Wellington Management Group LLP Invests $32.56 Million in Macy’s, Inc. $M

Wellington Management Group LLP purchased a new position in Macy’s, Inc. (NYSE:M) in the second quarter, Holdings Channel reports. The institutional investor purchased 1,382,692 shares of the company’s stock, valued at approximately $32,562,000.

Several other hedge funds also recently made changes to their positions in M. Public Employees Retirement System of Ohio bought a new stake in shares of Macy’s during the 2nd quarter valued at $2,249,000. Pinnacle Holdings LLC bought a new position in Macy’s in the 2nd quarter worth about $146,000. Bank of New York Mellon Corp purchased a new position in Macy’s during the 2nd quarter valued at about $67,450,000. GAMMA Investing LLC grew its holdings in Macy’s by 7.4% during the 2nd quarter. GAMMA Investing LLC now owns 9,665 shares of the company’s stock valued at $228,000 after buying an additional 664 shares in the last quarter. Finally, CoreCap Advisors LLC increased its position in shares of Macy’s by 333.3% during the second quarter. CoreCap Advisors LLC now owns 2,600 shares of the company’s stock valued at $61,000 after buying an additional 2,000 shares during the period. 87.36% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently issued reports on M. UBS Group increased their price target on shares of Macy’s from $9.00 to $10.00 and gave the stock a “sell” rating in a report on Wednesday, August 26th. Wall Street Zen cut shares of Macy’s from a “strong-buy” rating to a “buy” rating in a research note on Sunday, August 2nd. Weiss Ratings raised shares of Macy’s from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, August 21st. Citigroup increased their target price on shares of Macy’s from $22.00 to $24.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 25th. Finally, Evercore set a $22.00 price target on shares of Macy’s in a report on Thursday, June 4th. One 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. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $22.78.

Macy’s Price Performance

Shares of NYSE M opened at $23.06 on Friday. The stock’s 50-day simple moving average is $23.63 and its two-hundred day simple moving average is $21.44. Macy’s, Inc. has a twelve month low of $16.41 and a twelve month high of $26.58. The firm has a market capitalization of $6.07 billion, a P/E ratio of 9.53 and a beta of 1.41. The company has a quick ratio of 0.44, a current ratio of 1.48 and a debt-to-equity ratio of 0.50.

Macy’s (NYSE:M) last issued its quarterly earnings results on Wednesday, June 3rd. The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 quarter last year, the company posted $0.16 EPS. The company’s revenue for the quarter was up 1.8% on a year-over-year basis. As a group, equities analysts anticipate that Macy’s, Inc. will post 2.22 EPS for the current fiscal year.

Macy’s Announces Dividend

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

Insider Buying and Selling

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

About Macy’s

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.