Park Avenue Securities LLC Raises Holdings in Macy’s Inc (M)

Park Avenue Securities LLC raised its stake in Macy’s Inc (NYSE:M) by 33.2% in the third quarter, HoldingsChannel.com reports. The firm owned 8,045 shares of the company’s stock after acquiring an additional 2,006 shares during the period. Park Avenue Securities LLC’s holdings in Macy’s were worth $279,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. CIBC Private Wealth Group LLC raised its stake in shares of Macy’s by 8,081.8% in the 2nd quarter. CIBC Private Wealth Group LLC now owns 99,981 shares of the company’s stock valued at $3,742,000 after buying an additional 98,759 shares in the last quarter. Van ECK Associates Corp raised its stake in shares of Macy’s by 11.4% in the 2nd quarter. Van ECK Associates Corp now owns 26,239 shares of the company’s stock valued at $982,000 after buying an additional 2,694 shares in the last quarter. Beese Fulmer Investment Management Inc. acquired a new position in shares of Macy’s in the 2nd quarter valued at $212,000. Zacks Investment Management raised its stake in shares of Macy’s by 2.1% in the 2nd quarter. Zacks Investment Management now owns 763,155 shares of the company’s stock valued at $28,565,000 after buying an additional 15,815 shares in the last quarter. Finally, Tradition Capital Management LLC acquired a new position in shares of Macy’s in the 2nd quarter valued at $225,000. 91.27% of the stock is owned by hedge funds and other institutional investors.

Shares of Macy’s stock opened at $37.79 on Friday. The stock has a market cap of $11.37 billion, a P/E ratio of 10.02, a PEG ratio of 1.11 and a beta of 0.62. The company has a quick ratio of 0.43, a current ratio of 1.53 and a debt-to-equity ratio of 0.93. Macy’s Inc has a 12-month low of $17.80 and a 12-month high of $41.99.

Macy’s (NYSE:M) last announced its earnings results on Wednesday, August 15th. The company reported $0.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.50 by $0.20. The business had revenue of $5.57 billion during the quarter, compared to analysts’ expectations of $5.55 billion. Macy’s had a net margin of 6.65% and a return on equity of 23.55%. The firm’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same quarter last year, the company posted $0.48 EPS. As a group, equities research analysts forecast that Macy’s Inc will post 3.93 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 2nd. Shareholders of record on Friday, December 14th will be given a $0.3775 dividend. This represents a $1.51 annualized dividend and a yield of 4.00%. The ex-dividend date is Thursday, December 13th. Macy’s’s payout ratio is presently 40.05%.

A number of equities analysts have recently issued reports on M shares. Zacks Investment Research upgraded shares of Macy’s from a “hold” rating to a “buy” rating and set a $41.00 price objective for the company in a research note on Wednesday, July 18th. Deutsche Bank increased their price objective on shares of Macy’s from $33.00 to $35.00 and gave the company a “hold” rating in a research note on Thursday, August 16th. Royal Bank of Canada set a $39.00 price objective on shares of Macy’s and gave the company a “hold” rating in a research note on Thursday, August 16th. Standpoint Research cut shares of Macy’s from a “buy” rating to a “hold” rating in a research note on Friday, August 10th. Finally, Cowen increased their target price on shares of Macy’s from $35.00 to $37.00 and gave the stock a “market perform” rating in a research report on Thursday, August 16th. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $34.37.

In other Macy’s news, President Harry A. Lawton III sold 28,684 shares of the firm’s stock in a transaction dated Monday, September 10th. The shares were sold at an average price of $36.05, for a total value of $1,034,058.20. Following the completion of the sale, the president now owns 54,722 shares in the company, valued at approximately $1,972,728.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director William H. Lenehan acquired 2,092 shares of the stock in a transaction on Friday, August 17th. The stock was bought at an average price of $35.78 per share, with a total value of $74,851.76. Following the transaction, the director now directly owns 8,060 shares in the company, valued at approximately $288,386.80. The disclosure for this purchase can be found here. Company insiders own 2.36% of the company’s stock.

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Macy’s Company Profile

Macy's, Inc, an omni-channel retail organization, operates stores, Websites, and mobile applications. The company sells a range of merchandise, such as apparel and accessories for men, women, and children; cosmetics; home furnishings; and other consumer goods. As of April 4, 2018, it operated approximately 690 department stores under the Macy's and Bloomingdale's brands; 160 specialty stores under the Bloomingdale's The Outlet, Bluemercury, and Macy's Backstage brands in the District of Columbia, Guam, and Puerto Rico; and Websites, including macys.com, bloomingdales.com, and bluemercury.com.

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Institutional Ownership by Quarter for Macy`s (NYSE:M)

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