United Services Automobile Association cut its stake in shares of Macy’s Inc (NYSE:M) by 8.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 338,454 shares of the company’s stock after selling 32,079 shares during the period. United Services Automobile Association’s holdings in Macy’s were worth $10,079,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently made changes to their positions in M. Vanguard Group Inc lifted its stake in Macy’s by 6.5% in the third quarter. Vanguard Group Inc now owns 35,205,128 shares of the company’s stock valued at $1,222,675,000 after purchasing an additional 2,133,597 shares during the last quarter. BlackRock Inc. increased its position in shares of Macy’s by 5.0% during the fourth quarter. BlackRock Inc. now owns 29,952,622 shares of the company’s stock valued at $891,988,000 after acquiring an additional 1,419,975 shares in the last quarter. AQR Capital Management LLC grew its position in Macy’s by 88.7% in the 3rd quarter. AQR Capital Management LLC now owns 11,960,108 shares of the company’s stock worth $415,374,000 after purchasing an additional 5,620,910 shares during the period. Oregon Public Employees Retirement Fund grew its position in Macy’s by 2,958.7% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 6,681,203 shares of the company’s stock worth $224,000 after purchasing an additional 6,462,771 shares during the period. Finally, Northern Trust Corp grew its position in Macy’s by 11.2% in the 4th quarter. Northern Trust Corp now owns 5,053,780 shares of the company’s stock worth $150,502,000 after purchasing an additional 507,877 shares during the period. Institutional investors and hedge funds own 90.93% of the company’s stock.
Shares of M traded down $0.23 during trading on Friday, reaching $23.40. 1,834,830 shares of the company traded hands, compared to its average volume of 10,567,384. Macy’s Inc has a twelve month low of $22.73 and a twelve month high of $41.99. The stock has a market cap of $7.27 billion, a PE ratio of 5.60, a P/E/G ratio of 0.90 and a beta of 0.43. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.42 and a quick ratio of 0.42.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 1st. Investors of record on Friday, March 15th will be issued a $0.3775 dividend. This represents a $1.51 dividend on an annualized basis and a dividend yield of 6.45%. The ex-dividend date of this dividend is Thursday, March 14th. Macy’s’s dividend payout ratio (DPR) is currently 36.12%.
A number of equities research analysts have recently issued reports on M shares. TheStreet downgraded shares of Macy’s from a “b-” rating to a “c+” rating in a research report on Tuesday, February 5th. ValuEngine downgraded shares of Macy’s from a “hold” rating to a “sell” rating in a research report on Wednesday, February 13th. Zacks Investment Research downgraded shares of Macy’s from a “buy” rating to a “hold” rating in a research report on Monday, January 14th. Royal Bank of Canada lowered their target price on shares of Macy’s to $29.00 and set a “sector perform” rating on the stock in a research note on Friday, January 11th. Finally, Bank of America cut shares of Macy’s from a “neutral” rating to an “underperform” rating in a research note on Thursday, January 10th. Five equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and five have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $31.78.
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Macy's, Inc, an omni-channel retail organization, operates stores, Websites, and mobile applications. The company sells a range of merchandise, such as apparel and accessories for men, women, and children; cosmetics; home furnishings; and other consumer goods. As of April 4, 2018, it operated approximately 690 department stores under the Macy's and Bloomingdale's brands; 160 specialty stores under the Bloomingdale's The Outlet, Bluemercury, and Macy's Backstage brands in the District of Columbia, Guam, and Puerto Rico; and Websites, including macys.com, bloomingdales.com, and bluemercury.com.
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