Impact Partnership Wealth LLC Acquires New Stake in Macy’s, Inc. (NYSE:M)

Impact Partnership Wealth LLC acquired a new stake in Macy’s, Inc. (NYSE:M) in the second quarter, Holdings Channel reports. The firm acquired 20,717 shares of the company’s stock, valued at approximately $398,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Riverview Trust Co bought a new stake in Macy’s during the first quarter valued at $27,000. Fidelis Capital Partners LLC bought a new stake in Macy’s during the first quarter valued at $42,000. Future Financial Wealth Managment LLC bought a new stake in Macy’s during the first quarter valued at $50,000. EntryPoint Capital LLC bought a new stake in Macy’s during the first quarter valued at $51,000. Finally, Newbridge Financial Services Group Inc. boosted its position in Macy’s by 333.3% during the first quarter. Newbridge Financial Services Group Inc. now owns 2,600 shares of the company’s stock valued at $52,000 after acquiring an additional 2,000 shares during the last quarter. 87.36% of the stock is currently owned by institutional investors and hedge funds.

Macy’s Price Performance

Shares of NYSE M opened at $14.88 on Friday. Macy’s, Inc. has a fifty-two week low of $10.54 and a fifty-two week high of $22.10. The stock has a market cap of $4.11 billion, a price-to-earnings ratio of 496.00 and a beta of 2.18. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.34 and a current ratio of 1.48. The firm’s 50-day simple moving average is $16.75 and its 200 day simple moving average is $18.47.

Macy’s (NYSE:M) last announced its quarterly earnings results on Wednesday, August 21st. The company reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.23. Macy’s had a net margin of 0.80% and a return on equity of 23.14%. The business had revenue of $4.94 billion for the quarter, compared to analysts’ expectations of $5.06 billion. During the same quarter last year, the firm earned $0.26 EPS. The firm’s revenue for the quarter was down 3.8% compared to the same quarter last year. As a group, research analysts anticipate that Macy’s, Inc. will post 2.73 earnings per share for the current fiscal year.

Macy’s Dividend Announcement

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 $0.1737 dividend. The ex-dividend date is Friday, September 13th. This represents a $0.69 annualized dividend and a yield of 4.67%. Macy’s’s dividend payout ratio (DPR) is 2,300.00%.

Insider Buying and Selling at Macy’s

In other Macy’s news, EVP Danielle L. Kirgan sold 24,147 shares of the stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $18.96, for a total value of $457,827.12. Following the completion of the sale, the executive vice president now owns 348,000 shares in the company, valued at approximately $6,598,080. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, CEO Antony Spring sold 18,981 shares of the firm’s stock in a transaction that occurred on Wednesday, July 10th. The shares were sold at an average price of $18.96, for a total transaction of $359,879.76. Following the completion of the sale, the chief executive officer now owns 267,265 shares in the company, valued at approximately $5,067,344.40. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Danielle L. Kirgan sold 24,147 shares of the firm’s stock in a transaction that occurred on Wednesday, July 10th. The stock was sold at an average price of $18.96, for a total transaction of $457,827.12. Following the sale, the executive vice president now owns 348,000 shares of the company’s stock, valued at approximately $6,598,080. The disclosure for this sale can be found here. In the last 90 days, insiders sold 44,665 shares of company stock worth $842,372. Insiders own 2.77% of the company’s stock.

Wall Street Analysts Forecast Growth

M has been the topic of a number of research analyst reports. Evercore ISI cut their price objective on shares of Macy’s from $22.00 to $17.00 and set an “in-line” rating on the stock in a research report on Tuesday, July 16th. Telsey Advisory Group reissued a “market perform” rating and set a $21.00 price objective on shares of Macy’s in a research report on Wednesday, August 21st. Morgan Stanley cut their price objective on shares of Macy’s from $18.00 to $17.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 22nd. JPMorgan Chase & Co. increased their price objective on shares of Macy’s from $25.00 to $27.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 22nd. Finally, TD Cowen increased their price objective on shares of Macy’s from $20.00 to $21.00 and gave the stock a “hold” rating in a research report on Wednesday, May 22nd. Seven equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $19.50.

About Macy’s

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.