Public Employees Retirement System of Ohio Invests $2.25 Million in Macy’s, Inc. $M

Public Employees Retirement System of Ohio purchased a new position in Macy’s, Inc. (NYSE:M) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 95,515 shares of the company’s stock, valued at approximately $2,249,000.

Other institutional investors have also recently made changes to their positions in the company. Strengthening Families & Communities LLC bought a new stake in Macy’s in the 4th quarter worth approximately $28,000. Smartleaf Asset Management LLC boosted its position in shares of Macy’s by 51.7% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,543 shares of the company’s stock valued at $34,000 after acquiring an additional 526 shares during the last quarter. CIBC Private Wealth Group LLC boosted its position in shares of Macy’s by 35.9% during the 4th quarter. CIBC Private Wealth Group LLC now owns 1,838 shares of the company’s stock valued at $41,000 after acquiring an additional 486 shares during the last quarter. IFP Advisors Inc grew its holdings in shares of Macy’s by 263.3% in the fourth quarter. IFP Advisors Inc now owns 2,427 shares of the company’s stock valued at $54,000 after purchasing an additional 1,759 shares in the last quarter. Finally, Aster Capital Management DIFC Ltd purchased a new position in shares of Macy’s in the fourth quarter valued at $54,000. Hedge funds and other institutional investors own 87.36% of the company’s stock.

Macy’s Price Performance

Macy’s stock opened at $23.06 on Friday. The stock has a market cap of $6.07 billion, a price-to-earnings ratio of 9.53 and a beta of 1.41. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.48 and a quick ratio of 0.44. Macy’s, Inc. has a 1 year low of $16.41 and a 1 year high of $26.58. The firm has a 50-day moving average of $23.63 and a two-hundred day moving average of $21.44.

Macy’s (NYSE:M) last released its quarterly earnings data on Wednesday, June 3rd. The company reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.11. Macy’s had a return on equity of 13.68% and a net margin of 2.94%.The firm had revenue of $4.89 billion during the quarter, compared to the consensus estimate of $4.61 billion. During the same period in the previous year, the company posted $0.16 earnings per share. The firm’s quarterly revenue was up 1.8% on a year-over-year basis. On average, research analysts forecast that Macy’s, Inc. will post 2.22 earnings per share for the current year.

Macy’s Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be paid a dividend of $0.1915 per share. This represents a $0.77 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date is Tuesday, September 15th. Macy’s’s dividend payout ratio is 31.82%.

Insiders Place Their Bets

In related news, EVP Thomas Edwards, Jr. sold 16,419 shares of the firm’s stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $24.89, for a total transaction of $408,668.91. Following the sale, the executive vice president owned 20,000 shares of the company’s stock, valued at $497,800. This trade represents a 45.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Paul Griscom sold 10,077 shares of Macy’s stock in a transaction dated Thursday, June 25th. The shares were sold at an average price of $25.63, for a total value of $258,273.51. Following the completion of the transaction, the senior vice president owned 25,373 shares in the company, valued at $650,309.99. This trade represents a 28.43% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.05% of the company’s stock.

Analysts Set New Price Targets

M has been the topic of a number of research reports. JPMorgan Chase & Co. boosted their target price on shares of Macy’s from $21.00 to $27.00 and gave the stock a “neutral” rating in a report on Thursday, June 4th. TD Cowen lifted their price target on Macy’s from $20.00 to $25.00 and gave the stock a “hold” rating in a research report on Monday, June 22nd. Zacks Research upgraded Macy’s from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 27th. Telsey Advisory Group raised their price objective on Macy’s from $20.00 to $23.00 and gave the company a “market perform” rating in a research note on Thursday, June 4th. Finally, UBS Group lifted their target price on Macy’s from $9.00 to $10.00 and gave the stock a “sell” rating in a report on Wednesday, August 26th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $22.78.

Macy’s Profile

Macy’s, Inc is a leading American omnichannel retailer operating under the Macy’s brand, as well as specialty divisions Bloomingdale’s and Bluemercury. The company’s retail portfolio encompasses full-line department stores, fashion-focused specialty outlets and a high-end beauty chain, offering consumers a wide array of apparel, footwear, accessories, cosmetics and home furnishings. Through its integrated network of physical stores and digital platforms, Macy’s seeks to deliver a seamless shopping experience that blends in-store service with online convenience.

The company’s product assortment spans men’s, women’s and children’s clothing, beauty and personal care products, housewares and home décor.