Atalanta Sosnoff Capital LLC Decreases Position in Macy’s Inc. (M)
Atalanta Sosnoff Capital LLC decreased its stake in shares of Macy’s Inc. (NYSE:M) by 2.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,420 shares of the company’s stock after selling 600 shares during the period. Atalanta Sosnoff Capital LLC’s holdings in Macy’s were worth $888,000 as of its most recent SEC filing.
Several other institutional investors have also recently made changes to their positions in M. Norges Bank bought a new stake in shares of Macy’s during the fourth quarter worth $112,377,000. Scopia Capital Management LP bought a new stake in shares of Macy’s during the first quarter worth $106,608,000. JPMorgan Chase & Co. increased its stake in shares of Macy’s by 155.9% in the first quarter. JPMorgan Chase & Co. now owns 2,088,466 shares of the company’s stock worth $92,081,000 after buying an additional 1,272,413 shares during the last quarter. Bank of Montreal Can bought a new stake in shares of Macy’s during the second quarter worth $31,195,000. Finally, Douglas Lane & Associates LLC bought a new stake in shares of Macy’s during the first quarter worth $40,248,000. Hedge funds and other institutional investors own 83.27% of the company’s stock.
Shares of Macy’s Inc. (NYSE:M) traded up 3.00% during mid-day trading on Wednesday, hitting $36.01. The stock had a trading volume of 7,009,324 shares. The stock has a 50 day moving average price of $37.03 and a 200-day moving average price of $37.04. Macy’s Inc. has a 52-week low of $29.94 and a 52-week high of $53.11. The company has a market cap of $11.11 billion, a PE ratio of 14.44 and a beta of 0.80.
Macy’s (NYSE:M) last announced its earnings results on Thursday, August 11th. The company reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.45 by $0.09. The firm earned $5.87 billion during the quarter, compared to analysts’ expectations of $5.73 billion. Macy’s had a return on equity of 27.68% and a net margin of 2.99%. The business’s revenue was down 3.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.64 EPS. On average, equities analysts expect that Macy’s Inc. will post $3.36 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 3rd. Investors of record on Thursday, September 15th will be given a $0.3775 dividend. The ex-dividend date is Tuesday, September 13th. This represents a $1.51 dividend on an annualized basis and a dividend yield of 4.19%. Macy’s’s dividend payout ratio (DPR) is presently 60.64%.
M has been the topic of a number of recent research reports. Goldman Sachs Group Inc. reaffirmed a “neutral” rating and set a $34.00 price objective on shares of Macy’s in a research report on Monday, August 1st. Zacks Investment Research raised Macy’s from a “hold” rating to a “buy” rating and set a $45.00 price objective on the stock in a research report on Tuesday, August 16th. Vetr downgraded Macy’s from a “hold” rating to a “sell” rating and set a $34.25 price objective on the stock. in a research report on Tuesday, July 12th. Citigroup Inc. raised Macy’s from a “neutral” rating to a “buy” rating and raised their price objective for the company from $35.42 to $44.00 in a research report on Wednesday, September 14th. Finally, Deutsche Bank AG raised their price target on Macy’s from $35.00 to $37.00 and gave the stock a “hold” rating in a report on Monday, July 25th. Two investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and nine have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $44.22.
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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