Macy’s (NYSE:M) Stock Price Down 3.6% – Here’s Why

Macy’s, Inc. (NYSE:M)’s share price dropped 3.6% during trading on Monday . The stock traded as low as $15.70 and last traded at $15.72. Approximately 1,220,254 shares were traded during mid-day trading, a decline of 80% from the average daily volume of 6,253,090 shares. The stock had previously closed at $16.30.

Analysts Set New Price Targets

Several equities analysts have recently commented on M shares. Telsey Advisory Group restated a “market perform” rating and issued a $21.00 price objective on shares of Macy’s in a report on Wednesday, August 21st. StockNews.com started coverage on Macy’s in a research report on Sunday, November 10th. They set a “hold” rating for the company. Morgan Stanley cut their price objective on Macy’s from $18.00 to $17.00 and set an “equal weight” rating on the stock in a report on Thursday, August 22nd. Finally, Argus upgraded shares of Macy’s to a “hold” rating in a research note on Thursday, October 10th. Seven equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, Macy’s has a consensus rating of “Hold” and a consensus target price of $20.43.

Macy’s Stock Performance

The firm has a 50-day simple moving average of $15.45 and a 200 day simple moving average of $16.81. The company has a market cap of $4.41 billion, a price-to-earnings ratio of 25.47 and a beta of 2.11. The company has a quick ratio of 0.34, a current ratio of 1.48 and a debt-to-equity ratio of 0.70.

Macy’s Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be issued a $0.1737 dividend. This represents a $0.69 dividend on an annualized basis and a dividend yield of 4.37%. The ex-dividend date is Friday, December 13th. Macy’s’s payout ratio is currently 107.81%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in M. EntryPoint Capital LLC acquired a new position in Macy’s during the first quarter worth $51,000. Gamco Investors INC. ET AL increased its holdings in shares of Macy’s by 9.3% in the 1st quarter. Gamco Investors INC. ET AL now owns 11,800 shares of the company’s stock valued at $236,000 after purchasing an additional 1,000 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Macy’s by 6.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 141,529 shares of the company’s stock worth $2,830,000 after buying an additional 8,403 shares in the last quarter. B. Riley Wealth Advisors Inc. grew its position in Macy’s by 32.2% during the first quarter. B. Riley Wealth Advisors Inc. now owns 16,943 shares of the company’s stock worth $339,000 after buying an additional 4,122 shares during the period. Finally, Levin Capital Strategies L.P. purchased a new position in Macy’s in the first quarter valued at about $400,000. 87.36% of the stock is currently owned by institutional investors and hedge funds.

About Macy’s

Macy's, Inc, an omni-channel retail organization, operates stores, websites, and mobile applications in the United States. The company sells a range of merchandise, such as apparel and accessories for men, women, and kids; cosmetics; home furnishings; and other consumer goods under the Macy's, Bloomingdale's, and bluemercury brands.