Macy’s, Inc. (NYSE:M) Stake Decreased by New York State Common Retirement Fund

New York State Common Retirement Fund trimmed its holdings in Macy’s, Inc. (NYSE:M) by 12.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 198,290 shares of the company’s stock after selling 28,910 shares during the quarter. New York State Common Retirement Fund owned about 0.07% of Macy’s worth $3,990,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Lindbrook Capital LLC boosted its position in shares of Macy’s by 253.1% during the 4th quarter. Lindbrook Capital LLC now owns 1,317 shares of the company’s stock valued at $26,000 after purchasing an additional 944 shares in the last quarter. Fortitude Family Office LLC acquired a new stake in Macy’s during the fourth quarter valued at approximately $50,000. Fifth Third Bancorp boosted its holdings in Macy’s by 221.4% during the third quarter. Fifth Third Bancorp now owns 3,506 shares of the company’s stock worth $41,000 after buying an additional 2,415 shares in the last quarter. Covestor Ltd grew its position in Macy’s by 25.5% in the third quarter. Covestor Ltd now owns 4,763 shares of the company’s stock worth $55,000 after buying an additional 969 shares during the last quarter. Finally, EverSource Wealth Advisors LLC increased its holdings in shares of Macy’s by 1,906.1% in the third quarter. EverSource Wealth Advisors LLC now owns 7,222 shares of the company’s stock valued at $84,000 after buying an additional 6,862 shares in the last quarter. 87.36% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Jeffrey Gennette sold 30,090 shares of the business’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $19.66, for a total transaction of $591,569.40. Following the transaction, the director now directly owns 1,073,699 shares in the company, valued at $21,108,922.34. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, Director Jeffrey Gennette sold 30,090 shares of Macy’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $19.66, for a total transaction of $591,569.40. Following the completion of the transaction, the director now directly owns 1,073,699 shares in the company, valued at approximately $21,108,922.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Danielle L. Kirgan sold 15,070 shares of Macy’s stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $20.42, for a total transaction of $307,729.40. Following the transaction, the executive vice president now directly owns 306,555 shares of the company’s stock, valued at $6,259,853.10. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 218,424 shares of company stock worth $4,405,507. Corporate insiders own 1.52% of the company’s stock.

Macy’s Stock Up 2.1 %

Shares of NYSE M opened at $19.52 on Monday. Macy’s, Inc. has a 52-week low of $10.54 and a 52-week high of $22.10. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.39 and a current ratio of 1.37. The stock has a market cap of $5.37 billion, a P/E ratio of 52.76 and a beta of 2.16. The firm has a 50 day moving average price of $19.57 and a 200 day moving average price of $17.79.

Macy’s (NYSE:M) last released its quarterly earnings results on Tuesday, February 27th. The company reported $2.45 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $8.07 billion. During the same quarter last year, the firm posted $1.88 earnings per share. Macy’s’s revenue was down 1.7% compared to the same quarter last year. Analysts expect that Macy’s, Inc. will post 2.57 EPS for the current year.

Macy’s Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 15th were given a $0.1737 dividend. The ex-dividend date was Thursday, March 14th. This represents a $0.69 dividend on an annualized basis and a dividend yield of 3.56%. This is an increase from Macy’s’s previous quarterly dividend of $0.17. Macy’s’s payout ratio is currently 186.49%.

Analyst Ratings Changes

Several research analysts have commented on the stock. Telsey Advisory Group reiterated a “market perform” rating and issued a $21.00 target price on shares of Macy’s in a report on Thursday, March 28th. Morgan Stanley lowered their price objective on shares of Macy’s from $21.00 to $20.00 and set an “equal weight” rating on the stock in a research report on Wednesday, February 28th. TD Cowen downgraded Macy’s from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $23.00 to $20.00 in a report on Thursday, February 29th. JPMorgan Chase & Co. increased their price objective on Macy’s from $23.00 to $25.00 and gave the stock an “overweight” rating in a research note on Monday, March 18th. Finally, Citigroup upgraded Macy’s from a “sell” rating to a “neutral” rating and raised their price objective for the stock from $14.00 to $18.00 in a research report on Friday, February 2nd. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, Macy’s currently has a consensus rating of “Hold” and a consensus price target of $17.45.

About Macy’s

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.