Element Capital Management LLC Takes $53.29 Million Position in Macy’s Inc. (NYSE:M)

Element Capital Management LLC bought a new position in shares of Macy’s Inc. (NYSE:M) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 2,115,659 shares of the company’s stock, valued at approximately $53,293,000. Macy’s accounts for 1.1% of Element Capital Management LLC’s investment portfolio, making the stock its 8th biggest position. Element Capital Management LLC owned about 0.69% of Macy’s at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Wells Fargo & Company MN raised its stake in shares of Macy’s by 7.0% in the third quarter. Wells Fargo & Company MN now owns 1,279,451 shares of the company’s stock valued at $27,917,000 after purchasing an additional 84,147 shares in the last quarter. Hexavest Inc. acquired a new position in shares of Macy’s in the fourth quarter valued at $42,332,000. DekaBank Deutsche Girozentrale raised its stake in shares of Macy’s by 14.3% in the third quarter. DekaBank Deutsche Girozentrale now owns 367,241 shares of the company’s stock valued at $7,395,000 after purchasing an additional 45,901 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Macy’s by 14.8% in the third quarter. Bank of New York Mellon Corp now owns 8,325,701 shares of the company’s stock valued at $181,666,000 after purchasing an additional 1,076,502 shares in the last quarter. Finally, California Public Employees Retirement System raised its stake in shares of Macy’s by 34.6% in the fourth quarter. California Public Employees Retirement System now owns 1,209,734 shares of the company’s stock valued at $30,473,000 after purchasing an additional 311,230 shares in the last quarter. 86.88% of the stock is owned by hedge funds and other institutional investors.

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A number of analysts have recently weighed in on the company. Vetr upgraded Macy’s from a “buy” rating to a “strong-buy” rating and set a $27.57 target price for the company in a research note on Monday, December 18th. Guggenheim restated a “buy” rating and issued a $27.00 target price on shares of Macy’s in a research note on Friday, December 15th. Royal Bank of Canada set a $26.00 price target on Macy’s and gave the company a “hold” rating in a report on Friday, January 19th. ValuEngine upgraded Macy’s from a “hold” rating to a “buy” rating in a report on Thursday, March 1st. Finally, Credit Suisse Group started coverage on Macy’s in a report on Monday, March 12th. They set a “neutral” rating and a $31.00 target price on the stock. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $26.60.

In other Macy’s news, Director Deirdre P. Connelly sold 9,092 shares of the stock in a transaction that occurred on Thursday, March 8th. The stock was sold at an average price of $29.25, for a total value of $265,941.00. Following the transaction, the director now owns 16,184 shares in the company, valued at $473,382. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Marna C. Whittington sold 20,000 shares of the stock in a transaction that occurred on Friday, March 2nd. The stock was sold at an average price of $30.30, for a total value of $606,000.00. Following the completion of the transaction, the director now owns 54,834 shares in the company, valued at approximately $1,661,470.20. The disclosure for this sale can be found here. Insiders sold a total of 107,392 shares of company stock worth $3,173,164 in the last quarter. Corporate insiders own 1.40% of the company’s stock.

Shares of NYSE:M traded down $1.13 during trading on Friday, reaching $29.80. 8,950,293 shares of the company traded hands, compared to its average volume of 8,444,207. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.45 and a current ratio of 1.47. Macy’s Inc. has a 52 week low of $17.41 and a 52 week high of $31.04. The company has a market cap of $9,427.46, a price-to-earnings ratio of 7.90, a PEG ratio of 1.00 and a beta of 0.75.

Macy’s (NYSE:M) last posted its quarterly earnings results on Tuesday, February 27th. The company reported $2.82 EPS for the quarter, topping analysts’ consensus estimates of $2.71 by $0.11. Macy’s had a return on equity of 24.93% and a net margin of 6.23%. The company had revenue of $8.67 billion during the quarter, compared to analysts’ expectations of $8.70 billion. During the same quarter in the previous year, the firm earned $2.02 EPS. Macy’s’s revenue was up 1.8% on a year-over-year basis. research analysts predict that Macy’s Inc. will post 3.63 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Monday, April 2nd. Shareholders of record on Thursday, March 15th were given a $0.3775 dividend. The ex-dividend date was Wednesday, March 14th. This represents a $1.51 dividend on an annualized basis and a dividend yield of 5.07%. Macy’s’s dividend payout ratio (DPR) is presently 40.05%.

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Macy’s Company Profile

Macy's, Inc, together with its subsidiaries, operates stores, Websites, and mobile applications. Its stores and Websites sell a range of merchandise, including apparel and accessories for men, women, and children; cosmetics; home furnishings; and other consumer goods. The company also operates stores that offer a range of women's, men's, and children's apparel; shoes; fashion accessories; housewares; home textiles; intimate apparel; and jewelry.

Institutional Ownership by Quarter for Macy`s (NYSE:M)

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