Private Advisory Group LLC Acquires Shares of 63,327 Macy’s, Inc. $M

Private Advisory Group LLC bought a new position in shares of Macy’s, Inc. (NYSE:M) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 63,327 shares of the company’s stock, valued at approximately $1,396,000.

Other institutional investors have also modified their holdings of the company. Hennessy Advisors Inc. acquired a new position in Macy’s in the 3rd quarter valued at about $44,362,000. Y Intercept Hong Kong Ltd purchased a new position in shares of Macy’s in the 3rd quarter valued at approximately $3,307,000. Allianz Asset Management GmbH increased its holdings in shares of Macy’s by 2.1% in the third quarter. Allianz Asset Management GmbH now owns 3,223,138 shares of the company’s stock valued at $57,791,000 after purchasing an additional 65,395 shares during the period. SummerHaven Investment Management LLC purchased a new stake in shares of Macy’s during the third quarter worth approximately $1,192,000. Finally, Prudential Financial Inc. lifted its holdings in shares of Macy’s by 4.6% during the second quarter. Prudential Financial Inc. now owns 389,238 shares of the company’s stock worth $4,539,000 after purchasing an additional 17,209 shares during the period. 87.36% of the stock is owned by institutional investors and hedge funds.

Macy’s Stock Performance

NYSE:M opened at $17.95 on Monday. The firm’s fifty day simple moving average is $19.91 and its 200-day simple moving average is $20.16. The company has a quick ratio of 0.50, a current ratio of 1.49 and a debt-to-equity ratio of 0.50. The stock has a market cap of $4.77 billion, a PE ratio of 7.74 and a beta of 1.51. Macy’s, Inc. has a fifty-two week low of $9.76 and a fifty-two week high of $24.41.

Macy’s (NYSE:M) last announced its quarterly earnings data on Wednesday, March 18th. The company reported $1.67 EPS for the quarter, beating the consensus estimate of $1.55 by $0.12. Macy’s had a net margin of 2.84% and a return on equity of 14.22%. The firm had revenue of $7.92 billion during the quarter, compared to analysts’ expectations of $7.48 billion. During the same quarter last year, the business earned $1.80 earnings per share. The business’s revenue for the quarter was down 1.7% compared to the same quarter last year. Analysts expect that Macy’s, Inc. will post 2.39 earnings per share for the current fiscal year.

Macy’s Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Friday, March 13th will be issued a dividend of $0.1915 per share. This is a boost from Macy’s’s previous quarterly dividend of $0.18. This represents a $0.77 annualized dividend and a yield of 4.3%. The ex-dividend date of this dividend is Friday, March 13th. Macy’s’s payout ratio is presently 33.19%.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on M shares. JPMorgan Chase & Co. dropped their price objective on shares of Macy’s from $24.00 to $21.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 18th. UBS Group lifted their target price on shares of Macy’s from $8.00 to $9.00 and gave the company a “sell” rating in a report on Monday, March 9th. Evercore increased their price target on shares of Macy’s from $14.00 to $21.00 and gave the stock a “cautious” rating in a report on Friday, December 5th. Morgan Stanley raised their price objective on shares of Macy’s from $20.00 to $21.00 and gave the company an “equal weight” rating in a research report on Friday, December 5th. Finally, Guggenheim assumed coverage on Macy’s in a report on Tuesday, December 9th. They issued a “neutral” rating on the stock. One equities research analyst has rated the stock with a Buy rating, ten have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, Macy’s currently has a consensus rating of “Reduce” and a consensus target price of $18.90.

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.