MML Investors Services LLC trimmed its stake in shares of Macy’s Inc (NYSE:M) by 5.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 36,511 shares of the company’s stock after selling 2,226 shares during the quarter. MML Investors Services LLC’s holdings in Macy’s were worth $784,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in the business. Empirical Finance LLC boosted its holdings in shares of Macy’s by 1.1% during the 2nd quarter. Empirical Finance LLC now owns 43,771 shares of the company’s stock worth $939,000 after buying an additional 466 shares in the last quarter. Edmond DE Rothschild Holding S.A. boosted its holdings in shares of Macy’s by 3.4% during the 1st quarter. Edmond DE Rothschild Holding S.A. now owns 14,428 shares of the company’s stock worth $347,000 after buying an additional 473 shares in the last quarter. Sumitomo Mitsui Asset Management Company LTD boosted its holdings in shares of Macy’s by 2.3% during the 1st quarter. Sumitomo Mitsui Asset Management Company LTD now owns 21,440 shares of the company’s stock worth $515,000 after buying an additional 487 shares in the last quarter. Mason Street Advisors LLC boosted its holdings in shares of Macy’s by 1.2% during the 1st quarter. Mason Street Advisors LLC now owns 43,868 shares of the company’s stock worth $1,054,000 after buying an additional 520 shares in the last quarter. Finally, Westpac Banking Corp boosted its holdings in shares of Macy’s by 0.8% during the 2nd quarter. Westpac Banking Corp now owns 68,438 shares of the company’s stock worth $1,469,000 after buying an additional 531 shares in the last quarter. 83.40% of the stock is owned by hedge funds and other institutional investors.
A number of equities analysts have recently weighed in on the company. Deutsche Bank lowered their target price on Macy’s from $29.00 to $23.00 and set a “hold” rating on the stock in a research report on Thursday, August 15th. Guggenheim lowered Macy’s from a “buy” rating to a “neutral” rating in a research report on Friday, August 23rd. JPMorgan Chase & Co. lowered Macy’s from a “neutral” rating to an “underweight” rating in a research report on Wednesday, August 14th. Finally, Telsey Advisory Group reaffirmed a “market perform” rating and set a $18.00 target price (down from $25.00) on shares of Macy’s in a research report on Thursday, August 15th. Four equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and three have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $23.83.
Macy’s (NYSE:M) last issued its earnings results on Wednesday, August 14th. The company reported $0.28 EPS for the quarter, missing the consensus estimate of $0.45 by ($0.17). Macy’s had a return on equity of 18.74% and a net margin of 4.11%. The company had revenue of $5.55 billion during the quarter, compared to the consensus estimate of $5.55 billion. During the same quarter in the prior year, the business earned $0.70 EPS. The firm’s revenue for the quarter was down .5% compared to the same quarter last year. On average, sell-side analysts expect that Macy’s Inc will post 2.88 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be issued a $0.377 dividend. The ex-dividend date is Thursday, September 12th. This represents a $1.51 annualized dividend and a dividend yield of 9.48%. Macy’s’s payout ratio is currently 36.12%.
In other Macy’s news, CFO Paula A. Price sold 1,189 shares of the firm’s stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $21.30, for a total value of $25,325.70. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.55% of the company’s stock.
Macy's, Inc, an omnichannel retail organization, operates stores, Websites, and mobile applications. The company sells a range of merchandise, including apparel and accessories for men, women, and children; cosmetics; home furnishings; and other consumer goods. As of April 1, 2019, it operated approximately 680 department stores under the Macy's and Bloomingdale's names; and 190 specialty stores, such as Bloomingdale's The Outlet, Bluemercury, Macy's Backstage, and STORY in 43 states, the District of Columbia, Guam, and Puerto Rico.
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