Royal Bank of Canada Trims Macy’s (M) Target Price to $29.00

Macy’s (NYSE:M) had its target price reduced by analysts at Royal Bank of Canada to $29.00 in a research report issued on Friday, The Fly reports. The brokerage currently has a “sector perform” rating on the stock. Royal Bank of Canada’s price target points to a potential upside of 14.08% from the stock’s previous close.

A number of other analysts have also weighed in on the stock. Zacks Investment Research upgraded shares of Macy’s from a “hold” rating to a “buy” rating and set a $37.00 target price for the company in a report on Wednesday, October 3rd. ValuEngine lowered shares of Macy’s from a “hold” rating to a “sell” rating in a report on Tuesday, October 2nd. Canaccord Genuity upgraded shares of Macy’s from an “average” rating to a “buy” rating and set a $5.50 target price for the company in a report on Friday, November 16th. Deutsche Bank increased their price target on shares of Macy’s from $35.00 to $38.00 and gave the stock a “hold” rating in a research note on Thursday, November 15th. Finally, Atlantic Securities downgraded shares of Macy’s from a “neutral” rating to an “underweight” rating and decreased their price target for the stock from $39.00 to $28.00 in a research note on Thursday, December 6th. Five equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and six have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $33.26.

NYSE M traded down $0.69 during trading on Friday, hitting $25.42. 20,290,599 shares of the company’s stock traded hands, compared to its average volume of 14,045,717. The company has a quick ratio of 0.24, a current ratio of 1.35 and a debt-to-equity ratio of 0.97. Macy’s has a 12-month low of $22.47 and a 12-month high of $41.99. The firm has a market cap of $9.75 billion, a price-to-earnings ratio of 6.74, a PEG ratio of 0.91 and a beta of 0.67.

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

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

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Princeton Capital Management LLC purchased a new stake in shares of Macy’s during the third quarter valued at approximately $104,000. Qube Research & Technologies Ltd purchased a new stake in shares of Macy’s during the second quarter valued at approximately $150,000. First Hawaiian Bank purchased a new stake in shares of Macy’s during the third quarter valued at approximately $147,000. Vectors Research Management LLC purchased a new stake in shares of Macy’s during the third quarter valued at approximately $164,000. Finally, Harvest Fund Management Co. Ltd grew its holdings in shares of Macy’s by 39.0% during the third quarter. Harvest Fund Management Co. Ltd now owns 5,655 shares of the company’s stock valued at $196,000 after buying an additional 1,588 shares during the last quarter. 91.04% of the stock is owned by institutional investors and hedge funds.

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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