Macy’s, Inc. (NYSE:M) Shares Purchased by Gabelli Funds LLC

Gabelli Funds LLC increased its holdings in Macy’s, Inc. (NYSE:M) by 16.2% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 159,750 shares of the company’s stock after acquiring an additional 22,250 shares during the period. Gabelli Funds LLC owned approximately 0.06% of Macy’s worth $3,193,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in M. Glassman Wealth Services grew its holdings in shares of Macy’s by 154.5% during the 4th quarter. Glassman Wealth Services now owns 1,224 shares of the company’s stock worth $25,000 after purchasing an additional 743 shares during the period. Lindbrook Capital LLC increased its position in shares of Macy’s by 253.1% during the fourth quarter. Lindbrook Capital LLC now owns 1,317 shares of the company’s stock valued at $26,000 after acquiring an additional 944 shares during the last quarter. Riverview Trust Co purchased a new stake in shares of Macy’s in the 1st quarter valued at approximately $27,000. Fidelis Capital Partners LLC acquired a new position in shares of Macy’s in the 1st quarter worth approximately $42,000. Finally, Future Financial Wealth Managment LLC purchased a new position in shares of Macy’s during the 1st quarter worth approximately $50,000. Institutional investors and hedge funds own 87.36% of the company’s stock.

Macy’s Price Performance

NYSE:M traded up $0.11 during mid-day trading on Friday, reaching $16.57. 4,790,606 shares of the stock were exchanged, compared to its average volume of 6,688,429. The company has a current ratio of 1.38, a quick ratio of 0.35 and a debt-to-equity ratio of 0.72. The business has a fifty day moving average price of $18.51 and a 200 day moving average price of $19.00. Macy’s, Inc. has a 1-year low of $10.54 and a 1-year high of $22.10. The firm has a market capitalization of $4.58 billion, a PE ratio of 552.33 and a beta of 2.18.

Macy’s (NYSE:M) last posted its quarterly earnings results on Tuesday, May 21st. The company reported $0.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.15 by $0.12. The business had revenue of $4.85 billion during the quarter, compared to analyst estimates of $4.82 billion. Macy’s had a net margin of 0.05% and a return on equity of 21.40%. The firm’s revenue was down 2.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.56 earnings per share. Research analysts expect that Macy’s, Inc. will post 2.79 earnings per share for the current fiscal year.

Macy’s Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 1st. Stockholders of record on Friday, June 14th were issued a dividend of $0.1737 per share. This represents a $0.69 annualized dividend and a dividend yield of 4.19%. The ex-dividend date was Friday, June 14th. Macy’s’s payout ratio is 2,300.00%.

Analyst Ratings Changes

A number of research firms have commented on M. Evercore ISI decreased their price target on Macy’s from $22.00 to $17.00 and set an “in-line” rating on the stock in a research note on Tuesday, July 16th. StockNews.com began coverage on Macy’s in a report on Sunday, July 21st. They set a “hold” rating for the company. JPMorgan Chase & Co. boosted their price target on shares of Macy’s from $25.00 to $27.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 22nd. TD Cowen increased their price target on shares of Macy’s from $20.00 to $21.00 and gave the stock a “hold” rating in a research report on Wednesday, May 22nd. Finally, Telsey Advisory Group restated a “market perform” rating and issued a $21.00 price objective on shares of Macy’s in a report on Tuesday, May 21st. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $18.10.

Insider Activity

In related news, EVP Danielle L. Kirgan sold 24,147 shares of the stock in a transaction that occurred on Wednesday, July 10th. The stock was sold at an average price of $18.96, for a total transaction of $457,827.12. Following the sale, the executive vice president now directly owns 348,000 shares in the company, valued at approximately $6,598,080. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Macy’s news, EVP Danielle L. Kirgan sold 24,147 shares of the business’s stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $18.96, for a total value of $457,827.12. Following the completion of the transaction, the executive vice president now directly owns 348,000 shares of the company’s stock, valued at $6,598,080. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Antony Spring sold 18,981 shares of the stock in a transaction that occurred on Wednesday, July 10th. The shares were sold at an average price of $18.96, for a total transaction of $359,879.76. Following the sale, the chief executive officer now directly owns 267,265 shares in the company, valued at $5,067,344.40. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 43,464 shares of company stock worth $824,081. Insiders own 2.77% 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.