General American Investors Co. Inc. Continues to Hold Stake in Macy’s Inc (M)
General American Investors Co. Inc. maintained its position in Macy’s Inc (NYSE:M) during the second quarter, Holdings Channel reports. The institutional investor owned 345,000 shares of the company’s stock at the end of the second quarter. General American Investors Co. Inc.’s holdings in Macy’s were worth $8,018,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in M. BlackRock Inc. raised its position in Macy’s by 2,606.3% in the first quarter. BlackRock Inc. now owns 24,416,816 shares of the company’s stock valued at $723,716,000 after buying an additional 23,514,600 shares during the period. Levin Capital Strategies L.P. purchased a new position in Macy’s during the first quarter valued at approximately $73,163,000. Morgan Stanley raised its position in Macy’s by 50.0% in the first quarter. Morgan Stanley now owns 3,772,472 shares of the company’s stock valued at $111,817,000 after buying an additional 1,258,024 shares during the period. OppenheimerFunds Inc. raised its position in Macy’s by 114.2% in the first quarter. OppenheimerFunds Inc. now owns 2,068,938 shares of the company’s stock valued at $61,324,000 after buying an additional 1,102,887 shares during the period. Finally, State of New Jersey Common Pension Fund D raised its position in Macy’s by 1,095.5% in the second quarter. State of New Jersey Common Pension Fund D now owns 1,189,500 shares of the company’s stock valued at $27,644,000 after buying an additional 1,090,000 shares during the period. 84.30% of the stock is currently owned by institutional investors.
Shares of Macy’s Inc (NYSE M) opened at 23.03 on Thursday. Macy’s Inc has a 52-week low of $20.85 and a 52-week high of $45.41. The stock has a market capitalization of $7.01 billion, a P/E ratio of 12.42 and a beta of 0.84. The firm’s 50-day moving average price is $22.93 and its 200-day moving average price is $26.98.
Macy’s (NYSE:M) last issued its quarterly earnings results on Thursday, May 11th. The company reported $0.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by $0.12. Macy’s had a net margin of 2.26% and a return on equity of 22.37%. The firm had revenue of $5.34 billion for the quarter, compared to analyst estimates of $5.49 billion. During the same quarter last year, the business posted $0.40 earnings per share. The firm’s revenue for the quarter was down 7.5% compared to the same quarter last year. Equities analysts forecast that Macy’s Inc will post $3.29 earnings per share for the current fiscal year.
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Several research analysts have commented on M shares. Vetr raised Macy’s from a “buy” rating to a “strong-buy” rating and set a $30.62 price target on the stock in a research report on Thursday, May 11th. Wunderlich reissued a “buy” rating and issued a $24.00 target price on shares of Macy’s in a report on Friday, May 5th. Zacks Investment Research raised Macy’s from a “sell” rating to a “hold” rating in a report on Tuesday, May 9th. Telsey Advisory Group dropped their target price on Macy’s from $36.00 to $30.00 and set an “outperform” rating on the stock in a report on Friday, May 12th. Finally, BidaskClub raised Macy’s from a “sell” rating to a “hold” rating in a report on Wednesday, July 19th. Two analysts have rated the stock with a sell rating, nineteen have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $32.11.
In other news, Director William H. Lenehan purchased 4,390 shares of the stock in a transaction dated Thursday, June 15th. The shares were bought at an average cost of $22.72 per share, for a total transaction of $99,740.80. Following the transaction, the director now owns 5,968 shares in the company, valued at $135,592.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jeffrey Gennette purchased 13,085 shares of the stock in a transaction dated Monday, June 12th. The shares were purchased at an average price of $22.95 per share, for a total transaction of $300,300.75. Following the completion of the transaction, the insider now owns 89,053 shares in the company, valued at approximately $2,043,766.35. The disclosure for this purchase can be found here. 1.40% of the stock is currently owned by company insiders.
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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