Macy’s, Inc. (NYSE:M) Shares Purchased by OLD National Bancorp IN

OLD National Bancorp IN boosted its position in Macy’s, Inc. (NYSE:M) by 5.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 84,000 shares of the company’s stock after acquiring an additional 4,000 shares during the quarter. OLD National Bancorp IN’s holdings in Macy’s were worth $1,690,000 as of its most recent filing with the Securities and Exchange Commission.

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 7.8% in the third quarter. Vanguard Group Inc. now owns 36,381,604 shares of the company’s stock valued at $422,390,000 after purchasing an additional 2,645,577 shares during the period. Deutsche Bank AG raised its position in Macy’s by 260.8% in the third quarter. Deutsche Bank AG now owns 2,547,529 shares of the company’s stock valued at $29,577,000 after purchasing an additional 1,841,432 shares during the period. Mitsubishi UFJ Trust & Banking Corp raised its position in Macy’s by 15.7% in the third quarter. Mitsubishi UFJ Trust & Banking Corp now owns 544,534 shares of the company’s stock valued at $6,322,000 after purchasing an additional 73,924 shares during the period. American Century Companies Inc. raised its position in Macy’s by 20.8% in the third quarter. American Century Companies Inc. now owns 3,287,930 shares of the company’s stock valued at $38,173,000 after purchasing an additional 565,269 shares during the period. Finally, SG Americas Securities LLC purchased a new position in Macy’s in the fourth quarter valued at about $6,021,000. Institutional investors and hedge funds own 87.36% of the company’s stock.

Macy’s Stock Up 1.2 %

Shares of Macy’s stock opened at $18.75 on Tuesday. The company has a quick ratio of 0.39, a current ratio of 1.37 and a debt-to-equity ratio of 0.72. The firm has a market cap of $5.16 billion, a P/E ratio of 50.66 and a beta of 2.15. Macy’s, Inc. has a fifty-two week low of $10.54 and a fifty-two week high of $22.10. The business has a 50-day moving average price of $19.68 and a 200 day moving average price of $17.35.

Macy’s (NYSE:M) last announced its quarterly earnings data on Tuesday, February 27th. The company reported $2.45 earnings per share for the quarter, beating the consensus estimate of $1.98 by $0.47. The firm had revenue of $8.12 billion during the quarter, compared to analyst estimates of $8.07 billion. Macy’s had a return on equity of 23.34% and a net margin of 0.45%. Macy’s’s quarterly revenue was down 1.7% on a year-over-year basis. During the same period in the previous year, the company earned $1.88 earnings per share. On average, sell-side analysts forecast that Macy’s, Inc. will post 2.57 earnings per share for the current fiscal year.

Macy’s Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 15th were issued a $0.1737 dividend. This is a positive change from Macy’s’s previous quarterly dividend of $0.17. This represents a $0.69 annualized dividend and a yield of 3.71%. The ex-dividend date was Thursday, March 14th. Macy’s’s payout ratio is currently 186.49%.

Analyst Ratings Changes

Several research analysts have commented on M shares. The Goldman Sachs Group raised their price objective on Macy’s from $16.00 to $22.00 and gave the company a “buy” rating in a research report on Wednesday, February 28th. TD Cowen lowered Macy’s from an “outperform” rating to a “market perform” rating and cut their price objective for the company from $23.00 to $20.00 in a research report on Thursday, February 29th. Morgan Stanley dropped their target price on Macy’s from $21.00 to $20.00 and set an “equal weight” rating on the stock in a research report on Wednesday, February 28th. Citigroup raised Macy’s from a “sell” rating to a “neutral” rating and lifted their target price for the stock from $14.00 to $18.00 in a research report on Friday, February 2nd. Finally, JPMorgan Chase & Co. lifted their target price on Macy’s from $23.00 to $25.00 and gave the stock an “overweight” rating in a research report on Monday, March 18th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, Macy’s currently has an average rating of “Hold” and a consensus price target of $17.45.

Insider Buying and Selling at Macy’s

In other Macy’s news, CEO Antony Spring sold 14,859 shares of Macy’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $19.63, for a total value of $291,682.17. Following the completion of the transaction, the chief executive officer now directly owns 248,897 shares in the company, valued at $4,885,848.11. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Macy’s news, CEO Antony Spring sold 14,859 shares of Macy’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $19.63, for a total value of $291,682.17. Following the completion of the transaction, the chief executive officer now directly owns 248,897 shares in the company, valued at $4,885,848.11. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Paul Griscom sold 2,969 shares of Macy’s stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $20.43, for a total value of $60,656.67. Following the completion of the transaction, the senior vice president now owns 21,436 shares of the company’s stock, valued at $437,937.48. The disclosure for this sale can be found here. Insiders sold a total of 218,424 shares of company stock worth $4,405,507 over the last ninety days. Company insiders own 1.52% of the company’s stock.

About Macy’s

Macy's, Inc, an omni-channel retail organization, operates stores, websites, and mobile applications in the United States. The company sells a range of merchandise, such as apparel and accessories for men, women, and kids; cosmetics; home furnishings; and other consumer goods under the Macy's, Bloomingdale's, and bluemercury brands.