Northern Trust Corp trimmed its holdings in Macy’s Inc (NYSE:M) by 4.5% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 4,826,581 shares of the company’s stock after selling 227,199 shares during the period. Northern Trust Corp’s holdings in Macy’s were worth $115,982,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Liberty Wealth Management LLC bought a new stake in shares of Macy’s during the 4th quarter valued at about $34,000. Avestar Capital LLC grew its stake in shares of Macy’s by 2,168.2% during the 1st quarter. Avestar Capital LLC now owns 1,497 shares of the company’s stock valued at $35,000 after acquiring an additional 1,431 shares during the period. NuWave Investment Management LLC grew its stake in shares of Macy’s by 730.4% during the 1st quarter. NuWave Investment Management LLC now owns 1,777 shares of the company’s stock valued at $43,000 after acquiring an additional 1,563 shares during the period. Braun Bostich & Associates Inc. grew its stake in shares of Macy’s by 155.0% during the 4th quarter. Braun Bostich & Associates Inc. now owns 1,660 shares of the company’s stock valued at $49,000 after acquiring an additional 1,009 shares during the period. Finally, Destination Wealth Management grew its stake in shares of Macy’s by 27.1% during the 1st quarter. Destination Wealth Management now owns 2,344 shares of the company’s stock valued at $56,000 after acquiring an additional 500 shares during the period. Institutional investors own 87.84% of the company’s stock.
A number of brokerages recently issued reports on M. UBS Group set a $25.00 price objective on Macy’s and gave the company a “hold” rating in a research note on Friday, May 17th. Zacks Investment Research raised Macy’s from a “sell” rating to a “hold” rating in a report on Thursday, May 16th. Deutsche Bank boosted their price target on Macy’s from $27.00 to $28.00 and gave the stock a “hold” rating in a report on Thursday, May 16th. Goldman Sachs Group raised Macy’s from a “sell” rating to a “neutral” rating and lowered their price target for the stock from $23.00 to $21.00 in a report on Thursday, May 16th. Finally, Standpoint Research raised Macy’s from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. Four equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and four have given a buy rating to the company. Macy’s currently has an average rating of “Hold” and a consensus target price of $26.58.
NYSE M opened at $21.77 on Friday. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.32 and a current ratio of 1.42. Macy’s Inc has a 12 month low of $20.02 and a 12 month high of $41.99. The company has a market capitalization of $6.63 billion, a P/E ratio of 5.21, a price-to-earnings-growth ratio of 0.92 and a beta of 0.50.
Macy’s (NYSE:M) last issued its quarterly earnings data on Wednesday, May 15th. The company reported $0.44 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.33 by $0.11. The business had revenue of $5.50 billion for the quarter, compared to analysts’ expectations of $5.52 billion. Macy’s had a return on equity of 20.66% and a net margin of 4.43%. The company’s revenue for the quarter was down .7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.48 EPS. As a group, equities analysts forecast that Macy’s Inc will post 3.12 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be issued a dividend of $0.3775 per share. The ex-dividend date is Thursday, June 13th. This represents a $1.51 annualized dividend and a dividend yield of 6.94%. Macy’s’s dividend payout ratio (DPR) is 36.12%.
In other news, Chairman Jeffrey Gennette acquired 5,000 shares of the firm’s stock in a transaction dated Friday, May 17th. The shares were acquired at an average cost of $21.96 per share, with a total value of $109,800.00. Following the acquisition, the chairman now directly owns 102,525 shares of the company’s stock, valued at $2,251,449. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Deirdre P. Connelly sold 6,250 shares of the company’s stock in a transaction that occurred on Thursday, April 4th. The stock was sold at an average price of $25.76, for a total value of $161,000.00. Following the sale, the director now directly owns 17,092 shares in the company, valued at $440,289.92. The disclosure for this sale can be found here. Over the last ninety days, insiders have bought 20,000 shares of company stock worth $432,950 and have sold 16,921 shares worth $421,238. 0.55% of the stock is owned by corporate insiders.
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.
Featured Story: Does the discount rate affect the economy?
Want to see what other hedge funds are holding M? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Macy’s Inc (NYSE:M).
Receive News & Ratings for Macy's Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Macy's and related companies with MarketBeat.com's FREE daily email newsletter.