.51 dividend on an annualized basis and a dividend yield of 7.03%. Macy’s’s dividend payout ratio is presently 36.12%.

In other news, Director Joyce M. Roche sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 27th. The stock was sold at an average price of $24.30, for a total value of $243,000.00. Following the transaction, the director now owns 13,647 shares in the company, valued at $331,622.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Deirdre P. Connelly sold 6,250 shares of the firm’s stock in a transaction that occurred on Thursday, April 4th. The shares were sold at an average price of $25.76, for a total value of $161,000.00. Following the completion of the transaction, the director now owns 17,092 shares in the company, valued at approximately $440,289.92. The disclosure for this sale can be found here. Insiders sold 16,921 shares of company stock worth $421,238 in the last 90 days. Corporate insiders own 0.55% of the company’s stock.

A number of institutional investors have recently modified their holdings of the stock. Vanguard Group Inc increased its position in Macy’s by 6.5% in the third quarter. Vanguard Group Inc now owns 35,205,128 shares of the company’s stock worth $1,222,675,000 after buying an additional 2,133,597 shares during the last quarter. BlackRock Inc. grew its position in shares of Macy’s by 0.4% in the first quarter. BlackRock Inc. now owns 30,073,924 shares of the company’s stock valued at $722,677,000 after purchasing an additional 121,302 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Macy’s by 23.0% in the first quarter. Dimensional Fund Advisors LP now owns 8,559,577 shares of the company’s stock valued at $205,696,000 after purchasing an additional 1,599,445 shares in the last quarter. Oregon Public Employees Retirement Fund grew its position in shares of Macy’s by 2,958.7% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 6,681,203 shares of the company’s stock valued at $224,000 after purchasing an additional 6,462,771 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in shares of Macy’s by 7.4% in the fourth quarter. Geode Capital Management LLC now owns 5,150,836 shares of the company’s stock valued at $153,359,000 after purchasing an additional 355,028 shares in the last quarter. Institutional investors and hedge funds own 90.18% of the company’s stock.

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About Macy’s (NYSE:M)

Macy's, Inc, an omnichannel retail organization, operates stores, Websites, and mobile applications. The company sells a range of merchandise, including apparel and accessories for men, women, and children; cosmetics; home furnishings; and other consumer goods. As of April 1, 2019, it operated approximately 680 department stores under the Macy's and Bloomingdale's names; and 190 specialty stores, such as Bloomingdale's The Outlet, Bluemercury, Macy's Backstage, and STORY in 43 states, the District of Columbia, Guam, and Puerto Rico.

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