Tower Research Capital LLC TRC raised its stake in shares of Macy’s Inc (NYSE:M) by 62.0% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 22,008 shares of the company’s stock after acquiring an additional 8,424 shares during the period. Tower Research Capital LLC TRC’s holdings in Macy’s were worth $472,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently made changes to their positions in the company. General American Investors Co. Inc. lifted its stake in Macy’s by 20.0% in the second quarter. General American Investors Co. Inc. now owns 450,000 shares of the company’s stock worth $9,657,000 after acquiring an additional 75,000 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec raised its holdings in Macy’s by 18.2% during the second quarter. Caisse DE Depot ET Placement DU Quebec now owns 260,290 shares of the company’s stock worth $5,586,000 after purchasing an additional 40,000 shares in the last quarter. Korea Investment CORP raised its holdings in Macy’s by 33.8% during the second quarter. Korea Investment CORP now owns 182,600 shares of the company’s stock worth $3,919,000 after purchasing an additional 46,100 shares in the last quarter. Horizon Investments LLC acquired a new stake in Macy’s during the first quarter worth approximately $2,288,000. Finally, Cognios Capital LLC raised its holdings in Macy’s by 40.4% during the first quarter. Cognios Capital LLC now owns 93,052 shares of the company’s stock worth $2,235,000 after purchasing an additional 26,792 shares in the last quarter. Institutional investors and hedge funds own 83.40% of the company’s stock.
Shares of Macy’s stock traded down $0.43 during trading on Wednesday, reaching $16.20. The company’s stock had a trading volume of 8,421,247 shares, compared to its average volume of 14,553,813. The company has a current ratio of 1.47, a quick ratio of 0.34 and a debt-to-equity ratio of 1.19. The firm has a market cap of $5.14 billion, a PE ratio of 3.87, a P/E/G ratio of 0.79 and a beta of 0.64. The company has a 50-day moving average price of $17.30 and a two-hundred day moving average price of $21.42. Macy’s Inc has a fifty-two week low of $14.20 and a fifty-two week high of $38.35.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be paid a $0.377 dividend. The ex-dividend date of this dividend is Thursday, September 12th. This represents a $1.51 annualized dividend and a yield of 9.31%. Macy’s’s dividend payout ratio is currently 36.12%.
A number of analysts have weighed in on the stock. Guggenheim cut shares of Macy’s from a “buy” rating to a “neutral” rating in a report on Friday, August 23rd. JPMorgan Chase & Co. cut shares of Macy’s from a “neutral” rating to an “underweight” rating in a report on Wednesday, August 14th. Telsey Advisory Group reaffirmed a “market perform” rating and issued a $18.00 target price (down from $25.00) on shares of Macy’s in a report on Thursday, August 15th. Finally, Deutsche Bank cut their target price on shares of Macy’s from $29.00 to $23.00 and set a “hold” rating on the stock in a report on Thursday, August 15th. Four analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $23.83.
In other Macy’s news, CFO Paula A. Price sold 1,189 shares of the business’s stock in a transaction on Wednesday, July 10th. The shares were sold at an average price of $21.30, for a total value of $25,325.70. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.55% of the company’s stock.
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.
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