Macy's (NYSE:M) Stock Price Down 2.1% - Here's What Happened

Macy's, Inc. (NYSE:M - Get Free Report) dropped 2.1% during mid-day trading on Friday . The stock traded as low as $13.19 and last traded at $13.18. Approximately 1,191,140 shares were traded during trading, a decline of 83% from the average daily volume of 7,070,607 shares. The stock had previously closed at $13.46.

Analyst Ratings Changes

M has been the topic of several analyst reports. Telsey Advisory Group set a $15.00 price target on shares of Macy's in a research report on Friday, March 7th. Gordon Haskett lowered shares of Macy's from an "accumulate" rating to a "hold" rating in a research report on Thursday, March 6th. UBS Group cut their target price on shares of Macy's from $9.00 to $8.00 and set a "sell" rating on the stock in a research report on Friday, March 7th. Cowen restated a "hold" rating on shares of Macy's in a research report on Friday, March 7th. Finally, Citigroup cut their target price on shares of Macy's from $16.00 to $14.00 and set a "neutral" rating on the stock in a research report on Friday, March 7th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $15.30.

Macy's Price Performance

The stock has a market capitalization of $3.77 billion, a price-to-earnings ratio of 22.99 and a beta of 2.07. The business's fifty day moving average price is $14.61 and its 200-day moving average price is $15.37. 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, beating analysts' consensus estimates of $1.55 by $0.25. The firm had revenue of $7.77 billion during the quarter, compared to analysts' expectations of $7.76 billion. Macy's had a net margin of 0.73% and a return on equity of 21.99%. On average, research analysts forecast that Macy's, Inc. will post 2.39 EPS for the current year.

Macy's Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be issued a dividend of $0.1824 per share. The ex-dividend date is Friday, March 14th. This is a boost from Macy's's previous quarterly dividend of $0.17. This represents a $0.73 annualized dividend and a yield of 5.38%. Macy's's payout ratio is 35.44%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP boosted its holdings in Macy's by 7.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 15,751,211 shares of the company's stock worth $266,666,000 after purchasing an additional 1,149,454 shares during the last quarter. Cooper Creek Partners Management LLC raised its position in Macy's by 26.2% in the fourth quarter. Cooper Creek Partners Management LLC now owns 7,838,240 shares of the company's stock worth $132,701,000 after acquiring an additional 1,627,572 shares during the period. FMR LLC raised its position in Macy's by 59.9% in the fourth quarter. FMR LLC now owns 7,503,742 shares of the company's stock worth $127,038,000 after acquiring an additional 2,812,151 shares during the period. American Century Companies Inc. raised its position in Macy's by 12.2% in the fourth quarter. American Century Companies Inc. now owns 7,137,132 shares of the company's stock worth $120,832,000 after acquiring an additional 774,693 shares during the period. Finally, Norges Bank bought a new stake in Macy's in the fourth quarter worth about $96,689,000. 87.36% of the stock is currently owned by hedge funds and other institutional investors.

Macy's Company Profile

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.