First Trust Advisors LP raised its stake in shares of Macy’s Inc (NYSE:M) by 10.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 468,806 shares of the company’s stock after purchasing an additional 44,346 shares during the period. First Trust Advisors LP owned 0.15% of Macy’s worth $16,282,000 as of its most recent SEC filing.
A number of other hedge funds also recently made changes to their positions in the business. Bank of New York Mellon Corp grew its holdings in Macy’s by 0.3% during 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 last quarter. FMR LLC grew its stake in shares of Macy’s by 2.1% in the second quarter. FMR LLC now owns 7,740,157 shares of the company’s stock worth $289,715,000 after acquiring an additional 162,184 shares during the last quarter. Northern Trust Corp grew its stake in shares of Macy’s by 5.5% in the second quarter. Northern Trust Corp now owns 4,576,899 shares of the company’s stock worth $171,314,000 after acquiring an additional 238,683 shares during the last quarter. LSV Asset Management grew its stake in shares of Macy’s by 2.0% in the second quarter. LSV Asset Management now owns 4,390,656 shares of the company’s stock worth $164,342,000 after acquiring an additional 86,065 shares during the last quarter. Finally, Morgan Stanley grew its stake in shares of Macy’s by 82.0% in the second quarter. Morgan Stanley now owns 2,794,839 shares of the company’s stock worth $104,610,000 after acquiring an additional 1,259,244 shares during the last quarter. Institutional investors own 91.27% of the company’s stock.
Several brokerages have recently issued reports on M. Zacks Investment Research downgraded shares of Macy’s from a “buy” rating to a “hold” rating in a research note on Thursday, August 30th. Cowen raised their price objective on shares of Macy’s from $35.00 to $37.00 and gave the stock a “market perform” rating in a research note on Thursday, August 16th. Royal Bank of Canada set a $39.00 price objective on shares of Macy’s and gave the stock a “hold” rating in a research note on Thursday, August 16th. Goldman Sachs Group began coverage on shares of Macy’s in a research note on Monday, September 3rd. They issued a “sell” rating and a $33.00 price objective on the stock. Finally, Morgan Stanley raised their price objective on shares of Macy’s from $25.00 to $27.00 and gave the stock an “underweight” rating in a research note on Thursday, August 16th. Three investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $34.37.
In other Macy’s news, President Harry A. Lawton III sold 28,684 shares of Macy’s stock in a transaction on Monday, September 10th. The stock was sold at an average price of $36.05, for a total transaction of $1,034,058.20. Following the completion of 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 document filed with the SEC, which can be accessed through this hyperlink. Also, Director William H. Lenehan acquired 2,092 shares of the business’s stock in a transaction on Friday, August 17th. The shares were bought at an average cost of $35.78 per share, with a total value of $74,851.76. Following the completion of the acquisition, the director now owns 8,060 shares of the company’s stock, valued at approximately $288,386.80. The disclosure for this purchase can be found here. 2.36% of the stock is currently owned by company insiders.
Shares of M stock opened at $37.78 on Friday. The firm has a market capitalization of $11.37 billion, a P/E ratio of 10.02, a PEG ratio of 1.11 and a beta of 0.62. Macy’s Inc has a one year low of $18.80 and a one year high of $41.99. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.53 and a quick ratio of 0.43.
Macy’s (NYSE:M) last issued its earnings results on Wednesday, August 15th. The company reported $0.70 EPS for the quarter, topping the consensus estimate of $0.50 by $0.20. The firm had revenue of $5.57 billion during the quarter, compared to analysts’ expectations of $5.55 billion. Macy’s had a return on equity of 23.55% and a net margin of 6.65%. Macy’s’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same period last year, the business earned $0.48 earnings per share. As a group, sell-side analysts predict that Macy’s Inc will post 3.93 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 2nd. Shareholders of record on Friday, December 14th will be issued a dividend of $0.3775 per share. The ex-dividend date of this dividend is Thursday, December 13th. This represents a $1.51 dividend on an annualized basis and a dividend yield of 4.00%. Macy’s’s payout ratio is presently 40.05%.
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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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