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

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

A number of other analysts have also commented on the company. Telsey Advisory Group reissued a “market perform” rating and set a $15.00 price objective on shares of Macy’s in a report on Wednesday, April 2nd. JPMorgan Chase & Co. decreased their price target on Macy’s from $14.00 to $13.00 and set a “neutral” rating for the company in a report on Monday, April 14th. Gordon Haskett downgraded shares of Macy’s from an “accumulate” rating to a “hold” rating in a report on Thursday, March 6th. Morgan Stanley set a $14.00 target price on shares of Macy’s in a research note on Monday, March 10th. Finally, New Street Research set a $13.00 price target on shares of Macy’s in a research report on Thursday, March 6th. One 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 stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $14.90.

Macy’s Stock Performance

NYSE M opened at $11.13 on Thursday. The company has a market capitalization of $3.10 billion, a price-to-earnings ratio of 18.86 and a beta of 1.73. The company has a quick ratio of 0.17, a current ratio of 1.26 and a debt-to-equity ratio of 0.67. Macy’s has a twelve month low of $9.76 and a twelve month high of $20.70. The stock has a fifty day simple moving average of $13.19 and a 200 day simple moving average of $14.84.

Macy’s (NYSE:M) last issued its quarterly earnings data on Thursday, March 6th. The company reported $1.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.55 by $0.25. The company had revenue of $7.77 billion during the quarter, compared to the consensus estimate of $7.76 billion. Macy’s had a return on equity of 21.99% and a net margin of 0.73%. Sell-side analysts expect that Macy’s will post 2.39 EPS for the current year.

Macy’s Increases Dividend

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

Insider Buying and Selling

In other Macy’s news, EVP Adrian V. Mitchell sold 3,489 shares of the firm’s stock in a transaction on Tuesday, March 25th. The shares were sold at an average price of $13.74, for a total value of $47,938.86. Following the completion of the transaction, the executive vice president now directly owns 116,165 shares of the company’s stock, valued at $1,596,107.10. This trade represents a 2.92 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Antony Spring sold 20,868 shares of Macy’s stock in a transaction on Monday, March 31st. The shares were sold at an average price of $12.68, for a total value of $264,606.24. Following the sale, the chief executive officer now directly owns 321,244 shares of the company’s stock, valued at $4,073,373.92. This represents a 6.10 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 41,751 shares of company stock valued at $537,790. Company insiders own 2.77% of the company’s stock.

Hedge Funds Weigh In On Macy’s

A number of institutional investors have recently made changes to their positions in M. Virtu Financial LLC bought a new stake in Macy’s during the third quarter worth about $594,000. HB Wealth Management LLC lifted its position in 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 last quarter. Retirement Systems of Alabama boosted its stake in Macy’s by 57.9% in the third quarter. Retirement Systems of Alabama now owns 782,391 shares of the company’s stock worth $12,276,000 after buying an additional 286,879 shares in the last quarter. SG Americas Securities LLC grew its position in Macy’s by 1,076.9% during the fourth quarter. SG Americas Securities LLC now owns 178,778 shares of the company’s stock valued at $3,027,000 after acquiring an additional 163,587 shares during the last quarter. Finally, State of Alaska Department of Revenue raised its stake in shares of Macy’s by 155.8% during the fourth quarter. State of Alaska Department of Revenue now owns 81,626 shares of the company’s stock worth $1,381,000 after acquiring an additional 49,715 shares in the last quarter. Institutional investors 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.