Gluskin Sheff & Assoc Inc. Cuts Stake in Macy’s Inc. (M)
Gluskin Sheff & Assoc Inc. lowered its stake in Macy’s Inc. (NYSE:M) by 11.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 362,612 shares of the company’s stock after selling 47,891 shares during the period. Gluskin Sheff & Assoc Inc.’s holdings in Macy’s were worth $12,187,000 as of its most recent filing with the SEC.
Other institutional investors also recently bought and sold shares of the company. State Street Corp increased its position in shares of Macy’s by 0.3% in the first quarter. State Street Corp now owns 13,766,498 shares of the company’s stock valued at $606,956,000 after buying an additional 39,136 shares during the last quarter. Marcato Capital Management LP boosted its stake in Macy’s by 12.5% in the first quarter. Marcato Capital Management LP now owns 2,514,826 shares of the company’s stock valued at $110,879,000 after buying an additional 280,335 shares during the period. Scopia Capital Management LP purchased a new stake in Macy’s during the first quarter valued at approximately $106,608,000. JPMorgan Chase & Co. boosted its stake in Macy’s by 155.9% in the first quarter. JPMorgan Chase & Co. now owns 2,088,466 shares of the company’s stock valued at $92,081,000 after buying an additional 1,272,413 shares during the period. Finally, Legal & General Group Plc boosted its stake in Macy’s by 4.8% in the first quarter. Legal & General Group Plc now owns 1,646,581 shares of the company’s stock valued at $72,594,000 after buying an additional 76,151 shares during the period. Institutional investors and hedge funds own 83.27% of the company’s stock.
Shares of Macy’s Inc. (NYSE:M) traded up 2.366% during trading on Wednesday, reaching $37.425. The company’s stock had a trading volume of 4,481,684 shares. Macy’s Inc. has a 12 month low of $29.94 and a 12 month high of $52.48. The firm has a market cap of $11.54 billion, a PE ratio of 15.006 and a beta of 0.89. The stock’s 50 day moving average price is $37.14 and its 200-day moving average price is $36.49.
Macy’s (NYSE:M) last issued its earnings results on Thursday, August 11th. The company reported $0.54 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.45 by $0.09. The company earned $5.87 billion during the quarter, compared to the consensus estimate of $5.73 billion. Macy’s had a return on equity of 27.68% and a net margin of 2.99%. The firm’s revenue for the quarter was down 3.9% compared to the same quarter last year. During the same period last year, the business posted $0.64 EPS. Equities analysts predict that Macy’s Inc. will post $3.36 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, October 3rd. Stockholders of record on Thursday, September 15th were paid a $0.3775 dividend. The ex-dividend date of this dividend was Tuesday, September 13th. This represents a $1.51 annualized dividend and a dividend yield of 4.13%. Macy’s’s dividend payout ratio is presently 60.64%.
Several research firms have recently commented on M. Stifel Nicolaus reissued a “hold” rating on shares of Macy’s in a research note on Thursday, August 11th. Zacks Investment Research raised Macy’s from a “sell” rating to a “hold” rating and set a $40.00 target price for the company in a research note on Tuesday, July 26th. Standpoint Research began coverage on Macy’s in a research note on Thursday, August 25th. They issued a “buy” rating and a $72.00 target price for the company. Vetr cut Macy’s from a “hold” rating to a “sell” rating and set a $35.17 target price for the company. in a research note on Monday, September 5th. Finally, Deutsche Bank AG lifted their target price on Macy’s from $37.00 to $40.00 and gave the company a “hold” rating in a research note on Friday, August 12th. Two investment analysts have rated the stock with a sell rating, eighteen have assigned a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $43.98.
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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