Macy's (NYSE:M) Shares Gap Up - What's Next?

Key Points

• Macy's shares gapped up from a previous close of $13.36 to $13.80 before trading at $13.52, with an increased volume of over 1.39 million shares.
• Analysts have a consensus "Hold" rating for Macy's with an average target price of $13.22, and recent price targets vary from $12.00 to $16.00.
• The company announced a quarterly dividend of $0.1824 per share, yielding 5.4%, with the ex-dividend date set for September 15th.

Macy's, Inc. (NYSE:M - Get Free Report) gapped up prior to trading on Wednesday . The stock had previously closed at $13.36, but opened at $13.80. Macy's shares last traded at $13.52, with a volume of 1,393,325 shares.

Wall Street Analyst Weigh In

Several research firms have commented on M. Telsey Advisory Group reaffirmed a "market perform" rating and issued a $14.00 price target on shares of Macy's in a report on Wednesday. Citigroup reissued a "neutral" rating and issued a $12.00 price target (up from $11.00) on shares of Macy's in a research report on Thursday, May 29th. JPMorgan Chase & Co. upped their target price on shares of Macy's from $12.00 to $16.00 and gave the stock a "neutral" rating in a research report on Monday, July 28th. Finally, Morgan Stanley reiterated a "negative" rating on shares of Macy's in a report on Tuesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $13.22.

Macy's Trading Up 1.2%

The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.37 and a current ratio of 1.43. The firm has a market cap of $3.67 billion, a price-to-earnings ratio of 6.87 and a beta of 1.79. The company's 50-day moving average is $12.36 and its 200-day moving average is $12.50.

Macy's (NYSE:M - Get Free Report) last issued its quarterly earnings results on Wednesday, May 28th. The company reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.15 by $0.01. Macy's had a net margin of 2.45% and a return on equity of 16.34%. The company had revenue of $4.60 billion during the quarter, compared to analysts' expectations of $4.38 billion. During the same period last year, the business earned $0.27 EPS. The business's quarterly revenue was down 5.1% on a year-over-year basis. On average, research analysts predict that Macy's, Inc. will post 2.39 earnings per share for the current year.

Macy's Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be issued a dividend of $0.1824 per share. This represents a $0.73 annualized dividend and a dividend yield of 5.4%. The ex-dividend date is Monday, September 15th. Macy's's payout ratio is 37.06%.

Institutional Trading of Macy's

Institutional investors and hedge funds have recently modified their holdings of the business. Raymond James Financial Inc. bought a new stake in shares of Macy's in the 4th quarter worth approximately $624,000. Tower Research Capital LLC TRC grew its stake in shares of Macy's by 36.2% during the fourth quarter. Tower Research Capital LLC TRC now owns 33,010 shares of the company's stock valued at $559,000 after buying an additional 8,781 shares during the last quarter. Hsbc Holdings PLC grew its stake in Macy's by 17.2% in the fourth quarter. Hsbc Holdings PLC now owns 31,381 shares of the company's stock worth $531,000 after purchasing an additional 4,613 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Macy's by 8.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 174,158 shares of the company's stock worth $2,949,000 after purchasing an additional 13,275 shares in the last quarter. Finally, Voya Investment Management LLC raised its stake in Macy's by 13.2% in the 4th quarter. Voya Investment Management LLC now owns 308,961 shares of the company's stock worth $5,231,000 after acquiring an additional 36,012 shares during the last quarter. Hedge funds and other institutional investors own 87.36% of the company's stock.

Macy's Company Profile

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.

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