Lord Abbett & CO. LLC cut its position in Macy’s Inc (NYSE:M) by 39.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 104,700 shares of the company’s stock after selling 67,600 shares during the quarter. Lord Abbett & CO. LLC’s holdings in Macy’s were worth $3,114,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Stumpf Capital Management LLC raised its holdings in Macy’s by 1,634.2% in the 1st quarter. Stumpf Capital Management LLC now owns 20,550 shares of the company’s stock valued at $611,000 after acquiring an additional 19,365 shares in the last quarter. CapWealth Advisors LLC raised its holdings in Macy’s by 13.4% in the 1st quarter. CapWealth Advisors LLC now owns 290,625 shares of the company’s stock valued at $8,643,000 after acquiring an additional 34,315 shares in the last quarter. Rampart Investment Management Company LLC raised its holdings in Macy’s by 121.2% in the 1st quarter. Rampart Investment Management Company LLC now owns 8,963 shares of the company’s stock valued at $267,000 after acquiring an additional 4,911 shares in the last quarter. Commonwealth Equity Services LLC raised its holdings in Macy’s by 3.7% in the 1st quarter. Commonwealth Equity Services LLC now owns 62,904 shares of the company’s stock valued at $1,870,000 after acquiring an additional 2,244 shares in the last quarter. Finally, Impax Asset Management LLC raised its holdings in Macy’s by 235.1% in the 1st quarter. Impax Asset Management LLC now owns 122,935 shares of the company’s stock valued at $3,656,000 after acquiring an additional 86,249 shares in the last quarter. Institutional investors and hedge funds own 88.42% of the company’s stock.
Several equities analysts have weighed in on the company. UBS Group assumed coverage on Macy’s in a report on Thursday. They issued a “neutral” rating and a $39.00 price objective for the company. Susquehanna Bancshares reaffirmed a “positive” rating on shares of Macy’s in a report on Thursday, June 7th. Cowen reaffirmed a “hold” rating on shares of Macy’s in a report on Thursday, June 7th. Atlantic Securities cut Macy’s from an “overweight” rating to a “neutral” rating and set a $39.00 price target for the company. in a report on Wednesday, June 6th. They noted that the move was a valuation call. Finally, Evercore ISI boosted their price target on Macy’s from $17.41 to $36.00 and gave the stock a “buy” rating in a report on Monday, June 4th. Three investment analysts have rated the stock with a sell rating, twelve have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Macy’s has an average rating of “Hold” and an average target price of $30.96.
In other news, Chairman Jeffrey Gennette acquired 10,000 shares of Macy’s stock in a transaction that occurred on Thursday, April 12th. The shares were acquired at an average price of $29.10 per share, for a total transaction of $291,000.00. Following the transaction, the chairman now directly owns 89,303 shares of the company’s stock, valued at approximately $2,598,717.30. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 2.36% of the company’s stock.
Shares of M stock opened at $37.43 on Monday. The firm has a market cap of $12.05 billion, a P/E ratio of 9.93, a PEG ratio of 1.23 and a beta of 0.74. Macy’s Inc has a twelve month low of $17.41 and a twelve month high of $41.33. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.48 and a current ratio of 1.52.
Macy’s (NYSE:M) last issued its quarterly earnings data on Wednesday, May 16th. The company reported $0.48 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.12. The business had revenue of $5.54 billion for the quarter, compared to analyst estimates of $5.39 billion. Macy’s had a return on equity of 24.56% and a net margin of 6.45%. Macy’s’s quarterly revenue was up 3.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.24 EPS. equities research analysts expect that Macy’s Inc will post 3.77 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 2nd. Investors of record on Friday, June 15th will be given a dividend of $0.3775 per share. The ex-dividend date is Thursday, June 14th. This represents a $1.51 dividend on an annualized basis and a yield of 4.03%. Macy’s’s dividend payout ratio is currently 40.05%.
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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