Macy’s (M) Stock Rating Lowered by Bank of America

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Macy’s (NYSE:M) was downgraded by investment analysts at Bank of America from a “neutral” rating to an “underperform” rating in a research report issued to clients and investors on Thursday, Marketbeat Ratings reports.

M has been the subject of a number of other research reports. ValuEngine upgraded shares of Macy’s from a “strong sell” rating to a “sell” rating in a research note on Wednesday, January 2nd. Deutsche Bank raised 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. Zacks Investment Research cut shares of Macy’s from a “buy” rating to a “hold” rating in a research note on Monday, October 15th. Canaccord Genuity upgraded shares of Macy’s from an “average” rating to a “buy” rating and set a $5.50 price target for the company in a research note on Friday, November 16th. Finally, Atlantic Securities cut shares of Macy’s from a “neutral” rating to an “underweight” rating and cut their target price for the company from $39.00 to $28.00 in a research note on Thursday, December 6th. Five analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have assigned a buy rating to the company’s stock. Macy’s presently has a consensus rating of “Hold” and a consensus target price of $33.26.

M stock traded down $0.69 during trading on Thursday, reaching $25.42. 20,290,599 shares of the stock were exchanged, compared to its average volume of 14,045,717. Macy’s has a twelve month low of $22.47 and a twelve month high of $41.99. The company has a market cap of $9.75 billion, a PE ratio of 6.74, a price-to-earnings-growth ratio of 0.91 and a beta of 0.67. 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 (NYSE:M) last released its earnings results 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 the consensus estimate of $5.40 billion. During the same period last year, the business earned $0.23 earnings per share. The firm’s revenue for the quarter was up 2.3% compared to the same quarter last year. On average, equities research analysts anticipate that Macy’s will post 4.09 EPS for the current year.

In related news, Director William H. Lenehan acquired 3,154 shares of the company’s stock in a transaction that occurred on Friday, November 16th. The stock was purchased at an average price of $31.74 per share, for a total transaction of $100,107.96. Following the transaction, the director now directly owns 11,214 shares of the company’s stock, valued at approximately $355,932.36. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Harry A. Lawton III sold 200,000 shares of the business’s stock in a transaction that occurred on Friday, November 16th. The stock was 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 approximately $7,479,597.42. The disclosure for this sale can be found here. Insiders own 2.36% of the company’s stock.

Hedge funds have recently bought and sold shares of the stock. Princeton Capital Management LLC acquired a new stake in Macy’s during the 3rd quarter worth $104,000. Qube Research & Technologies Ltd acquired a new position in shares of Macy’s in the 2nd quarter valued at $150,000. First Hawaiian Bank acquired a new position in shares of Macy’s in the 3rd quarter valued at $147,000. Vectors Research Management LLC acquired a new position in shares of Macy’s in the 3rd quarter valued at $164,000. Finally, Harvest Fund Management Co. Ltd grew its holdings in shares of Macy’s by 39.0% in the 3rd 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 period. Hedge funds and other institutional investors own 91.04% of the company’s stock.

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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