Oakbrook Investments LLC lowered its stake in Macy’s Inc (NYSE:M) by 3.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 27,710 shares of the company’s stock after selling 1,040 shares during the period. Oakbrook Investments LLC’s holdings in Macy’s were worth $644,000 at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in M. Vanguard Group Inc. increased its stake in shares of Macy’s by 2.8% in the first quarter. Vanguard Group Inc. now owns 29,994,367 shares of the company’s stock worth $889,033,000 after buying an additional 825,309 shares in the last quarter. BlackRock Inc. increased its stake in shares of Macy’s by 2,606.3% in the first quarter. BlackRock Inc. now owns 24,416,816 shares of the company’s stock worth $723,716,000 after buying an additional 23,514,600 shares in the last quarter. State Street Corp increased its stake in shares of Macy’s by 2.8% in the first quarter. State Street Corp now owns 14,715,484 shares of the company’s stock worth $436,170,000 after buying an additional 399,433 shares in the last quarter. American International Group Inc. increased its stake in shares of Macy’s by 1.2% in the first quarter. American International Group Inc. now owns 12,086,267 shares of the company’s stock worth $358,237,000 after buying an additional 147,156 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in shares of Macy’s by 3.3% in the first quarter. Bank of New York Mellon Corp now owns 7,412,574 shares of the company’s stock worth $219,709,000 after buying an additional 234,641 shares in the last quarter. 84.49% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Macy’s Inc (M) opened at 23.06 on Tuesday. The company has a market capitalization of $7.02 billion, a P/E ratio of 12.44 and a beta of 0.84. Macy’s Inc has a 12-month low of $20.85 and a 12-month high of $45.41. The company’s 50 day moving average is $22.56 and its 200 day moving average is $27.49.
Macy’s (NYSE:M) last issued its earnings results on Thursday, May 11th. The company reported $0.24 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.36 by $0.12. The firm had revenue of $5.34 billion for the quarter, compared to analyst estimates of $5.49 billion. Macy’s had a return on equity of 22.37% and a net margin of 2.26%. Macy’s’s quarterly revenue was down 7.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.40 earnings per share. Analysts expect that Macy’s Inc will post $3.34 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, July 3rd. Investors of record on Thursday, June 15th were issued a dividend of $0.3775 per share. The ex-dividend date was Tuesday, June 13th. This represents a $1.51 dividend on an annualized basis and a yield of 6.65%. Macy’s’s payout ratio is 81.62%.
M has been the subject of a number of recent research reports. Vetr raised shares of Macy’s from a “buy” rating to a “strong-buy” rating and set a $30.62 price objective for the company in a research report on Thursday, May 11th. Wunderlich reissued a “buy” rating and set a $24.00 target price on shares of Macy’s in a research note on Friday, May 5th. Zacks Investment Research raised shares of Macy’s from a “sell” rating to a “hold” rating in a research note on Tuesday, May 9th. Telsey Advisory Group reduced their target price on shares of Macy’s from $36.00 to $30.00 and set an “outperform” rating for the company in a research note on Friday, May 12th. Finally, Gordon Haskett began coverage on shares of Macy’s in a research note on Tuesday, May 9th. They set a “hold” rating and a $29.00 target price for the company. Two research analysts have rated the stock with a sell rating, eighteen have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Macy’s presently has an average rating of “Hold” and a consensus target price of $32.26.
In related news, insider Jeffrey Gennette acquired 13,085 shares of Macy’s stock in a transaction on Monday, June 12th. The stock was purchased at an average cost of $22.95 per share, with a total value of $300,300.75. Following the completion of the transaction, the insider now directly owns 89,053 shares in the company, valued at approximately $2,043,766.35. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, Director William H. Lenehan acquired 4,390 shares of Macy’s stock in a transaction on Thursday, June 15th. The shares were bought at an average cost of $22.72 per share, with a total value of $99,740.80. Following the completion of the transaction, the director now owns 5,968 shares of the company’s stock, valued at $135,592.96. The disclosure for this purchase can be found here. 1.40% of the stock is currently owned by insiders.
Macy’s Company Profile
Macy’s, Inc is an omnichannel retail company operating stores, Websites and mobile applications under various brands, such as Macy’s, Bloomingdale’s and Bluemercury. The Company sells a range of merchandise, including apparel and accessories (men’s, women’s and children’s), cosmetics, home furnishings and other consumer goods.
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