Macy's, Inc. (NYSE:M) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp reduced its stake in shares of Macy's, Inc. (NYSE:M - Free Report) by 3.2% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 3,208,830 shares of the company's stock after selling 105,742 shares during the period. Bank of New York Mellon Corp owned approximately 1.15% of Macy's worth $40,303,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Jones Financial Companies Lllp grew its position in shares of Macy's by 82.1% during the 4th quarter. Jones Financial Companies Lllp now owns 2,149 shares of the company's stock valued at $36,000 after acquiring an additional 969 shares during the period. Proficio Capital Partners LLC acquired a new stake in shares of Macy's during the 4th quarter valued at about $621,000. Raymond James Financial Inc. acquired a new stake in shares of Macy's during the 4th quarter valued at about $624,000. PNC Financial Services Group Inc. grew its position in shares of Macy's by 15.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 23,908 shares of the company's stock valued at $405,000 after acquiring an additional 3,127 shares during the period. Finally, Amundi grew its position in shares of Macy's by 43.8% during the 4th quarter. Amundi now owns 21,449 shares of the company's stock valued at $344,000 after acquiring an additional 6,530 shares during the period. 87.36% of the stock is owned by institutional investors and hedge funds.

Macy's Price Performance

M traded down $0.12 during trading on Friday, reaching $11.89. The company's stock had a trading volume of 3,031,832 shares, compared to its average volume of 6,611,913. The company has a quick ratio of 0.37, a current ratio of 1.43 and a debt-to-equity ratio of 0.62. The firm has a fifty day simple moving average of $11.88 and a two-hundred day simple moving average of $13.00. Macy's, Inc. has a 1 year low of $9.76 and a 1 year high of $18.13. The company has a market cap of $3.23 billion, a price-to-earnings ratio of 6.03 and a beta of 1.71.

Macy's (NYSE:M - Get Free Report) last released its quarterly earnings results on Wednesday, May 28th. The company reported $0.16 EPS for the quarter, beating the consensus estimate of $0.15 by $0.01. The firm had revenue of $4.60 billion for the quarter, compared to analyst estimates of $4.38 billion. Macy's had a net margin of 2.45% and a return on equity of 16.34%. The business's revenue for the quarter was down 5.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.27 EPS. As a group, analysts anticipate that Macy's, Inc. will post 2.39 EPS for the current year.

Macy's Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Friday, June 13th were issued a $0.1824 dividend. The ex-dividend date was Friday, June 13th. This represents a $0.73 annualized dividend and a yield of 6.14%. Macy's's dividend payout ratio (DPR) is presently 37.06%.

Analyst Ratings Changes

M has been the topic of a number of analyst reports. Telsey Advisory Group dropped their target price on Macy's from $15.00 to $14.00 and set a "market perform" rating on the stock in a research report on Thursday, May 29th. JPMorgan Chase & Co. lowered their price objective on Macy's from $13.00 to $12.00 and set a "neutral" rating on the stock in a report on Thursday, May 29th. Morgan Stanley reiterated a "negative" rating on shares of Macy's in a report on Tuesday, May 6th. Barclays assumed coverage on Macy's in a report on Monday, April 28th. They issued a "cautious" rating and a $12.00 price objective on the stock. Finally, Citigroup reiterated a "neutral" rating and issued a $12.00 price objective (up from $11.00) on shares of Macy's in a report on Thursday, May 29th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Macy's has an average rating of "Hold" and an average target price of $12.78.

About Macy's

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.