Commonwealth Equity Services LLC lessened its stake in shares of Macy’s Inc (NYSE:M) by 28.4% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 42,953 shares of the company’s stock after selling 17,050 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Macy’s were worth $1,491,000 at the end of the most recent reporting period.
A number of other large investors also recently made changes to their positions in the business. Bank of New York Mellon Corp raised its position in Macy’s by 0.3% in the second quarter. Bank of New York Mellon Corp now owns 9,827,606 shares of the company’s stock valued at $367,847,000 after purchasing an additional 25,971 shares during the period. FMR LLC raised its position in Macy’s by 2.1% in the second quarter. FMR LLC now owns 7,740,157 shares of the company’s stock valued at $289,715,000 after purchasing an additional 162,184 shares during the period. Skandinaviska Enskilda Banken AB publ raised its position in Macy’s by 20.1% in the third quarter. Skandinaviska Enskilda Banken AB publ now owns 4,900,221 shares of the company’s stock valued at $170,185,000 after purchasing an additional 820,168 shares during the period. Northern Trust Corp raised its position in Macy’s by 5.5% in the second quarter. Northern Trust Corp now owns 4,576,899 shares of the company’s stock valued at $171,314,000 after purchasing an additional 238,683 shares during the period. Finally, LSV Asset Management raised its position in Macy’s by 2.0% in the second quarter. LSV Asset Management now owns 4,390,656 shares of the company’s stock valued at $164,342,000 after purchasing an additional 86,065 shares during the period. Hedge funds and other institutional investors own 92.58% of the company’s stock.
M stock opened at $32.42 on Thursday. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.35 and a quick ratio of 0.24. Macy’s Inc has a 52-week low of $22.47 and a 52-week high of $41.99. The stock has a market cap of $9.95 billion, a price-to-earnings ratio of 8.60, a PEG ratio of 0.93 and a beta of 0.56.
Macy’s (NYSE:M) last posted its quarterly earnings results on Wednesday, November 14th. The company reported $0.27 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.14 by $0.13. Macy’s had a net margin of 6.72% and a return on equity of 22.33%. The firm had revenue of $5.40 billion during the quarter, compared to analyst estimates of $5.40 billion. During the same quarter in the prior year, the business posted $0.23 earnings per share. The company’s quarterly revenue was up 2.3% compared to the same quarter last year. As a group, equities analysts anticipate that Macy’s Inc will post 4.08 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 2nd. Investors of record on Friday, December 14th will be given a $0.3775 dividend. This represents a $1.51 annualized dividend and a yield of 4.66%. The ex-dividend date of this dividend is Thursday, December 13th. Macy’s’s dividend payout ratio (DPR) is presently 40.05%.
M has been the subject of several research analyst reports. Standpoint Research lowered Macy’s from a “buy” rating to a “hold” rating in a report on Friday, August 10th. Zacks Investment Research lowered Macy’s from a “buy” rating to a “hold” rating in a report on Thursday, August 23rd. Goldman Sachs Group began coverage on Macy’s in a report on Monday, September 3rd. They issued a “sell” rating and a $33.00 price objective for the company. Cowen lifted their target price on Macy’s from $35.00 to $37.00 and gave the company a “market perform” rating in a research note on Thursday, August 16th. Finally, Deutsche Bank lifted their target price on Macy’s from $33.00 to $35.00 and gave the company a “hold” rating in a research note on Thursday, August 16th. Three investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Macy’s currently has a consensus rating of “Hold” and a consensus price target of $34.91.
In other Macy’s news, President Harry A. Lawton III sold 28,684 shares of the firm’s stock in a transaction that occurred on Monday, September 10th. The shares were sold at an average price of $36.05, for a total value of $1,034,058.20. Following the transaction, the president now directly owns 54,722 shares of the company’s stock, valued at $1,972,728.10. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director William H. Lenehan bought 3,154 shares of the business’s stock in a transaction on Friday, November 16th. The stock was purchased at an average price of $31.74 per share, for a total transaction of $100,107.96. Following the completion of the acquisition, the director now owns 11,214 shares of the company’s stock, valued at approximately $355,932.36. The disclosure for this purchase can be found here. Insiders sold 233,312 shares of company stock valued at $7,817,972 in the last three months. Company insiders own 2.36% of the company’s stock.
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Macy’s Company Profile
Macy's, Inc, an omni-channel retail organization, operates stores, Websites, and mobile applications. The company sells a range of merchandise, such as apparel and accessories for men, women, and children; cosmetics; home furnishings; and other consumer goods. As of April 4, 2018, it operated approximately 690 department stores under the Macy's and Bloomingdale's brands; 160 specialty stores under the Bloomingdale's The Outlet, Bluemercury, and Macy's Backstage brands in the District of Columbia, Guam, and Puerto Rico; and Websites, including macys.com, bloomingdales.com, and bluemercury.com.
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