SummerHaven Investment Management LLC Has $866,000 Stock Position in Macy’s, Inc. (NYSE:M)

SummerHaven Investment Management LLC lifted its stake in Macy’s, Inc. (NYSE:M) by 1.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 43,046 shares of the company’s stock after acquiring an additional 554 shares during the period. SummerHaven Investment Management LLC’s holdings in Macy’s were worth $866,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. CWM LLC boosted its stake in Macy’s by 241.3% during the third quarter. CWM LLC now owns 6,663 shares of the company’s stock worth $77,000 after buying an additional 4,711 shares in the last quarter. Cumberland Advisors Inc. boosted its stake in Macy’s by 1.7% during the third quarter. Cumberland Advisors Inc. now owns 116,510 shares of the company’s stock worth $1,353,000 after buying an additional 2,000 shares in the last quarter. Robeco Institutional Asset Management B.V. boosted its stake in Macy’s by 15.4% during the third quarter. Robeco Institutional Asset Management B.V. now owns 144,926 shares of the company’s stock worth $1,683,000 after buying an additional 19,377 shares in the last quarter. Pinnacle Associates Ltd. lifted its holdings in shares of Macy’s by 16.9% during the third quarter. Pinnacle Associates Ltd. now owns 24,390 shares of the company’s stock valued at $283,000 after acquiring an additional 3,522 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Macy’s by 8.9% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 48,718 shares of the company’s stock valued at $566,000 after acquiring an additional 3,961 shares during the period. Institutional investors and hedge funds own 87.36% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently issued reports on M. Morgan Stanley lowered their target price on Macy’s from $21.00 to $20.00 and set an “equal weight” rating for the company in a research note on Wednesday, February 28th. JPMorgan Chase & Co. increased their target price on Macy’s from $23.00 to $25.00 and gave the stock an “overweight” rating in a research note on Monday, March 18th. TD Cowen cut Macy’s from an “outperform” rating to a “market perform” rating and lowered their target price for the stock from $23.00 to $20.00 in a research note on Thursday, February 29th. Citigroup raised Macy’s from a “sell” rating to a “neutral” rating and increased their target price for the stock from $14.00 to $18.00 in a research note on Friday, February 2nd. Finally, The Goldman Sachs Group raised their price target on shares of Macy’s from $16.00 to $22.00 and gave the stock a “buy” rating in a research note on Wednesday, February 28th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $17.45.

Macy’s Stock Up 0.8 %

Shares of NYSE M traded up $0.15 during trading hours on Monday, hitting $18.58. The company had a trading volume of 1,027,783 shares, compared to its average volume of 7,732,894. The stock has a market capitalization of $5.11 billion, a P/E ratio of 49.81 and a beta of 2.15. The company has a quick ratio of 0.39, a current ratio of 1.37 and a debt-to-equity ratio of 0.72. Macy’s, Inc. has a 1-year low of $10.54 and a 1-year high of $22.10. The firm’s 50 day moving average is $19.63 and its 200-day moving average is $17.57.

Macy’s (NYSE:M) last announced its quarterly 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. Macy’s had a return on equity of 23.34% and a net margin of 0.45%. The business had revenue of $8.12 billion during the quarter, compared to the consensus estimate of $8.07 billion. During the same quarter last year, the firm posted $1.88 EPS. The company’s quarterly revenue was down 1.7% on a year-over-year basis. On average, analysts expect that Macy’s, Inc. will post 2.57 earnings per share for the current fiscal year.

Macy’s Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 15th were given a $0.1737 dividend. This represents a $0.69 dividend on an annualized basis and a yield of 3.74%. The ex-dividend date of this dividend was Thursday, March 14th. This is a boost from Macy’s’s previous quarterly dividend of $0.17. Macy’s’s payout ratio is currently 186.49%.

Insider Buying and Selling at Macy’s

In related news, SVP Paul Griscom sold 2,969 shares of Macy’s stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $20.43, for a total value of $60,656.67. Following the transaction, the senior vice president now directly owns 21,436 shares of the company’s stock, valued at $437,937.48. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, SVP Paul Griscom sold 2,969 shares of the business’s stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $20.43, for a total transaction of $60,656.67. Following the completion of the sale, the senior vice president now owns 21,436 shares in the company, valued at $437,937.48. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Antony Spring sold 14,859 shares of the company’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $19.63, for a total value of $291,682.17. Following the sale, the chief executive officer now owns 248,897 shares of the company’s stock, valued at approximately $4,885,848.11. The disclosure for this sale can be found here. Insiders have sold a total of 218,424 shares of company stock worth $4,405,507 over the last 90 days. Insiders own 1.52% of the company’s stock.

Macy’s Company 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.