Macy’s, Inc. (NYSE:M) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC cut its position in Macy’s, Inc. (NYSE:M) by 87.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 8,898 shares of the company’s stock after selling 60,885 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Macy’s were worth $179,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in shares of Macy’s by 7.8% during the third quarter. Vanguard Group Inc. now owns 36,381,604 shares of the company’s stock worth $422,390,000 after buying an additional 2,645,577 shares during the last quarter. Deutsche Bank AG increased its holdings in shares of Macy’s by 260.8% in the third quarter. Deutsche Bank AG now owns 2,547,529 shares of the company’s stock valued at $29,577,000 after purchasing an additional 1,841,432 shares during the period. AQR Capital Management LLC lifted its holdings in shares of Macy’s by 48.9% during the third quarter. AQR Capital Management LLC now owns 5,272,297 shares of the company’s stock worth $61,211,000 after purchasing an additional 1,730,307 shares during the period. Barclays PLC grew its position in Macy’s by 140.0% in the 3rd quarter. Barclays PLC now owns 2,526,523 shares of the company’s stock valued at $29,331,000 after buying an additional 1,473,923 shares during the last quarter. Finally, American Century Companies Inc. increased its stake in Macy’s by 20.8% in the 3rd quarter. American Century Companies Inc. now owns 3,287,930 shares of the company’s stock valued at $38,173,000 after buying an additional 565,269 shares during the period. Hedge funds and other institutional investors own 87.36% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on M shares. StockNews.com began coverage on Macy’s in a report on Wednesday, April 24th. They issued a “hold” rating for the company. Citigroup upgraded shares of Macy’s from a “sell” rating to a “neutral” rating and boosted their target price for the stock from $14.00 to $18.00 in a research report on Friday, February 2nd. TD Cowen cut shares of Macy’s from an “outperform” rating to a “market perform” rating and lowered their price target for the stock from $23.00 to $20.00 in a research note on Thursday, February 29th. The Goldman Sachs Group raised their price objective on shares of Macy’s from $16.00 to $22.00 and gave the company a “buy” rating in a research note on Wednesday, February 28th. Finally, JPMorgan Chase & Co. upped their target price on shares of Macy’s from $23.00 to $25.00 and gave the stock an “overweight” rating in a research report on Monday, March 18th. Two analysts have rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, Macy’s has a consensus rating of “Hold” and a consensus price target of $17.45.

Macy’s Trading Up 0.4 %

Shares of M stock opened at $18.43 on Monday. The company has a market capitalization of $5.07 billion, a price-to-earnings ratio of 49.81 and a beta of 2.15. The company has a current ratio of 1.37, a quick ratio of 0.39 and a debt-to-equity ratio of 0.72. The firm has a 50-day moving average price of $19.63 and a 200 day moving average price of $17.57. Macy’s, Inc. has a twelve month low of $10.54 and a twelve month high of $22.10.

Macy’s (NYSE:M) last issued its quarterly earnings results on Tuesday, February 27th. The company reported $2.45 earnings per share for the quarter, beating the consensus estimate of $1.98 by $0.47. Macy’s had a return on equity of 23.34% and a net margin of 0.45%. The company had revenue of $8.12 billion during the quarter, compared to the consensus estimate of $8.07 billion. During the same period in the previous year, the firm posted $1.88 EPS. Macy’s’s revenue was down 1.7% on a year-over-year basis. Research analysts forecast that Macy’s, Inc. will post 2.57 earnings per share for the current fiscal year.

Macy’s Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 15th were issued a $0.1737 dividend. This represents a $0.69 dividend on an annualized basis and a dividend yield of 3.77%. The ex-dividend date of this dividend was Thursday, March 14th. This is a positive change from Macy’s’s previous quarterly dividend of $0.17. Macy’s’s dividend payout ratio (DPR) is 186.49%.

Insider Activity

In other Macy’s news, SVP Paul Griscom sold 2,969 shares of the company’s stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $20.43, for a total transaction of $60,656.67. Following the completion of the sale, the senior vice president now directly owns 21,436 shares in the company, valued at $437,937.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CFO Adrian V. Mitchell sold 13,249 shares of the business’s stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $20.42, for a total transaction of $270,544.58. Following the transaction, the chief financial officer now directly owns 99,098 shares of the company’s stock, valued at $2,023,581.16. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Paul Griscom sold 2,969 shares of Macy’s stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $20.43, for a total value of $60,656.67. Following the sale, the senior vice president now directly owns 21,436 shares in the company, valued at $437,937.48. The disclosure for this sale can be found here. Insiders sold 218,424 shares of company stock valued at $4,405,507 in the last ninety days. Company insiders own 1.52% of the company’s stock.

Macy’s 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.