FDx Advisors Inc. trimmed its stake in Macy’s Inc (NYSE:M) by 58.5% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 9,942 shares of the company’s stock after selling 14,024 shares during the quarter. FDx Advisors Inc.’s holdings in Macy’s were worth $345,000 at the end of the most recent quarter.
A number of other institutional investors also recently added to or reduced their stakes in the business. Baker Ellis Asset Management LLC bought a new position in shares of Macy’s during the second quarter valued at $112,000. Princeton Capital Management LLC bought a new position in shares of Macy’s during the third quarter valued at $104,000. Bay Colony Advisory Group Inc d b a Bay Colony Advisors bought a new position in shares of Macy’s during the second quarter valued at $116,000. Qube Research & Technologies Ltd bought a new position in shares of Macy’s during the second quarter valued at $150,000. Finally, First Hawaiian Bank bought a new position in shares of Macy’s during the third quarter valued at $147,000. 92.58% of the stock is currently owned by institutional investors and hedge funds.
Shares of M opened at $32.37 on Friday. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.35 and a quick ratio of 0.24. The stock has a market capitalization of $9.95 billion, a price-to-earnings ratio of 7.79, a P/E/G ratio of 0.93 and a beta of 0.56. Macy’s Inc has a 52 week low of $22.47 and a 52 week high of $41.99.
Macy’s (NYSE:M) last issued its quarterly earnings results on Wednesday, November 14th. The company reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.13. The business had revenue of $5.40 billion during the quarter, compared to analysts’ expectations of $5.40 billion. Macy’s had a return on equity of 22.33% and a net margin of 6.72%. The business’s quarterly revenue was up 2.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.23 earnings per share. As a group, research analysts anticipate that Macy’s Inc will post 4.08 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 2nd. Shareholders of record on Friday, December 14th will be given a $0.3775 dividend. This represents a $1.51 dividend on an annualized basis and a yield of 4.66%. The ex-dividend date of this dividend is Thursday, December 13th. Macy’s’s payout ratio is 40.05%.
In other Macy’s news, President Harry A. Lawton III sold 28,684 shares of the company’s stock in a transaction dated Monday, September 10th. The stock was sold at an average price of $36.05, for a total value of $1,034,058.20. Following the completion of the sale, the president now owns 54,722 shares in the company, valued at $1,972,728.10. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider C Elisa D. Garcia sold 4,628 shares of the stock in a transaction dated Friday, September 21st. The stock was sold at an average price of $35.85, for a total value of $165,913.80. Following the sale, the insider now owns 10,727 shares of the company’s stock, valued at approximately $384,562.95. The disclosure for this sale can be found here. In the last 90 days, insiders sold 233,312 shares of company stock valued at $7,817,972. Company insiders own 2.36% of the company’s stock.
M has been the topic of a number of recent research reports. Atlantic Securities downgraded Macy’s from a “neutral” rating to an “underweight” rating and lowered their target price for the company from $39.00 to $28.00 in a report on Thursday. Zacks Investment Research reissued a “hold” rating and issued a $43.00 target price on shares of Macy’s in a report on Wednesday, November 14th. Deutsche Bank increased their target price on Macy’s from $33.00 to $35.00 and gave the company a “hold” rating in a report on Thursday, August 16th. Bank of America set a $39.00 target price on Macy’s and gave the company a “hold” rating in a report on Thursday, November 15th. Finally, Standpoint Research downgraded Macy’s from a “buy” rating to a “hold” rating in a report on Friday, August 10th. Four investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have issued 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 $34.30.
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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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