Macy’s Inc. (M) Stake Reduced by BlackRock Advisors LLC
BlackRock Advisors LLC reduced its position in Macy’s Inc. (NYSE:M) by 53.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 746,239 shares of the company’s stock after selling 871,218 shares during the period. BlackRock Advisors LLC owned approximately 0.24% of Macy’s worth $25,081,000 as of its most recent filing with the SEC.
Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. increased its stake in shares of Macy’s by 25.1% in the second quarter. Vanguard Group Inc. now owns 23,202,656 shares of the company’s stock worth $779,840,000 after buying an additional 4,647,970 shares during the period. Norges Bank bought a new stake in shares of Macy’s during the fourth quarter worth approximately $112,377,000. Scopia Capital Management LP bought a new stake in shares of Macy’s during the first quarter worth approximately $106,608,000. Prudential PLC increased its stake in shares of Macy’s by 44.7% in the second quarter. Prudential PLC now owns 4,431,800 shares of the company’s stock worth $148,953,000 after buying an additional 1,369,500 shares during the period. Finally, Prudential Financial Inc. increased its stake in shares of Macy’s by 58.5% in the second quarter. Prudential Financial Inc. now owns 3,633,483 shares of the company’s stock worth $122,121,000 after buying an additional 1,341,083 shares during the period. 83.27% of the stock is owned by institutional investors and hedge funds.
Macy’s Inc. (NYSE:M) opened at 36.26 on Friday. 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 $11.19 billion, a PE ratio of 14.54 and a beta of 0.80. The firm’s 50-day moving average is $37.11 and its 200-day moving average is $37.03.
Macy’s (NYSE:M) last posted its quarterly earnings data on Thursday, August 11th. The company reported $0.54 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.45 by $0.09. The firm earned $5.87 billion during the quarter, compared to the consensus estimate of $5.73 billion. Macy’s had a net margin of 2.99% and a return on equity of 27.68%. The business’s revenue for the quarter was down 3.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.64 EPS. On average, analysts expect that Macy’s Inc. will post $3.36 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Thursday, September 15th will be issued a dividend of $0.3775 per share. This represents a $1.51 dividend on an annualized basis and a dividend yield of 4.16%. The ex-dividend date is Tuesday, September 13th. Macy’s’s dividend payout ratio (DPR) is presently 60.64%.
A number of equities research analysts have recently commented on M shares. Vetr upgraded Macy’s from a “hold” rating to a “buy” rating and set a $38.48 price objective for the company in a research report on Monday, September 12th. RBC Capital Markets reiterated a “sector perform” rating and set a $40.00 price objective (up previously from $35.00) on shares of Macy’s in a research report on Saturday, August 13th. Cowen and Company restated a “market perform” rating on shares of Macy’s in a report on Saturday, June 25th. Telsey Advisory Group increased their target price on Macy’s from $36.00 to $42.00 and gave the company a “market perform” rating in a report on Friday, August 12th. Finally, Zacks Investment Research lowered Macy’s from a “buy” rating to a “hold” rating in a report on Friday, August 5th. Two equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and nine have assigned a buy rating to the company’s stock. Macy’s presently has an average rating of “Hold” and an average price target of $44.22.
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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