Macy’s (NYSE:M) Price Target Lowered to $11.00 at Citigroup

Macy’s (NYSE:M) had its target price trimmed by Citigroup from $14.00 to $11.00 in a research note issued to investors on Thursday morning,Benzinga reports. The brokerage currently has a neutral rating on the stock.

Other equities analysts also recently issued reports about the stock. The Goldman Sachs Group reduced their price objective on shares of Macy’s from $19.00 to $17.00 and set a “buy” rating for the company in a research note on Friday, March 7th. Benchmark raised Macy’s to a “strong-buy” rating in a research report on Monday, February 3rd. New Street Research set a $13.00 price objective on Macy’s in a report on Thursday, March 6th. Morgan Stanley set a $14.00 target price on shares of Macy’s in a report on Monday, March 10th. Finally, StockNews.com upgraded shares of Macy’s from a “hold” rating to a “buy” rating in a research note on Friday, February 14th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $14.90.

Macy’s Stock Performance

Shares of Macy’s stock opened at $11.13 on Thursday. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.26 and a quick ratio of 0.17. The firm has a market cap of $3.10 billion, a price-to-earnings ratio of 18.86 and a beta of 1.73. The stock’s 50-day moving average is $13.26 and its 200-day moving average is $14.87. Macy’s has a one year low of $9.76 and a one year high of $20.70.

Macy’s (NYSE:M) last released its earnings results on Thursday, March 6th. The company reported $1.80 EPS for the quarter, beating the consensus estimate of $1.55 by $0.25. The firm had revenue of $7.77 billion for the quarter, compared to analysts’ expectations of $7.76 billion. Macy’s had a return on equity of 21.99% and a net margin of 0.73%. Equities analysts predict that Macy’s will post 2.39 earnings per share for the current fiscal year.

Macy’s Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 14th were paid a $0.1824 dividend. The ex-dividend date of this dividend was Friday, March 14th. This is an increase from Macy’s’s previous quarterly dividend of $0.17. This represents a $0.73 annualized dividend and a yield of 6.56%. Macy’s’s payout ratio is 35.44%.

Insiders Place Their Bets

In other news, CEO Antony Spring sold 4,582 shares of the stock in a transaction on Friday, March 28th. The stock was sold at an average price of $12.77, for a total transaction of $58,512.14. Following the sale, the chief executive officer now directly owns 288,961 shares of the company’s stock, valued at approximately $3,690,031.97. This represents a 1.56 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Adrian V. Mitchell sold 3,489 shares of the company’s stock in a transaction dated Tuesday, March 25th. The stock was sold at an average price of $13.74, for a total transaction of $47,938.86. Following the sale, the executive vice president now directly owns 116,165 shares of the company’s stock, valued at $1,596,107.10. This represents a 2.92 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 41,751 shares of company stock worth $537,790 in the last 90 days. Company insiders own 2.77% of the company’s stock.

Hedge Funds Weigh In On Macy’s

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Virtu Financial LLC bought a new stake in shares of Macy’s during the 3rd quarter worth $594,000. HB Wealth Management LLC boosted its stake 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 valued at $1,754,000 after purchasing an additional 91,015 shares in the last quarter. Retirement Systems of Alabama grew its holdings in shares of Macy’s by 57.9% during the 3rd quarter. Retirement Systems of Alabama now owns 782,391 shares of the company’s stock valued at $12,276,000 after purchasing an additional 286,879 shares during the last quarter. SG Americas Securities LLC increased its position in Macy’s by 1,076.9% during the 4th quarter. SG Americas Securities LLC now owns 178,778 shares of the company’s stock worth $3,027,000 after purchasing an additional 163,587 shares in the last quarter. Finally, State of Alaska Department of Revenue increased its position in Macy’s by 155.8% during the 4th quarter. State of Alaska Department of Revenue now owns 81,626 shares of the company’s stock worth $1,381,000 after purchasing an additional 49,715 shares in the last quarter. 87.36% of the stock is currently owned by institutional investors and hedge funds.

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.