Principal Financial Group Inc. Trims Stake in Macy’s Inc (M)

Principal Financial Group Inc. trimmed its holdings in Macy’s Inc (NYSE:M) by 26.8% in the 4th quarter, HoldingsChannel.com reports. The fund owned 536,067 shares of the company’s stock after selling 196,449 shares during the quarter. Principal Financial Group Inc.’s holdings in Macy’s were worth $15,964,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Oregon Public Employees Retirement Fund lifted its position in Macy’s by 2,958.7% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 6,681,203 shares of the company’s stock worth $224,000 after purchasing an additional 6,462,771 shares during the period. AQR Capital Management LLC lifted its position in Macy’s by 88.7% in the third quarter. AQR Capital Management LLC now owns 11,960,108 shares of the company’s stock worth $415,374,000 after purchasing an additional 5,620,910 shares during the period. Vanguard Group Inc lifted its position in Macy’s by 6.5% in the third quarter. Vanguard Group Inc now owns 35,205,128 shares of the company’s stock worth $1,222,675,000 after purchasing an additional 2,133,597 shares during the period. TIAA CREF Investment Management LLC lifted its position in Macy’s by 290.3% in the third quarter. TIAA CREF Investment Management LLC now owns 2,597,586 shares of the company’s stock worth $90,214,000 after purchasing an additional 1,932,030 shares during the period. Finally, BlackRock Inc. lifted its position in Macy’s by 5.0% in the fourth quarter. BlackRock Inc. now owns 29,952,622 shares of the company’s stock worth $891,988,000 after purchasing an additional 1,419,975 shares during the period. 91.93% of the stock is owned by institutional investors.

A number of research analysts have issued reports on the company. Atlantic Securities cut Macy’s from a “neutral” rating to an “underweight” rating and cut their price objective for the company from $39.00 to $28.00 in a report on Thursday, December 6th. ValuEngine raised Macy’s from a “strong sell” rating to a “sell” rating in a report on Wednesday, January 2nd. Bank of America cut Macy’s from a “neutral” rating to an “underperform” rating in a report on Thursday, January 10th. Gordon Haskett cut Macy’s from a “buy” rating to a “hold” rating in a report on Thursday, January 10th. Finally, Credit Suisse Group cut their price objective on Macy’s from $34.00 to $26.00 and set a “neutral” rating for the company in a report on Friday, January 11th. Five analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $30.22.

Shares of M stock opened at $24.47 on Tuesday. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.42 and a quick ratio of 0.42. The stock has a market capitalization of $7.39 billion, a P/E ratio of 5.85, a PEG ratio of 0.91 and a beta of 0.43. Macy’s Inc has a 12 month low of $22.73 and a 12 month high of $41.99.

Macy’s (NYSE:M) last announced its quarterly earnings data on Tuesday, February 26th. The company reported $2.73 EPS for the quarter, topping the Zacks’ consensus estimate of $2.53 by $0.20. The firm had revenue of $8.46 billion during the quarter, compared to analyst estimates of $8.40 billion. Macy’s had a return on equity of 21.32% and a net margin of 4.43%. The company’s revenue was down 2.5% on a year-over-year basis. During the same period last year, the company earned $2.82 earnings per share. Equities analysts anticipate that Macy’s Inc will post 3.11 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 15th were given a dividend of $0.3775 per share. The ex-dividend date was Thursday, March 14th. This represents a $1.51 annualized dividend and a dividend yield of 6.17%. Macy’s’s payout ratio is currently 36.12%.

In other news, Director Joyce M. Roche sold 10,000 shares of Macy’s stock in a transaction dated Wednesday, March 27th. The stock was sold at an average price of $24.30, for a total transaction of $243,000.00. Following the transaction, the director now owns 13,647 shares in the company, valued at approximately $331,622.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.36% of the stock is currently owned by insiders.

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Macy’s Profile

Macy's, Inc, an omni-channel retail organization, operates stores, Websites, and mobile applications. The company sells a range of merchandise, such as apparel and accessories for men, women, and children; cosmetics; home furnishings; and other consumer goods. As of April 4, 2018, it operated approximately 690 department stores under the Macy's and Bloomingdale's brands; 160 specialty stores under the Bloomingdale's The Outlet, Bluemercury, and Macy's Backstage brands in the District of Columbia, Guam, and Puerto Rico; and Websites, including macys.com, bloomingdales.com, and bluemercury.com.

See Also: Diversification

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

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