Macy’s, Inc. (NYSE:M) Stake Lessened by World Asset Management Inc

World Asset Management Inc cut its stake in Macy’s, Inc. (NYSE:M) by 20.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 43,802 shares of the company’s stock after selling 11,089 shares during the period. World Asset Management Inc’s holdings in Macy’s were worth $830,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. IFP Advisors Inc boosted its holdings in Macy’s by 165.6% during the second quarter. IFP Advisors Inc now owns 1,604 shares of the company’s stock worth $29,000 after buying an additional 1,000 shares in the last quarter. Parallel Advisors LLC boosted its holdings in Macy’s by 101.9% during the second quarter. Parallel Advisors LLC now owns 2,429 shares of the company’s stock worth $46,000 after buying an additional 1,226 shares in the last quarter. Eaton Vance Management bought a new stake in Macy’s during the first quarter worth approximately $51,000. Acadian Asset Management LLC boosted its holdings in Macy’s by 66.3% during the first quarter. Acadian Asset Management LLC now owns 3,538 shares of the company’s stock worth $57,000 after buying an additional 1,410 shares in the last quarter. Finally, Vectors Research Management LLC bought a new stake in Macy’s during the first quarter worth approximately $57,000. Institutional investors and hedge funds own 84.53% of the company’s stock.

In other news, CEO Jeffrey Gennette sold 77,196 shares of Macy’s stock in a transaction dated Monday, July 12th. The shares were sold at an average price of $18.97, for a total transaction of $1,464,408.12. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Paul Griscom sold 1,216 shares of Macy’s stock in a transaction dated Tuesday, September 7th. The shares were sold at an average price of $21.79, for a total transaction of $26,496.64. The disclosure for this sale can be found here. Insiders sold a total of 150,951 shares of company stock worth $2,867,807 over the last quarter. 0.74% of the stock is currently owned by company insiders.

A number of analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft raised their target price on shares of Macy’s from $24.00 to $27.00 and gave the stock a “hold” rating in a report on Monday, August 23rd. Telsey Advisory Group upped their price target on shares of Macy’s from $20.00 to $21.00 and gave the company a “market perform” rating in a research report on Monday, August 16th. OTR Global upgraded shares of Macy’s from a “mixed” rating to a “positive” rating in a research report on Monday, August 9th. Bank of America upped their price target on shares of Macy’s from $18.00 to $21.00 and gave the company an “underperform” rating in a research report on Friday, August 20th. Finally, Cowen upgraded shares of Macy’s from a “market perform” rating to an “outperform” rating and upped their price target for the company from $23.00 to $27.00 in a research report on Thursday, September 9th. Four investment analysts have rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $23.11.

Macy’s stock opened at $21.93 on Friday. The company has a market capitalization of $6.79 billion, a P/E ratio of 13.62, a P/E/G ratio of 0.46 and a beta of 2.11. The firm’s fifty day simple moving average is $19.66 and its 200-day simple moving average is $18.33. The company has a current ratio of 1.14, a quick ratio of 0.49 and a debt-to-equity ratio of 1.05. Macy’s, Inc. has a 1-year low of $5.57 and a 1-year high of $23.76.

Macy’s (NYSE:M) last released its quarterly earnings results on Wednesday, August 18th. The company reported $1.29 earnings per share for the quarter, beating analysts’ consensus estimates of $0.22 by $1.07. Macy’s had a net margin of 2.45% and a return on equity of 27.50%. The business had revenue of $5.65 billion for the quarter, compared to the consensus estimate of $5 billion. During the same quarter last year, the firm earned ($0.81) EPS. Macy’s’s revenue for the quarter was up 58.7% on a year-over-year basis. On average, equities research analysts predict that Macy’s, Inc. will post 3.75 earnings per share for the current year.

Macy’s declared that its Board of Directors has initiated a stock repurchase plan on Thursday, August 19th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to purchase up to 7.2% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its stock is undervalued.

The company also recently announced a quarterly dividend, which will be paid on Friday, October 1st. Investors of record on Wednesday, September 15th will be paid a $0.15 dividend. The ex-dividend date is Tuesday, September 14th. This represents a $0.60 dividend on an annualized basis and a yield of 2.74%. Macy’s’s payout ratio is presently -27.15%.

Macy’s Company Profile

Macy’s, Inc engages in the retail of apparel, accessories, cosmetics, home furnishings, and other consumer goods. The firm’s brands include Macy’s, Bloomingdale’s, and Bluemercury. It offers men’s, women’s, and children’s apparel, women’s accessories, intimate apparel, shoes, cosmetics, fragrances, as well as home and miscellaneous products.

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

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