Elkfork Partners LLC decreased its position in Macy's Inc (NYSE:M) by 50.3% in the 4th quarter, HoldingsChannel reports. The fund owned 120,208 shares of the company’s stock after selling 121,418 shares during the quarter. Elkfork Partners LLC’s holdings in Macy's were worth $3,028,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Raymond James & Associates grew its stake in shares of Macy's by 147.2% in the 4th quarter. Raymond James & Associates now owns 309,016 shares of the company’s stock worth $7,784,000 after acquiring an additional 184,002 shares in the last quarter. California State Teachers Retirement System grew its position in Macy's by 7.7% during the fourth quarter. California State Teachers Retirement System now owns 599,936 shares of the company’s stock valued at $15,112,000 after buying an additional 42,796 shares during the period. Stone Ridge Asset Management LLC bought a new position in Macy's during the fourth quarter valued at about $2,255,000. Guggenheim Capital LLC grew its position in Macy's by 22.3% during the fourth quarter. Guggenheim Capital LLC now owns 2,034,800 shares of the company’s stock valued at $51,255,000 after buying an additional 371,533 shares during the period. Finally, Virtue Capital Management LLC bought a new position in Macy's during the fourth quarter valued at about $732,000. Hedge funds and other institutional investors own 86.85% of the company’s stock.
Several equities analysts recently weighed in on the stock. Credit Suisse Group assumed coverage on shares of Macy's in a research report on Monday, March 12th. They set a “neutral” rating and a $31.00 price target for the company. ValuEngine upgraded shares of Macy's from a “hold” rating to a “buy” rating in a research report on Thursday, March 1st. BMO Capital Markets increased their price target on shares of Macy's from $38.00 to $42.00 and gave the company an “outperform” rating in a research report on Thursday, March 1st. Zacks Investment Research upgraded shares of Macy's from a “hold” rating to a “buy” rating and set a $28.00 price target for the company in a research report on Wednesday, January 10th. Finally, Royal Bank of Canada set a $26.00 price target on shares of Macy's and gave the company a “hold” rating in a research report on Friday, January 19th. Two equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $26.60.
Macy's (NYSE:M) last announced its quarterly earnings results on Tuesday, February 27th. The company reported $2.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.71 by $0.11. Macy's had a net margin of 6.23% and a return on equity of 24.93%. The firm had revenue of $8.67 billion for the quarter, compared to the consensus estimate of $8.70 billion. During the same period in the prior year, the firm posted $2.02 earnings per share. The company’s revenue for the quarter was up 1.8% on a year-over-year basis. research analysts predict that Macy's Inc will post 3.63 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, April 2nd. Stockholders of record on Thursday, March 15th will be issued a $0.3775 dividend. This represents a $1.51 dividend on an annualized basis and a dividend yield of 5.55%. The ex-dividend date is Wednesday, March 14th. Macy's’s payout ratio is 29.96%.
In other news, Director Deirdre P. Connelly sold 9,092 shares of the stock in a transaction dated Thursday, March 8th. The shares were sold at an average price of $29.25, for a total value of $265,941.00. Following the sale, the director now directly owns 16,184 shares of the company’s stock, valued at $473,382. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Marna C. Whittington sold 20,000 shares of the stock in a transaction dated Friday, March 2nd. The stock was sold at an average price of $30.30, for a total transaction of $606,000.00. Following the completion of the sale, the director now directly owns 54,834 shares in the company, valued at $1,661,470.20. The disclosure for this sale can be found here. Over the last three months, insiders sold 106,607 shares of company stock worth $3,150,407. Insiders own 1.40% of the company’s stock.
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Macy's Company Profile
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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