Oppenheimer & Co. Inc. reduced its stake in shares of Macy’s Inc (NYSE:M) by 29.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 21,595 shares of the company’s stock after selling 8,809 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Macy’s were worth $519,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc raised its position in Macy’s by 6.5% in the third quarter. Vanguard Group Inc now owns 35,205,128 shares of the company’s stock valued at $1,222,675,000 after purchasing an additional 2,133,597 shares during the period. Martingale Asset Management L P purchased a new stake in shares of Macy’s in the 3rd quarter valued at $2,806,000. Westpac Banking Corp raised its holdings in shares of Macy’s by 1.5% in the 4th quarter. Westpac Banking Corp now owns 52,536 shares of the company’s stock valued at $1,565,000 after buying an additional 773 shares during the period. TD Asset Management Inc. raised its holdings in shares of Macy’s by 1.8% in the 4th quarter. TD Asset Management Inc. now owns 144,969 shares of the company’s stock valued at $4,317,000 after buying an additional 2,538 shares during the period. Finally, Great West Life Assurance Co. Can raised its holdings in shares of Macy’s by 52.3% in the 4th quarter. Great West Life Assurance Co. Can now owns 1,197,825 shares of the company’s stock valued at $34,576,000 after buying an additional 411,455 shares during the period. 87.85% of the stock is currently owned by institutional investors.
M traded down $0.10 on Wednesday, hitting $20.94. 7,747,078 shares of the company traded hands, compared to its average volume of 10,268,433. The company has a quick ratio of 0.32, a current ratio of 1.42 and a debt-to-equity ratio of 1.19. The company has a market cap of $6.46 billion, a PE ratio of 5.01, a P/E/G ratio of 0.90 and a beta of 0.41. Macy’s Inc has a 12-month low of $20.86 and a 12-month high of $41.99.
Macy’s (NYSE:M) last posted its quarterly earnings data on Wednesday, May 15th. The company reported $0.44 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.33 by $0.11. The firm had revenue of $5.50 billion during the quarter, compared to the consensus estimate of $5.52 billion. Macy’s had a return on equity of 20.66% and a net margin of 4.43%. The firm’s revenue was down .7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.48 EPS. As a group, sell-side analysts expect that Macy’s Inc will post 3.12 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be paid a dividend of $0.3775 per share. This represents a $1.51 dividend on an annualized basis and a dividend yield of 7.21%. The ex-dividend date is Thursday, June 13th. Macy’s’s dividend payout ratio (DPR) is 36.12%.
In other news, President Harry A. Lawton III purchased 5,000 shares of the stock in a transaction that occurred on Thursday, May 23rd. The shares were acquired at an average price of $21.37 per share, for a total transaction of $106,850.00. Following the acquisition, the president now directly owns 31,038 shares in the company, valued at approximately $663,282.06. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Joyce M. Roche sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 27th. The stock was sold at an average price of $24.30, for a total value of $243,000.00. Following the completion of the sale, the director now owns 13,647 shares in the company, valued at approximately $331,622.10. The disclosure for this sale can be found here. Over the last three months, insiders have bought 20,000 shares of company stock valued at $432,950 and have sold 16,921 shares valued at $421,238. Corporate insiders own 0.55% of the company’s stock.
Several research analysts recently commented on M shares. Desjardins reissued an “average” rating and set a $5.25 target price on shares of Macy’s in a research note on Friday, March 22nd. Standpoint Research raised Macy’s from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. Guggenheim reissued a “buy” rating and set a $30.00 target price on shares of Macy’s in a research note on Tuesday, February 26th. TheStreet cut Macy’s from a “b-” rating to a “c+” rating in a research note on Tuesday, February 5th. Finally, Zacks Investment Research raised Macy’s from a “strong sell” rating to a “hold” rating in a research report on Tuesday, March 12th. Four equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have issued a buy rating to the stock. Macy’s presently has a consensus rating of “Hold” and an average price target of $27.17.
Macy's, Inc, an omnichannel retail organization, operates stores, Websites, and mobile applications. The company sells a range of merchandise, including apparel and accessories for men, women, and children; cosmetics; home furnishings; and other consumer goods. As of April 1, 2019, it operated approximately 680 department stores under the Macy's and Bloomingdale's names; and 190 specialty stores, such as Bloomingdale's The Outlet, Bluemercury, Macy's Backstage, and STORY in 43 states, the District of Columbia, Guam, and Puerto Rico.
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