First Manhattan Co. Increases Position in Macy's Inc (M)

First Manhattan Co. raised its stake in shares of Macy's Inc (NYSE:M) by 0.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,076 shares of the company’s stock after buying an additional 29 shares during the period. First Manhattan Co.’s holdings in Macy's were worth $188,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of M. Norges Bank acquired a new position in Macy's during the fourth quarter valued at $136,099,000. Skandinaviska Enskilda Banken AB publ raised its position in shares of Macy's by 3,862.8% in the third quarter. Skandinaviska Enskilda Banken AB publ now owns 2,136,002 shares of the company’s stock valued at $79,139,000 after buying an additional 2,082,100 shares during the last quarter. Renaissance Technologies LLC purchased a new position in shares of Macy's during the fourth quarter valued at $73,878,000. The Manufacturers Life Insurance Company purchased a new position in shares of Macy's during the third quarter valued at $68,643,000. Finally, Toronto Dominion Bank raised its position in shares of Macy's by 76,629.7% in the third quarter. Toronto Dominion Bank now owns 1,309,009 shares of the company’s stock valued at $48,499,000 after buying an additional 1,307,303 shares during the last quarter. 86.28% of the stock is currently owned by hedge funds and other institutional investors.

Institutional Ownership by Quarter for Macy's (NYSE:M)

Macy's Inc (NYSE:M) opened at 23.01 on Friday. The stock has a 50 day moving average price of $28.04 and a 200-day moving average price of $32.99. Macy's Inc has a one year low of $22.43 and a one year high of $45.41. The firm has a market capitalization of $7.01 billion, a PE ratio of 12.41 and a beta of 0.79.

Macy's (NYSE:M) last announced its quarterly earnings results on Thursday, May 11th. The company reported $0.24 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.36 by $0.12. Macy's had a net margin of 2.63% and a return on equity of 24.83%. The firm had revenue of $5.34 billion during the quarter, compared to the consensus estimate of $5.49 billion. During the same period in the previous year, the business earned $0.40 earnings per share. The firm’s revenue for the quarter was down 7.5% on a year-over-year basis. On average, equities analysts forecast that Macy's Inc will post $3.33 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Monday, July 3rd. Shareholders of record on Thursday, June 15th will be issued a $0.3775 dividend. This represents a $1.51 annualized dividend and a yield of 6.63%. The ex-dividend date is Tuesday, June 13th. Macy's’s payout ratio is 69.27%.

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Several research analysts have weighed in on the company. Northcoast Research reaffirmed a “neutral” rating on shares of Macy's in a research report on Thursday, May 11th. Bank of America Corp reaffirmed a “neutral” rating and issued a $31.00 target price (down from $38.00) on shares of Macy's in a research report on Monday, May 15th. Wunderlich reaffirmed a “buy” rating and issued a $24.00 target price on shares of Macy's in a research report on Monday, May 15th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $36.00 target price (down from $39.00) on shares of Macy's in a research report on Monday, May 15th. Finally, Royal Bank of Canada set a $28.00 price target on Macy's and gave the stock a “hold” rating in a research note on Saturday, May 13th. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Macy's currently has a consensus rating of “Hold” and a consensus target price of $34.55.

In other news, EVP Felicia Williams sold 1,697 shares of the firm’s stock in a transaction on Wednesday, March 29th. The shares were sold at an average price of $28.55, for a total transaction of $48,449.35. Following the sale, the executive vice president now owns 1,697 shares in the company, valued at approximately $48,449.35. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Molly Langenstein sold 1,251 shares of the firm’s stock in a transaction on Wednesday, March 29th. The shares were sold at an average price of $28.55, for a total transaction of $35,716.05. Following the sale, the insider now owns 6,414 shares in the company, valued at approximately $183,119.70. The disclosure for this sale can be found here. 1.70% of the stock is owned by company insiders.

About Macy's

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.

12 Month Chart for NYSE:M

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