Truist Financial Corp cut its position in shares of Macy’s, Inc. (NYSE:M – Free Report) by 51.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 40,926 shares of the company’s stock after selling 43,889 shares during the quarter. Truist Financial Corp’s holdings in Macy’s were worth $716,000 at the end of the most recent reporting period.
Several other large investors have also recently added to or reduced their stakes in the company. FinTrust Capital Advisors LLC acquired a new stake in Macy’s in the fourth quarter worth $26,000. Estabrook Capital Management increased its position in Macy’s by 77.8% in the first quarter. Estabrook Capital Management now owns 1,600 shares of the company’s stock worth $39,000 after buying an additional 700 shares during the period. Lazard Asset Management LLC increased its position in Macy’s by 52.3% in the first quarter. Lazard Asset Management LLC now owns 1,995 shares of the company’s stock worth $48,000 after buying an additional 685 shares during the period. Quadrant Capital Group LLC increased its position in Macy’s by 30.6% in the fourth quarter. Quadrant Capital Group LLC now owns 2,370 shares of the company’s stock worth $49,000 after buying an additional 555 shares during the period. Finally, Machina Capital S.A.S. acquired a new stake in Macy’s in the first quarter worth $49,000. 81.29% of the stock is currently owned by institutional investors.
Insider Activity at Macy’s
In related news, EVP Danielle L. Kirgan sold 24,202 shares of the stock in a transaction on Monday, July 10th. The stock was sold at an average price of $15.97, for a total value of $386,505.94. Following the completion of the transaction, the executive vice president now owns 303,272 shares in the company, valued at approximately $4,843,253.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Macy’s news, EVP Danielle L. Kirgan sold 24,202 shares of the firm’s stock in a transaction dated Monday, July 10th. The stock was sold at an average price of $15.97, for a total transaction of $386,505.94. Following the completion of the sale, the executive vice president now directly owns 303,272 shares in the company, valued at approximately $4,843,253.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Antony Spring sold 19,026 shares of the firm’s stock in a transaction dated Monday, July 10th. The stock was sold at an average price of $15.97, for a total value of $303,845.22. Following the sale, the chief executive officer now owns 198,155 shares of the company’s stock, valued at $3,164,535.35. The disclosure for this sale can be found here. Insiders sold 51,610 shares of company stock worth $823,642 in the last quarter. 1.52% of the stock is owned by company insiders.
Analyst Upgrades and Downgrades
Several equities research analysts have weighed in on M shares. Bank of America dropped their target price on Macy’s from $21.00 to $13.00 in a research report on Friday, June 2nd. Morgan Stanley lowered their price target on Macy’s from $23.00 to $15.00 and set an “equal weight” rating on the stock in a report on Monday, August 7th. Gordon Haskett raised Macy’s from a “hold” rating to a “buy” rating and set a $18.00 price target on the stock in a report on Thursday, June 1st. UBS Group lowered their price target on Macy’s from $12.75 to $12.00 in a report on Wednesday, June 7th. Finally, Citigroup lowered their price target on Macy’s from $16.00 to $15.00 in a report on Friday, June 2nd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $19.25.
Get Our Latest Stock Analysis on Macy’s
Macy’s Price Performance
NYSE:M opened at $12.66 on Wednesday. The business’s 50-day moving average price is $15.80 and its 200 day moving average price is $17.18. The firm has a market cap of $3.45 billion, a P/E ratio of 3.36, a PEG ratio of 0.44 and a beta of 1.84. Macy’s, Inc. has a 52-week low of $12.57 and a 52-week high of $25.12. The company has a quick ratio of 0.26, a current ratio of 1.22 and a debt-to-equity ratio of 0.72.
Macy’s (NYSE:M – Get Free Report) last released its earnings results on Tuesday, August 22nd. The company reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.12. The firm had revenue of $5.15 billion for the quarter, compared to analyst estimates of $5.07 billion. Macy’s had a return on equity of 28.86% and a net margin of 4.31%. Macy’s’s revenue was down 8.0% compared to the same quarter last year. During the same period in the previous year, the company earned $1.00 earnings per share. As a group, sell-side analysts predict that Macy’s, Inc. will post 2.89 earnings per share for the current fiscal year.
Macy’s Cuts Dividend
The business also recently declared a quarterly dividend, which was paid on Monday, July 3rd. Investors of record on Thursday, June 15th were given a $0.165 dividend. The ex-dividend date was Wednesday, June 14th. This represents a $0.66 dividend on an annualized basis and a dividend yield of 5.22%. Macy’s’s dividend payout ratio (DPR) is 17.51%.
Macy’s Profile
Macy’s, Inc, an omni-channel retail organization, operates stores, websites, and mobile applications in the United States. The company sells a range of merchandise, such as apparel and accessories for men, women, and kids; cosmetics; home furnishings; and other consumer goods under the Macy’s, Bloomingdale’s, and bluemercury brands.
See Also
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Source: defenseworld.net
