Macy’s Inc (M) Shares Sold by Korea Investment CORP
Korea Investment CORP lowered its position in Macy’s Inc (NYSE:M) by 38.0% during the second quarter, Holdings Channel reports. The institutional investor owned 235,573 shares of the company’s stock after selling 144,310 shares during the period. Korea Investment CORP’s holdings in Macy’s were worth $5,475,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in Macy’s by 2.8% in the first quarter. Vanguard Group Inc. now owns 29,994,367 shares of the company’s stock worth $889,033,000 after buying an additional 825,309 shares in the last quarter. 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 worth $723,716,000 after buying an additional 23,514,600 shares in the last quarter. State Street Corp raised its position in Macy’s by 2.8% in the first quarter. State Street Corp now owns 14,715,484 shares of the company’s stock worth $436,170,000 after buying an additional 399,433 shares in the last quarter. American International Group Inc. raised its position in Macy’s by 1.2% in the first quarter. American International Group Inc. now owns 12,086,267 shares of the company’s stock worth $358,237,000 after buying an additional 147,156 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in Macy’s by 3.3% in the first quarter. Bank of New York Mellon Corp now owns 7,412,574 shares of the company’s stock worth $219,709,000 after buying an additional 234,641 shares in the last quarter. 84.30% of the stock is owned by hedge funds and other institutional investors.
Shares of Macy’s Inc (NYSE:M) opened at 20.62 on Friday. Macy’s Inc has a 52 week low of $20.16 and a 52 week high of $45.41. The company has a market capitalization of $6.28 billion, a PE ratio of 11.12 and a beta of 0.84. The firm’s 50-day moving average is $22.86 and its 200 day moving average is $26.87. Macy’s also saw some unusual options trading activity on Wednesday. Stock investors bought 33,975 call options on the stock. This represents an increase of 489% compared to the average daily volume of 5,766 call options.
Macy’s (NYSE:M) last issued its earnings results on Thursday, August 10th. The company reported $0.48 EPS for the quarter, beating the consensus estimate of $0.45 by $0.03. The company had revenue of $5.55 billion during the quarter, compared to analysts’ expectations of $5.52 billion. Macy’s had a net margin of 2.71% and a return on equity of 21.69%. The business’s revenue for the quarter was down 5.4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.51 EPS. On average, analysts anticipate that Macy’s Inc will post $3.33 earnings per share for the current fiscal year.
M has been the subject of a number of research analyst reports. Royal Bank Of Canada set a $23.00 target price on shares of Macy’s and gave the stock a “hold” rating in a research report on Friday. Goldman Sachs Group, Inc. (The) cut their target price on shares of Macy’s from $28.00 to $25.00 and set a “neutral” rating for the company in a research report on Wednesday, June 7th. Vetr raised shares of Macy’s from a “buy” rating to a “strong-buy” rating and set a $30.62 target price for the company in a research report on Thursday, May 11th. Gordon Haskett started coverage on shares of Macy’s in a research report on Tuesday, May 9th. They set a “hold” rating and a $29.00 price objective for the company. Finally, Bank of America Corporation cut their price objective on shares of Macy’s from $31.00 to $25.00 and set a “neutral” rating for the company in a research report on Friday, June 9th. 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 given a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $30.84.
In other news, insider Jeffrey Gennette bought 13,085 shares of the company’s stock in a transaction dated Monday, June 12th. The stock was bought at an average cost of $22.95 per share, for a total transaction of $300,300.75. Following the transaction, the insider now owns 89,053 shares of the company’s stock, valued at $2,043,766.35. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director William H. Lenehan bought 4,390 shares of the company’s stock in a transaction dated Thursday, June 15th. The stock was purchased at an average price of $22.72 per share, with a total value of $99,740.80. Following the completion of the transaction, the director now directly owns 5,968 shares in the company, valued at approximately $135,592.96. The disclosure for this purchase can be found here. 1.40% of the stock is currently owned by 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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