Macy’s (NYSE:M) Price Target Raised to $21.00

Macy’s (NYSE:M) had its price target increased by Morgan Stanley from $20.00 to $21.00 in a research note issued to investors on Friday,Benzinga reports. They currently have an equal weight rating on the stock.

A number of other equities research analysts have also commented on M. Citigroup increased their price target on Macy’s from $19.00 to $24.00 and gave the stock a “neutral” rating in a research report on Thursday. Weiss Ratings restated a “hold (c+)” rating on shares of Macy’s in a report on Monday, December 1st. BTIG Research initiated coverage on Macy’s in a research note on Tuesday, October 14th. They issued a “neutral” rating for the company. The Goldman Sachs Group lifted their price target on Macy’s from $14.50 to $16.50 and gave the company a “neutral” rating in a report on Monday, October 6th. Finally, Zacks Research raised shares of Macy’s from a “hold” rating to a “strong-buy” rating in a report on Thursday, September 18th. Two research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, eleven have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $20.36.

Macy’s Trading Up 2.5%

Shares of Macy’s stock opened at $22.87 on Friday. Macy’s has a 12-month low of $9.76 and a 12-month high of $23.27. The stock has a market capitalization of $6.14 billion, a P/E ratio of 13.53 and a beta of 1.44. The company has a 50-day simple moving average of $19.57 and a 200 day simple moving average of $15.48. The company has a quick ratio of 0.18, a current ratio of 1.25 and a debt-to-equity ratio of 0.56.

Macy’s (NYSE:M) last issued its quarterly earnings data on Wednesday, December 3rd. The company reported $0.09 earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.22. The firm had revenue of $4.91 billion for the quarter, compared to analysts’ expectations of $4.52 billion. Macy’s had a net margin of 2.10% and a return on equity of 15.57%. The company’s quarterly revenue was down .6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.04 earnings per share. Macy’s has set its FY 2025 guidance at 2.000-2.20 EPS. Research analysts expect that Macy’s will post 2.39 earnings per share for the current fiscal year.

Macy’s Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Stockholders of record on Monday, December 15th will be issued a dividend of $0.1824 per share. This represents a $0.73 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend is Monday, December 15th. Macy’s’s dividend payout ratio is 43.20%.

Insiders Place Their Bets

In other news, SVP Paul Griscom sold 12,843 shares of the company’s stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $17.26, for a total transaction of $221,670.18. Following the completion of the sale, the senior vice president owned 23,379 shares of the company’s stock, valued at approximately $403,521.54. This represents a 35.46% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Danielle L. Kirgan sold 100,000 shares of Macy’s stock in a transaction that occurred on Wednesday, September 17th. The shares were sold at an average price of $17.75, for a total transaction of $1,775,000.00. Following the completion of the transaction, the executive vice president directly owned 136,161 shares in the company, valued at $2,416,857.75. This trade represents a 42.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 2.77% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Macy’s

Several hedge funds have recently modified their holdings of the company. Summit Securities Group LLC lifted its stake in shares of Macy’s by 106.0% in the first quarter. Summit Securities Group LLC now owns 2,200 shares of the company’s stock worth $28,000 after acquiring an additional 38,800 shares during the period. Headlands Technologies LLC bought a new position in shares of Macy’s in the 1st quarter worth about $29,000. Cullen Frost Bankers Inc. acquired a new position in shares of Macy’s in the 3rd quarter valued at about $31,000. UMB Bank n.a. lifted its stake in shares of Macy’s by 523.0% in the 2nd quarter. UMB Bank n.a. now owns 3,171 shares of the company’s stock valued at $37,000 after purchasing an additional 2,662 shares during the period. Finally, Bessemer Group Inc. boosted its position in shares of Macy’s by 41.4% during the 3rd quarter. Bessemer Group Inc. now owns 2,023 shares of the company’s stock valued at $37,000 after purchasing an additional 592 shares in the last quarter. Institutional investors and hedge funds 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.