JPMorgan Chase & Co. Cuts Macy’s (NYSE:M) Price Target to $20.00

Macy’s (NYSE:M) had its target price lowered by analysts at JPMorgan Chase & Co. from $21.00 to $20.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 24.77% from the company’s current price.

A number of other equities research analysts have also recently commented on M. Argus raised shares of Macy’s to a “hold” rating in a research note on Thursday, October 10th. UBS Group cut their price objective on Macy’s from $10.00 to $9.00 and set a “sell” rating for the company in a research report on Thursday, December 12th. Guggenheim reiterated a “neutral” rating on shares of Macy’s in a report on Thursday, December 12th. Morgan Stanley cut their price target on Macy’s from $17.00 to $16.00 and set an “equal weight” rating for the company in a report on Thursday, December 12th. Finally, StockNews.com lowered Macy’s from a “buy” rating to a “hold” rating in a research note on Thursday, December 26th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $17.78.

Macy’s Stock Performance

Shares of M opened at $16.03 on Wednesday. The company has a market capitalization of $4.45 billion, a PE ratio of 27.17 and a beta of 2.07. Macy’s has a 52-week low of $14.06 and a 52-week high of $22.10. The company has a 50-day simple moving average of $16.18 and a 200-day simple moving average of $16.22. The company has a quick ratio of 0.34, a current ratio of 1.26 and a debt-to-equity ratio of 0.67.

Macy’s (NYSE:M) last released its quarterly 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 firm had revenue of $4.74 billion during the quarter, compared to analyst estimates of $4.74 billion. Macy’s had a return on equity of 21.99% and a net margin of 0.73%. The business’s revenue was down 2.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.21 EPS. Equities research analysts predict that Macy’s will post 2.4 earnings per share for the current fiscal year.

Institutional Trading of Macy’s

Several large investors have recently added to or reduced their stakes in the stock. Quest Partners LLC purchased a new stake in Macy’s during the 3rd quarter worth $35,000. Venturi Wealth Management LLC increased its position in shares of Macy’s by 282.7% during the third quarter. Venturi Wealth Management LLC now owns 2,281 shares of the company’s stock worth $36,000 after acquiring an additional 1,685 shares during the last quarter. Future Financial Wealth Managment LLC acquired a new stake in Macy’s during the 3rd quarter valued at approximately $39,000. Abich Financial Wealth Management LLC purchased a new position in shares of Macy’s during the 2nd quarter valued at approximately $57,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Macy’s in the second quarter worth $62,000. 87.36% of the stock is currently owned by institutional investors and hedge funds.

Macy’s Company Profile

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.