Macy's, Inc. (NYSE:M) Shares Sold by Bank of America Corp DE

Bank of America Corp DE lessened its stake in Macy's, Inc. (NYSE:M - Free Report) by 12.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 372,014 shares of the company's stock after selling 50,872 shares during the quarter. Bank of America Corp DE owned about 0.13% of Macy's worth $6,298,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. KBC Group NV lifted its holdings in shares of Macy's by 47.4% during the 4th quarter. KBC Group NV now owns 11,718 shares of the company's stock valued at $198,000 after acquiring an additional 3,766 shares in the last quarter. Pacer Advisors Inc. lifted its holdings in shares of Macy's by 2.4% during the 4th quarter. Pacer Advisors Inc. now owns 41,345 shares of the company's stock valued at $700,000 after acquiring an additional 960 shares in the last quarter. Parsons Capital Management Inc. RI acquired a new position in shares of Macy's during the 4th quarter valued at $254,000. Lebenthal Global Advisors LLC lifted its holdings in shares of Macy's by 12.1% during the 4th quarter. Lebenthal Global Advisors LLC now owns 55,477 shares of the company's stock valued at $939,000 after acquiring an additional 5,967 shares in the last quarter. Finally, Foster & Motley Inc. acquired a new position in shares of Macy's during the 4th quarter valued at $277,000. Institutional investors and hedge funds own 87.36% of the company's stock.

Insider Activity at Macy's

In other Macy's news, EVP Tracy M. Preston sold 2,780 shares of the company's stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $12.68, for a total value of $35,250.40. Following the completion of the transaction, the executive vice president now owns 4,723 shares in the company, valued at approximately $59,887.64. This represents a 37.05% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Antony Spring sold 20,868 shares of the company's stock in a transaction dated Monday, March 31st. The stock was sold at an average price of $12.68, for a total transaction of $264,606.24. Following the completion of the transaction, the chief executive officer now owns 321,244 shares of the company's stock, valued at approximately $4,073,373.92. This trade represents a 6.10% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 41,751 shares of company stock valued at $537,790 in the last quarter. Insiders own 2.77% of the company's stock.

Macy's Stock Down 0.5%

Shares of M traded down $0.06 during midday trading on Friday, hitting $11.88. The company had a trading volume of 8,401,442 shares, compared to its average volume of 6,451,257. The company's 50 day moving average price is $11.69 and its 200 day moving average price is $14.03. The stock has a market cap of $3.31 billion, a price-to-earnings ratio of 20.14 and a beta of 1.77. Macy's, Inc. has a 52 week low of $9.76 and a 52 week high of $20.47. The company has a quick ratio of 0.17, a current ratio of 1.26 and a debt-to-equity ratio of 0.67.

Macy's (NYSE:M - Get Free Report) last released its earnings results on Wednesday, May 28th. The company reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.15 by $0.01. Macy's had a net margin of 0.73% and a return on equity of 21.99%. The company had revenue of $4.60 billion during the quarter, compared to the consensus estimate of $4.38 billion. During the same quarter in the previous year, the firm earned $0.27 EPS. The company's revenue was down 5.1% on a year-over-year basis. On average, equities research analysts predict that Macy's, Inc. will post 2.39 EPS for the current year.

Macy's Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be given a dividend of $0.1824 per share. This represents a $0.73 dividend on an annualized basis and a dividend yield of 6.14%. The ex-dividend date is Friday, June 13th. Macy's's dividend payout ratio is presently 35.44%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. JPMorgan Chase & Co. cut their price objective on shares of Macy's from $13.00 to $12.00 and set a "neutral" rating on the stock in a report on Thursday. Barclays assumed coverage on shares of Macy's in a report on Monday, April 28th. They issued a "cautious" rating and a $12.00 price objective on the stock. The Goldman Sachs Group lowered shares of Macy's from a "buy" rating to a "neutral" rating and cut their price objective for the stock from $17.00 to $12.00 in a report on Tuesday, April 22nd. Citigroup reiterated a "neutral" rating and issued a $12.00 price objective (up previously from $11.00) on shares of Macy's in a report on Thursday. Finally, Gordon Haskett lowered shares of Macy's from an "accumulate" rating to a "hold" rating in a report on Thursday, March 6th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $13.20.

Macy's Profile

Macy's, Inc engages in the retail of apparel, accessories, cosmetics, home furnishings, and other consumer goods. The firm's brands include Macy's, Bloomingdale's, and Bluemercury. It offers men's, women's, and children's apparel, women's accessories, intimate apparel, shoes, cosmetics, fragrances, as well as home and miscellaneous products.