CIBC Asset Management Inc lowered its position in Macy’s Inc (NYSE:M) by 23.6% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 32,867 shares of the company’s stock after selling 10,153 shares during the period. CIBC Asset Management Inc’s holdings in Macy’s were worth $511,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in M. Yacktman Asset Management LP acquired a new stake in shares of Macy’s in the 2nd quarter worth approximately $237,280,000. Invesco Ltd. grew its holdings in shares of Macy’s by 62.2% in the 2nd quarter. Invesco Ltd. now owns 5,600,515 shares of the company’s stock worth $120,187,000 after acquiring an additional 2,148,243 shares during the period. Nuveen Asset Management LLC purchased a new stake in Macy’s in the 2nd quarter valued at approximately $24,810,000. Prudential Financial Inc. lifted its stake in Macy’s by 27.8% in the 2nd quarter. Prudential Financial Inc. now owns 4,474,936 shares of the company’s stock valued at $96,032,000 after buying an additional 973,117 shares in the last quarter. Finally, BlackRock Inc. lifted its stake in Macy’s by 1.9% in the 2nd quarter. BlackRock Inc. now owns 30,631,976 shares of the company’s stock valued at $657,361,000 after buying an additional 558,052 shares in the last quarter. Institutional investors and hedge funds own 83.96% of the company’s stock.
Shares of Macy’s stock opened at $15.88 on Friday. Macy’s Inc has a fifty-two week low of $14.11 and a fifty-two week high of $38.35. The firm has a market cap of $5.16 billion, a PE ratio of 3.80, a P/E/G ratio of 0.78 and a beta of 0.63. The business’s fifty day moving average is $15.43 and its two-hundred day moving average is $19.13. The company has a quick ratio of 0.34, a current ratio of 1.47 and a debt-to-equity ratio of 1.19.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be paid a dividend of $0.3775 per share. This represents a $1.51 dividend on an annualized basis and a dividend yield of 9.51%. The ex-dividend date is Thursday, December 12th. This is a positive change from Macy’s’s previous quarterly dividend of $0.38. Macy’s’s dividend payout ratio is currently 36.12%.
A number of equities research analysts recently issued reports on M shares. Telsey Advisory Group reaffirmed a “market perform” rating and issued a $18.00 target price (down previously from $25.00) on shares of Macy’s in a research note on Thursday, August 15th. Zacks Investment Research raised Macy’s from a “hold” rating to a “buy” rating and set a $17.00 target price on the stock in a research note on Wednesday, October 16th. Credit Suisse Group lowered Macy’s from a “neutral” rating to an “underperform” rating and reduced their target price for the company from $19.00 to $12.00 in a research note on Friday, October 18th. Guggenheim lowered Macy’s from a “buy” rating to a “neutral” rating in a research note on Friday, August 23rd. Finally, JPMorgan Chase & Co. lowered Macy’s from a “neutral” rating to an “underweight” rating in a research note on Wednesday, August 14th. Five analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $20.75.
In other Macy’s news, insider C Elisa D. Garcia sold 5,089 shares of the stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $15.48, for a total transaction of $78,777.72. Following the transaction, the insider now owns 16,825 shares of the company’s stock, valued at approximately $260,451. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.55% of the company’s stock.
Macy’s Company Profile
Macy's, Inc, an omnichannel retail organization, operates stores, Websites, and mobile applications. The company sells a range of merchandise, including apparel and accessories for men, women, and children; cosmetics; home furnishings; and other consumer goods. As of April 1, 2019, it operated approximately 680 department stores under the Macy's and Bloomingdale's names; and 190 specialty stores, such as Bloomingdale's The Outlet, Bluemercury, Macy's Backstage, and STORY in 43 states, the District of Columbia, Guam, and Puerto Rico.
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