Paul Griscom Sells 745 Shares of Macy’s (NYSE:M) Stock

Macy’s, Inc. (NYSE:M) SVP Paul Griscom sold 745 shares of the firm’s stock in a transaction dated Monday, April 6th. The shares were sold at an average price of $17.92, for a total value of $13,350.40. Following the transaction, the senior vice president owned 35,450 shares in the company, valued at approximately $635,264. This trade represents a 2.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Paul Griscom also recently made the following trade(s):

• On Wednesday, April 1st, Paul Griscom sold 490 shares of Macy’s stock. The shares were sold at an average price of $18.08, for a total value of $8,859.20.

Macy’s Stock Down 0.2%

NYSE M traded down $0.03 during trading on Tuesday, hitting $18.10. 4,733,326 shares of the company traded hands, compared to its average volume of 7,639,447. Macy’s, Inc. has a 12 month low of $9.76 and a 12 month high of $24.41. The business has a fifty day simple moving average of $19.55 and a 200 day simple moving average of $20.19. The company has a current ratio of 1.49, a quick ratio of 0.50 and a debt-to-equity ratio of 0.50. The company has a market capitalization of $4.77 billion, a P/E ratio of 7.80 and a beta of 1.51.

Macy’s (NYSE:M) last posted its earnings results on Wednesday, March 18th. The company reported $1.67 earnings per share for the quarter, beating the consensus estimate of $1.55 by $0.12. Macy’s had a return on equity of 14.22% and a net margin of 2.84%.The company had revenue of $7.92 billion for the quarter, compared to analyst estimates of $7.48 billion. During the same period last year, the company earned $1.80 earnings per share. The business’s revenue was down 1.7% compared to the same quarter last year. As a group, sell-side analysts predict that Macy’s, Inc. will post 2.39 EPS for the current year.

Macy’s Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th were issued a dividend of $0.1915 per share. This represents a $0.77 annualized dividend and a yield of 4.2%. This is an increase from Macy’s’s previous quarterly dividend of $0.18. The ex-dividend date was Friday, March 13th. Macy’s’s dividend payout ratio is 33.19%.

Institutional Investors Weigh In On Macy’s

A number of institutional investors have recently added to or reduced their stakes in M. Norges Bank acquired a new stake in Macy’s during the fourth quarter worth about $85,020,000. Marshall Wace LLP acquired a new stake in Macy’s during the fourth quarter worth about $69,562,000. Goldman Sachs Group Inc. grew its position in Macy’s by 67.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 6,823,034 shares of the company’s stock worth $150,448,000 after buying an additional 2,750,115 shares in the last quarter. Invesco Ltd. grew its position in Macy’s by 160.5% during the second quarter. Invesco Ltd. now owns 4,283,107 shares of the company’s stock worth $49,941,000 after buying an additional 2,639,132 shares in the last quarter. Finally, Hennessy Advisors Inc. acquired a new stake in Macy’s during the third quarter worth about $44,362,000. 87.36% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have recently commented on M shares. UBS Group lifted their price objective on Macy’s from $8.00 to $9.00 and gave the stock a “sell” rating in a research note on Monday, March 9th. TD Cowen dropped their price objective on Macy’s from $21.00 to $20.00 and set a “hold” rating on the stock in a research note on Thursday, March 19th. Citigroup dropped their price objective on Macy’s from $24.00 to $18.00 and set a “neutral” rating on the stock in a research note on Thursday, March 19th. Zacks Research lowered Macy’s from a “hold” rating to a “strong sell” rating in a research note on Friday, March 13th. Finally, Telsey Advisory Group reiterated a “market perform” rating and issued a $20.00 price objective on shares of Macy’s in a research note on Wednesday, April 1st. One investment analyst has rated the stock with a Buy rating, ten have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the company 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.