CIBC Asset Management Inc cut its stake in shares of Macy’s Inc (NYSE:M) by 69.6% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 100,925 shares of the company’s stock after selling 230,876 shares during the period. CIBC Asset Management Inc’s holdings in Macy’s were worth $2,202,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in M. Ffcm LLC raised its holdings in Macy’s by 251.6% during the second quarter. Ffcm LLC now owns 5,052 shares of the company’s stock valued at $120,000 after acquiring an additional 3,615 shares during the period. Penserra Capital Management LLC raised its holdings in Macy’s by 51.1% during the second quarter. Penserra Capital Management LLC now owns 5,560 shares of the company’s stock valued at $129,000 after acquiring an additional 1,880 shares during the period. Financial Architects Inc raised its holdings in Macy’s by 254.5% during the second quarter. Financial Architects Inc now owns 5,850 shares of the company’s stock valued at $136,000 after acquiring an additional 4,200 shares during the period. Edge Wealth Management LLC bought a new stake in Macy’s during the second quarter valued at about $142,000. Finally, Kistler Tiffany Companies LLC bought a new stake in Macy’s during the third quarter valued at about $148,000. Institutional investors own 83.17% of the company’s stock.
In other Macy’s news, Director John A. Bryant purchased 9,825 shares of Macy’s stock in a transaction dated Wednesday, August 23rd. The shares were acquired at an average cost of $20.32 per share, with a total value of $199,644.00. Following the completion of the transaction, the director now owns 9,825 shares in the company, valued at approximately $199,644. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders own 1.40% of the company’s stock.
Macy’s (NYSE:M) last issued its quarterly earnings data on Thursday, November 9th. The company reported $0.23 EPS for the quarter, topping analysts’ consensus estimates of $0.19 by $0.04. The company had revenue of $5.28 billion during the quarter, compared to the consensus estimate of $5.31 billion. Macy’s had a net margin of 2.83% and a return on equity of 21.20%. Macy’s’s revenue for the quarter was down 6.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.17 earnings per share. analysts forecast that Macy’s Inc will post 3.39 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 2nd. Investors of record on Friday, December 15th will be paid a $0.3775 dividend. This represents a $1.51 dividend on an annualized basis and a yield of 7.42%. The ex-dividend date is Thursday, December 14th. Macy’s’s dividend payout ratio (DPR) is 66.52%.
Several equities research analysts have recently issued reports on M shares. Susquehanna Bancshares Inc set a $38.00 target price on Macy’s and gave the stock a “buy” rating in a report on Friday, October 20th. Citigroup Inc. cut Macy’s from a “neutral” rating to a “sell” rating and reduced their target price for the stock from $21.00 to $16.00 in a report on Monday, October 30th. Royal Bank Of Canada set a $21.00 target price on Macy’s and gave the stock a “sector perform” rating in a report on Friday, October 20th. Zacks Investment Research cut Macy’s from a “hold” rating to a “sell” rating in a report on Wednesday, October 11th. Finally, BMO Capital Markets reaffirmed a “buy” rating and issued a $36.00 target price on shares of Macy’s in a report on Thursday, November 2nd. Three research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $25.37.
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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