Macy's (NYSE:M) Trading Down 15.9% - What's Next?

Shares of Macy's, Inc. (NYSE:M - Get Free Report) traded down 15.9% during mid-day trading on Thursday . The stock traded as low as $11.26 and last traded at $11.10. 3,378,997 shares traded hands during trading, a decline of 44% from the average session volume of 6,054,961 shares. The stock had previously closed at $13.19.

Analysts Set New Price Targets

Several brokerages have issued reports on M. UBS Group cut their price objective on Macy's from $9.00 to $8.00 and set a "sell" rating for the company in a research report on Friday, March 7th. Telsey Advisory Group reiterated a "market perform" rating and set a $15.00 price target on shares of Macy's in a research report on Wednesday. Morgan Stanley set a $14.00 price objective on shares of Macy's in a report on Monday, March 10th. Cowen reaffirmed a "hold" rating on shares of Macy's in a research note on Friday, March 7th. Finally, Gordon Haskett cut shares of Macy's from an "accumulate" rating to a "hold" rating in a research note on Thursday, March 6th. One 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. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $15.30.

Macy's Stock Down 13.4 %

The firm has a market capitalization of $3.17 billion, a price-to-earnings ratio of 19.40 and a beta of 2.07. The stock has a fifty day moving average of $14.30 and a two-hundred day moving average of $15.24. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.26 and a quick ratio of 0.17.

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Macy's (NYSE:M - Get Free Report) last issued its quarterly earnings data 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. The company had revenue of $7.77 billion during the quarter, compared to the consensus estimate of $7.76 billion. Macy's had a return on equity of 21.99% and a net margin of 0.73%. Sell-side analysts anticipate that Macy's, Inc. will post 2.39 earnings per share for the current year.

Macy's Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 14th were paid a dividend of $0.1824 per share. This represents a $0.73 dividend on an annualized basis and a yield of 6.39%. The ex-dividend date of this dividend was Friday, March 14th. This is an increase from Macy's's previous quarterly dividend of $0.17. Macy's's dividend payout ratio (DPR) is currently 35.44%.

Insider Activity at Macy's

In related news, EVP Adrian V. Mitchell sold 3,489 shares of the business's stock in a transaction on Tuesday, March 25th. The shares were sold at an average price of $13.74, for a total transaction of $47,938.86. Following the transaction, the executive vice president now owns 116,165 shares in the company, valued at $1,596,107.10. The trade was a 2.92 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Antony Spring sold 3,124 shares of Macy's stock in a transaction on Tuesday, March 25th. The shares were sold at an average price of $13.74, for a total transaction of $42,923.76. Following the completion of the sale, the chief executive officer now directly owns 272,680 shares of the company's stock, valued at approximately $3,746,623.20. This trade represents a 1.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 41,751 shares of company stock worth $537,790 over the last quarter. Company insiders own 2.77% of the company's stock.

Hedge Funds Weigh In On Macy's

Hedge funds and other institutional investors have recently modified their holdings of the business. Wealth Enhancement Advisory Services LLC raised its holdings in Macy's by 22.8% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 28,731 shares of the company's stock valued at $486,000 after acquiring an additional 5,332 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Macy's during the fourth quarter valued at about $2,591,000. Forum Financial Management LP bought a new position in shares of Macy's in the fourth quarter worth approximately $177,000. Vise Technologies Inc. increased its holdings in Macy's by 37.2% during the 4th quarter. Vise Technologies Inc. now owns 23,129 shares of the company's stock valued at $392,000 after purchasing an additional 6,266 shares during the period. Finally, MidWestOne Financial Group Inc. boosted its holdings in Macy's by 14.5% in the fourth quarter. MidWestOne Financial Group Inc. now owns 135,646 shares of the company's stock valued at $2,296,000 after acquiring an additional 17,167 shares in the last quarter. Hedge funds and other institutional investors 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.

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