Macy’s (NYSE:M) EVP Sells $94,456.32 in Stock

Macy’s, Inc. (NYSE:M) EVP Tracy Preston sold 5,271 shares of the business’s stock in a transaction dated Monday, April 6th. The stock was sold at an average price of $17.92, for a total value of $94,456.32. Following the transaction, the executive vice president owned 28,773 shares of the company’s stock, valued at approximately $515,612.16. The trade was a 15.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Macy’s Price Performance

Macy’s stock opened at $19.15 on Friday. Macy’s, Inc. has a 52 week low of $10.54 and a 52 week high of $24.41. The business has a 50-day simple moving average of $19.46 and a 200 day simple moving average of $20.17. The company has a quick ratio of 0.50, a current ratio of 1.49 and a debt-to-equity ratio of 0.50. The stock has a market cap of $5.05 billion, a price-to-earnings ratio of 8.26 and a beta of 1.51.

Macy’s (NYSE:M) last posted its earnings results on Wednesday, March 18th. The company reported $1.67 EPS for the quarter, topping the consensus estimate of $1.55 by $0.12. Macy’s had a return on equity of 14.22% and a net margin of 2.84%.The business had revenue of $7.92 billion during the quarter, compared to analysts’ expectations of $7.48 billion. During the same period in the previous year, the business earned $1.80 earnings per share. The firm’s revenue was down 1.7% on a year-over-year basis. On average, research analysts forecast that Macy’s, Inc. will post 2.39 earnings per share for the current fiscal year.

Macy’s Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 1st. Investors of record on Friday, March 13th were given a dividend of $0.1915 per share. The ex-dividend date was Friday, March 13th. This is a positive change from Macy’s’s previous quarterly dividend of $0.18. This represents a $0.77 annualized dividend and a yield of 4.0%. Macy’s’s dividend payout ratio (DPR) is presently 33.19%.

Hedge Funds Weigh In On Macy’s

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Strengthening Families & Communities LLC bought a new stake in shares of Macy’s in the 4th quarter valued at about $28,000. V Square Quantitative Management LLC bought a new stake in shares of Macy’s in the 4th quarter valued at about $29,000. Cullen Frost Bankers Inc. bought a new stake in shares of Macy’s in the 3rd quarter valued at about $31,000. Smartleaf Asset Management LLC lifted its stake in shares of Macy’s by 51.7% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,543 shares of the company’s stock valued at $34,000 after acquiring an additional 526 shares during the last quarter. Finally, Bessemer Group Inc. lifted its stake in shares of Macy’s by 41.4% in the 3rd quarter. Bessemer Group Inc. now owns 2,023 shares of the company’s stock valued at $37,000 after acquiring an additional 592 shares during the last quarter. 87.36% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

M has been the subject of a number of research reports. Telsey Advisory Group reiterated a “market perform” rating and issued a $20.00 price objective on shares of Macy’s in a report on Wednesday, April 1st. Zacks Research cut Macy’s from a “hold” rating to a “strong sell” rating in a report on Friday, March 13th. Citigroup cut their price objective on Macy’s from $24.00 to $18.00 and set a “neutral” rating for the company in a report on Thursday, March 19th. UBS Group upped their price objective on Macy’s from $8.00 to $9.00 and gave the stock a “sell” rating in a report on Monday, March 9th. Finally, JPMorgan Chase & Co. cut their price objective on Macy’s from $24.00 to $21.00 and set a “neutral” rating for the company in a report on Wednesday, March 18th. One equities research analyst has rated the stock with a Buy rating, ten have given a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Reduce” and an average price target of $18.90.

Macy’s Company Profile

Macy’s, Inc is a leading American omnichannel retailer operating under the Macy’s brand, as well as specialty divisions Bloomingdale’s and Bluemercury. The company’s retail portfolio encompasses full-line department stores, fashion-focused specialty outlets and a high-end beauty chain, offering consumers a wide array of apparel, footwear, accessories, cosmetics and home furnishings. Through its integrated network of physical stores and digital platforms, Macy’s seeks to deliver a seamless shopping experience that blends in-store service with online convenience.

The company’s product assortment spans men’s, women’s and children’s clothing, beauty and personal care products, housewares and home décor.