Macy’s (NYSE:M) Reaches New 52-Week Low – Here’s What Happened

Macy’s, Inc. (NYSE:M) shares hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $13.55 and last traded at $13.48, with a volume of 312840 shares changing hands. The stock had previously closed at $14.01.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. UBS Group decreased their price objective on shares of Macy’s from $10.00 to $9.00 and set a “sell” rating on the stock in a research report on Thursday, December 12th. Benchmark upgraded shares of Macy’s to a “strong-buy” rating in a research report on Monday, February 3rd. StockNews.com raised shares of Macy’s from a “hold” rating to a “buy” rating in a report on Friday, February 14th. JPMorgan Chase & Co. reduced their target price on Macy’s from $21.00 to $20.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 8th. Finally, Gordon Haskett lowered Macy’s from a “buy” rating to an “accumulate” rating in a research note on Thursday, February 13th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $17.14.

Macy’s Price Performance

The firm’s 50 day simple moving average is $15.33 and its two-hundred day simple moving average is $15.56. The firm has a market capitalization of $3.69 billion, a P/E ratio of 22.53 and a beta of 2.05. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.26 and a quick ratio of 0.17.

Macy’s (NYSE:M) last released its earnings results on Wednesday, December 11th. The company reported $0.04 earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.03). The company had revenue of $4.74 billion during the quarter, compared to the consensus estimate of $4.74 billion. Macy’s had a net margin of 0.73% and a return on equity of 21.99%. The company’s revenue was down 2.4% on a year-over-year basis. During the same period last year, the firm posted $0.21 EPS. As a group, analysts predict that Macy’s, Inc. will post 2.39 earnings per share for the current year.

Macy’s Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be issued a $0.1824 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.73 annualized dividend and a yield of 5.49%. This is a boost from Macy’s’s previous quarterly dividend of $0.17. Macy’s’s dividend payout ratio (DPR) is 116.95%.

Hedge Funds Weigh In On Macy’s

Institutional investors have recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. boosted its position in shares of Macy’s by 4.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,661,876 shares of the company’s stock valued at $41,765,000 after purchasing an additional 118,626 shares in the last quarter. FMR LLC lifted its position in Macy’s by 4.4% during the third quarter. FMR LLC now owns 4,691,591 shares of the company’s stock valued at $73,611,000 after buying an additional 195,880 shares during the period. Virtu Financial LLC bought a new stake in shares of Macy’s during the 3rd quarter valued at $594,000. HB Wealth Management LLC grew its position in shares of Macy’s by 724.1% in the 4th quarter. HB Wealth Management LLC now owns 103,584 shares of the company’s stock worth $1,754,000 after buying an additional 91,015 shares during the period. Finally, Alerus Financial NA bought a new position in shares of Macy’s in the 3rd quarter worth about $2,144,000. 87.36% of the stock is owned by institutional investors.

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.