LSV Asset Management Cuts Stake in Macy’s, Inc. (NYSE:M)

LSV Asset Management lowered its stake in shares of Macy’s, Inc. (NYSE:M) by 1.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,528,535 shares of the company’s stock after selling 56,547 shares during the quarter. LSV Asset Management owned about 2.02% of Macy’s worth $111,234,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in M. Lindbrook Capital LLC lifted its position in Macy’s by 253.1% during the fourth quarter. Lindbrook Capital LLC now owns 1,317 shares of the company’s stock valued at $26,000 after purchasing an additional 944 shares during the period. Fifth Third Bancorp boosted its stake in shares of Macy’s by 221.4% in the third quarter. Fifth Third Bancorp now owns 3,506 shares of the company’s stock worth $41,000 after buying an additional 2,415 shares during the last quarter. Fortitude Family Office LLC acquired a new stake in Macy’s during the fourth quarter worth about $50,000. Covestor Ltd raised its position in Macy’s by 25.5% during the third quarter. Covestor Ltd now owns 4,763 shares of the company’s stock valued at $55,000 after acquiring an additional 969 shares in the last quarter. Finally, Hexagon Capital Partners LLC lifted its holdings in Macy’s by 1,166.8% in the fourth quarter. Hexagon Capital Partners LLC now owns 2,749 shares of the company’s stock valued at $55,000 after acquiring an additional 2,532 shares during the period. Hedge funds and other institutional investors own 87.36% of the company’s stock.

Macy’s Price Performance

Shares of Macy’s stock traded up $0.40 during trading hours on Friday, reaching $19.52. 4,302,393 shares of the company’s stock were exchanged, compared to its average volume of 5,097,625. Macy’s, Inc. has a 1 year low of $10.54 and a 1 year high of $22.10. The company has a market capitalization of $5.37 billion, a P/E ratio of 52.74 and a beta of 2.16. The company has a quick ratio of 0.39, a current ratio of 1.37 and a debt-to-equity ratio of 0.72. The business has a fifty day moving average of $19.57 and a two-hundred day moving average of $17.75.

Macy’s (NYSE:M) last issued its earnings results on Tuesday, February 27th. The company reported $2.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.98 by $0.47. The company had revenue of $8.12 billion during the quarter, compared to analysts’ expectations of $8.07 billion. Macy’s had a return on equity of 23.34% and a net margin of 0.45%. The firm’s quarterly revenue was down 1.7% on a year-over-year basis. During the same period in the prior year, the business earned $1.88 EPS. As a group, research analysts predict that Macy’s, Inc. will post 2.57 earnings per share for the current fiscal year.

Macy’s Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 15th were given a $0.1737 dividend. This represents a $0.69 annualized dividend and a yield of 3.56%. This is a positive change from Macy’s’s previous quarterly dividend of $0.17. The ex-dividend date was Thursday, March 14th. Macy’s’s dividend payout ratio is presently 186.49%.

Analysts Set New Price Targets

Several research firms recently issued reports on M. TD Cowen cut shares of Macy’s from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $23.00 to $20.00 in a research note on Thursday, February 29th. Citigroup upgraded Macy’s from a “sell” rating to a “neutral” rating and raised their target price for the company from $14.00 to $18.00 in a research report on Friday, February 2nd. Morgan Stanley reduced their price target on Macy’s from $21.00 to $20.00 and set an “equal weight” rating for the company in a report on Wednesday, February 28th. StockNews.com began coverage on Macy’s in a report on Thursday. They issued a “hold” rating on the stock. Finally, Telsey Advisory Group reiterated a “market perform” rating and set a $21.00 target price on shares of Macy’s in a research report on Thursday, March 28th. Two analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $17.45.

Insiders Place Their Bets

In other news, Director Jeffrey Gennette sold 30,090 shares of the stock in a transaction on Monday, April 1st. The stock was sold at an average price of $19.66, for a total transaction of $591,569.40. Following the completion of the transaction, the director now directly owns 1,073,699 shares in the company, valued at approximately $21,108,922.34. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Macy’s news, Director Jeffrey Gennette sold 30,090 shares of the company’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $19.66, for a total transaction of $591,569.40. Following the transaction, the director now directly owns 1,073,699 shares in the company, valued at $21,108,922.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Danielle L. Kirgan sold 15,070 shares of Macy’s stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $20.42, for a total value of $307,729.40. Following the completion of the transaction, the executive vice president now directly owns 306,555 shares of the company’s stock, valued at $6,259,853.10. The disclosure for this sale can be found here. Insiders sold a total of 218,424 shares of company stock valued at $4,405,507 over the last quarter. 1.52% of the stock is owned by insiders.

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.