Boston Advisors LLC lowered its stake in Macy’s Inc. (NYSE:M) by 89.5% during the second quarter, Holdings Channel reports. The fund owned 39,279 shares of the company’s stock after selling 333,518 shares during the period. Boston Advisors LLC’s holdings in Macy’s were worth $1,320,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also modified their holdings of the company. Americafirst Capital Management LLC purchased a new stake in Macy’s during the second quarter worth $133,000. First Manhattan Co. increased its stake in Macy’s by 56.7% in the second quarter. First Manhattan Co. now owns 4,966 shares of the company’s stock worth $166,000 after buying an additional 1,796 shares during the last quarter. Pacific Global Investment Management CO purchased a new stake in Macy’s during the first quarter worth $208,000. Benchmark Capital Advisors purchased a new stake in Macy’s during the first quarter worth $220,000. Finally, Osborn Rohs Williams & Donohoe Ltd increased its stake in Macy’s by 5.5% in the second quarter. Osborn Rohs Williams & Donohoe Ltd now owns 7,150 shares of the company’s stock worth $240,000 after buying an additional 370 shares during the last quarter. 83.27% of the stock is owned by institutional investors.
Macy’s Inc. (NYSE:M) traded up 2.77% on Friday, hitting $37.05. The stock had a trading volume of 5,363,227 shares. Macy’s Inc. has a 52-week low of $29.94 and a 52-week high of $52.48. The company has a 50 day moving average price of $37.36 and a 200-day moving average price of $36.70. The company has a market cap of $11.43 billion, a price-to-earnings ratio of 14.86 and a beta of 0.80.
Macy’s (NYSE:M) last announced its quarterly earnings results on Thursday, August 11th. The company reported $0.54 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.45 by $0.09. Macy’s had a return on equity of 27.68% and a net margin of 2.99%. The business had revenue of $5.87 billion for the quarter, compared to the consensus estimate of $5.73 billion. During the same period last year, the business posted $0.64 EPS. The business’s revenue was down 3.9% compared to the same quarter last year. On average, equities research analysts predict that Macy’s Inc. will post $3.36 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 3rd. Investors of record on Thursday, September 15th will be paid a dividend of $0.3775 per share. The ex-dividend date is Tuesday, September 13th. This represents a $1.51 annualized dividend and a yield of 4.08%. Macy’s’s dividend payout ratio (DPR) is 60.64%.
A number of analysts recently weighed in on the company. Guggenheim assumed coverage on Macy’s in a research report on Friday. They issued a “buy” rating and a $45.00 target price for the company. Credit Suisse Group AG downgraded Macy’s from an “outperform” rating to a “neutral” rating and set a $40.00 target price for the company. in a research report on Wednesday. Citigroup Inc. upgraded Macy’s from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $35.42 to $44.00 in a research report on Wednesday, September 14th. Vetr upgraded Macy’s from a “hold” rating to a “buy” rating and set a $38.48 target price for the company in a research report on Monday, September 12th. Finally, Standpoint Research started coverage on Macy’s in a research report on Thursday, August 25th. They issued a “buy” rating and a $72.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, eighteen have given a hold rating and nine have assigned a buy rating to the stock. Macy’s currently has a consensus rating of “Hold” and an average price target of $43.83.
Macy’s, Inc is an omnichannel retail company operating stores, Websites and mobile applications under various brands, such as Macy’s, Bloomingdale’s and Bluemercury. The Company sells a range of merchandise, including apparel and accessories (men’s, women’s and children’s), cosmetics, home furnishings and other consumer goods.
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