Douglas Lane & Associates LLC lifted its position in Macy’s Inc (NYSE:M) by 1.6% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,664,640 shares of the company’s stock after purchasing an additional 26,869 shares during the quarter. Douglas Lane & Associates LLC owned approximately 0.54% of Macy’s worth $35,723,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently made changes to their positions in M. Norges Bank purchased a new stake in Macy’s during the 4th quarter valued at approximately $96,799,000. OppenheimerFunds Inc. raised its stake in shares of Macy’s by 2,206.5% during the 1st quarter. OppenheimerFunds Inc. now owns 3,070,872 shares of the company’s stock worth $73,793,000 after buying an additional 2,937,732 shares in the last quarter. SG Americas Securities LLC raised its stake in shares of Macy’s by 102.6% during the 1st quarter. SG Americas Securities LLC now owns 47,983 shares of the company’s stock worth $1,153,000 after buying an additional 1,906,263 shares in the last quarter. Alps Advisors Inc. raised its stake in shares of Macy’s by 31.5% during the 1st quarter. Alps Advisors Inc. now owns 1,714,793 shares of the company’s stock worth $41,206,000 after buying an additional 410,689 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Macy’s by 7.4% during the 4th quarter. Geode Capital Management LLC now owns 5,150,836 shares of the company’s stock worth $153,359,000 after buying an additional 355,028 shares in the last quarter. 87.30% of the stock is owned by hedge funds and other institutional investors.
In related news, Chairman Jeffrey Gennette bought 5,000 shares of the stock in a transaction on Friday, May 17th. The shares were purchased at an average price of $21.96 per share, for a total transaction of $109,800.00. Following the acquisition, the chairman now owns 102,525 shares in the company, valued at $2,251,449. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Francis S. Blake bought 10,000 shares of the stock in a transaction on Wednesday, May 22nd. The shares were bought at an average price of $21.63 per share, for a total transaction of $216,300.00. Following the acquisition, the director now owns 2,200 shares in the company, valued at approximately $47,586. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 20,000 shares of company stock worth $432,950. 0.55% of the stock is owned by insiders.
Macy’s (NYSE:M) last released its quarterly earnings data on Wednesday, May 15th. The company reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.11. Macy’s had a return on equity of 20.66% and a net margin of 4.43%. The firm had revenue of $5.50 billion during the quarter, compared to the consensus estimate of $5.52 billion. During the same period last year, the business posted $0.48 EPS. Macy’s’s quarterly revenue was down .7% on a year-over-year basis. Sell-side analysts expect that Macy’s Inc will post 3.11 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Friday, June 14th were issued a dividend of $0.3775 per share. This represents a $1.51 dividend on an annualized basis and a yield of 6.68%. The ex-dividend date was Thursday, June 13th. Macy’s’s dividend payout ratio (DPR) is presently 36.12%.
M has been the subject of a number of analyst reports. Zacks Investment Research downgraded G1 Therapeutics from a “buy” rating to a “hold” rating in a research note on Thursday, May 16th. UBS Group set a $25.00 target price on Macy’s and gave the stock a “hold” rating in a research note on Friday, May 17th. Standpoint Research raised GAP from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. Goldman Sachs Group set a €28.60 ($33.26) target price on Hapag-Lloyd and gave the stock a “neutral” rating in a research note on Thursday, May 16th. Finally, Deutsche Bank increased their target price on Macy’s from $27.00 to $28.00 and gave the stock a “hold” rating in a research note on Thursday, May 16th. Four analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $26.58.
Macy's, Inc, an omnichannel retail organization, operates stores, Websites, and mobile applications. The company sells a range of merchandise, including apparel and accessories for men, women, and children; cosmetics; home furnishings; and other consumer goods. As of April 1, 2019, it operated approximately 680 department stores under the Macy's and Bloomingdale's names; and 190 specialty stores, such as Bloomingdale's The Outlet, Bluemercury, Macy's Backstage, and STORY in 43 states, the District of Columbia, Guam, and Puerto Rico.
Further Reading: Ex-Dividend
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