Macy’s (M) Cut to Positive at OTR Global

Macy’s (NYSE:M) was downgraded by equities research analysts at OTR Global to a “positive” rating in a report released on Wednesday, The Fly reports.

M has been the topic of several other research reports. Deutsche Bank increased their target price on Macy’s from $35.00 to $38.00 and gave the company a “hold” rating in a report on Thursday, November 15th. Royal Bank of Canada dropped their target price on Macy’s to $29.00 and set a “sector perform” rating on the stock in a report on Friday, January 11th. Telsey Advisory Group reissued a “market perform” rating and issued a $28.00 target price (down previously from $35.00) on shares of Macy’s in a report on Friday, January 11th. ValuEngine raised Macy’s from a “sell” rating to a “hold” rating in a report on Monday. Finally, Canaccord Genuity upgraded shares of Macy’s from an “average” rating to a “buy” rating and set a $5.50 price objective for the company in a research note on Friday, November 16th. Four investment analysts have rated the stock with a sell rating, twelve have given a hold rating and six have given a buy rating to the company. Macy’s has an average rating of “Hold” and a consensus target price of $33.26.

Shares of Macy’s stock traded down $0.50 during trading hours on Wednesday, reaching $25.46. 2,931,780 shares of the company were exchanged, compared to its average volume of 11,135,664. Macy’s has a 1 year low of $22.47 and a 1 year high of $41.99. The company has a current ratio of 1.35, a quick ratio of 0.24 and a debt-to-equity ratio of 0.97. The firm has a market capitalization of $7.87 billion, a P/E ratio of 6.75, a P/E/G ratio of 0.93 and a beta of 0.50.

Macy’s (NYSE:M) last posted its quarterly earnings data on Wednesday, November 14th. The company reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $0.13. Macy’s had a return on equity of 22.33% and a net margin of 6.72%. The business had revenue of $5.40 billion for the quarter, compared to analyst estimates of $5.40 billion. During the same quarter in the prior year, the company earned $0.23 earnings per share. The company’s revenue was up 2.3% on a year-over-year basis. Sell-side analysts predict that Macy’s will post 3.9 earnings per share for the current year.

In related news, Director William H. Lenehan bought 3,154 shares of the company’s stock in a transaction on Friday, November 16th. The stock was bought at an average cost of $31.74 per share, with a total value of $100,107.96. Following the completion of the acquisition, the director now owns 11,214 shares in the company, valued at approximately $355,932.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, President Harry A. Lawton III sold 200,000 shares of the stock in a transaction dated 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 directly owns 226,038 shares of the company’s stock, valued at $7,479,597.42. The disclosure for this sale can be found here. Company insiders own 2.36% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the company. Oregon Public Employees Retirement Fund boosted its position in Macy’s by 2,958.7% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 6,681,203 shares of the company’s stock worth $224,000 after acquiring an additional 6,462,771 shares during the last quarter. Cambridge Investment Research Advisors Inc. boosted its position in Macy’s by 23.9% during the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 35,557 shares of the company’s stock worth $1,059,000 after acquiring an additional 6,860 shares during the last quarter. Fort Washington Investment Advisors Inc. OH acquired a new stake in Macy’s during the fourth quarter worth approximately $320,000. Daiwa Securities Group Inc. boosted its position in Macy’s by 5.8% during the fourth quarter. Daiwa Securities Group Inc. now owns 10,905 shares of the company’s stock worth $325,000 after acquiring an additional 600 shares during the last quarter. Finally, Redpoint Investment Management Pty Ltd boosted its position in Macy’s by 421.3% during the fourth quarter. Redpoint Investment Management Pty Ltd now owns 38,375 shares of the company’s stock worth $1,143,000 after acquiring an additional 31,013 shares during the last quarter. 90.46% of the stock is owned by institutional investors and hedge funds.

Macy’s Company Profile

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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