Douglas Lane & Associates LLC Cuts Position in Macy's Inc (M)
Douglas Lane & Associates LLC decreased its position in shares of Macy's Inc (NYSE:M) by 3.2% during the first quarter, Holdings Channel reports. The institutional investor owned 1,008,063 shares of the company’s stock after selling 32,880 shares during the period. Douglas Lane & Associates LLC owned about 0.33% of Macy's worth $29,879,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in M. WFG Advisors LP increased its position in Macy's by 9,613.2% in the fourth quarter. WFG Advisors LP now owns 3,691 shares of the company’s stock worth $144,000 after buying an additional 3,653 shares in the last quarter. Winslow Evans & Crocker Inc. increased its position in Macy's by 241.4% in the first quarter. Winslow Evans & Crocker Inc. now owns 5,530 shares of the company’s stock worth $164,000 after buying an additional 3,910 shares in the last quarter. Acadian Asset Management LLC increased its position in Macy's by 6,650.7% in the third quarter. Acadian Asset Management LLC now owns 4,793 shares of the company’s stock worth $178,000 after buying an additional 4,722 shares in the last quarter. Blenheim Capital Management BV bought a new position in Macy's during the fourth quarter worth $186,000. Finally, First Manhattan Co. increased its position in Macy's by 2.2% in the third quarter. First Manhattan Co. now owns 5,076 shares of the company’s stock worth $188,000 after buying an additional 110 shares in the last quarter. 86.28% of the stock is owned by hedge funds and other institutional investors.
Macy's Inc (NYSE:M) traded down 1.77% during mid-day trading on Friday, hitting $29.48. 3,549,139 shares of the stock traded hands. The company has a market cap of $8.97 billion, a P/E ratio of 14.81 and a beta of 0.79. The company’s 50 day moving average is $29.78 and its 200 day moving average is $34.39. Macy's Inc has a 12 month low of $27.72 and a 12 month high of $45.41. Macy's also was the target of some unusual options trading activity on Friday. Investors acquired 950 call options on the stock. This is an increase of approximately 149% compared to the average volume of 381 call options.
Macy's (NYSE:M) last announced its earnings results on Tuesday, February 21st. The company reported $2.02 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.96 by $0.06. Macy's had a net margin of 2.63% and a return on equity of 24.83%. The business had revenue of $8.52 billion for the quarter, compared to the consensus estimate of $8.61 billion. During the same quarter in the prior year, the firm posted $2.09 earnings per share. The business’s revenue for the quarter was down 4.0% on a year-over-year basis. On average, analysts expect that Macy's Inc will post $3.46 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, April 3rd. Stockholders of record on Wednesday, March 15th were paid a $0.3775 dividend. This represents a $1.51 annualized dividend and a dividend yield of 5.12%. The ex-dividend date of this dividend was Monday, March 13th. Macy's’s dividend payout ratio is currently 69.27%.
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M has been the subject of a number of research reports. Vetr downgraded shares of Macy's from a “strong-buy” rating to a “buy” rating and set a $34.90 target price for the company. in a research report on Monday, February 6th. Guggenheim reissued a “buy” rating on shares of Macy's in a research report on Saturday, January 7th. Jefferies Group LLC set a $35.00 target price on shares of Macy's and gave the company a “hold” rating in a research report on Thursday, January 5th. Goldman Sachs Group Inc set a $39.00 price objective on shares of Macy's and gave the stock a “hold” rating in a report on Thursday, January 5th. Finally, Royal Bank of Canada set a $35.00 price objective on shares of Macy's and gave the stock a “hold” rating in a report on Thursday, January 5th. Two investment analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $38.31.
In other news, insider Molly Langenstein sold 1,251 shares of the stock in a transaction on Wednesday, March 29th. The shares were sold at an average price of $28.55, for a total value of $35,716.05. Following the sale, the insider now owns 6,414 shares of the company’s stock, valued at $183,119.70. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Felicia Williams sold 1,697 shares of the stock in a transaction on Wednesday, March 29th. The shares were sold at an average price of $28.55, for a total transaction of $48,449.35. Following the completion of the sale, the executive vice president now directly owns 1,697 shares in the company, valued at approximately $48,449.35. The disclosure for this sale can be found here. Corporate insiders own 1.70% of the company’s stock.
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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