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42,834 Shares in Macy's, Inc. (NYSE:M) Acquired by CCM Investment Group LLC

Macy's logo with Retail/Wholesale background

Key Points

  • CCM Investment Group LLC invested approximately $549,000 in Macy's, acquiring 42,834 shares of the retailer's stock in the first quarter.
  • Macy's reported a quarterly revenue of $4.60 billion, surpassing expectations, while net income showed a decline with a 2.45% net margin.
  • The company announced a $0.1824 quarterly dividend, reflecting a 6.0% yield and a payout ratio of 37.06%.
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CCM Investment Group LLC bought a new position in Macy's, Inc. (NYSE:M - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 42,834 shares of the company's stock, valued at approximately $549,000.

Several other large investors also recently modified their holdings of the company. LPL Financial LLC lifted its position in Macy's by 7.5% during the fourth quarter. LPL Financial LLC now owns 80,836 shares of the company's stock valued at $1,369,000 after purchasing an additional 5,665 shares in the last quarter. FMR LLC lifted its position in Macy's by 59.9% during the fourth quarter. FMR LLC now owns 7,503,742 shares of the company's stock valued at $127,038,000 after purchasing an additional 2,812,151 shares in the last quarter. Bank of Montreal Can lifted its position in Macy's by 4.9% during the fourth quarter. Bank of Montreal Can now owns 56,521 shares of the company's stock valued at $957,000 after purchasing an additional 2,641 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of Macy's in the fourth quarter valued at about $624,000. Finally, Bessemer Group Inc. lifted its position in shares of Macy's by 495.5% in the fourth quarter. Bessemer Group Inc. now owns 3,412 shares of the company's stock valued at $58,000 after acquiring an additional 2,839 shares in the last quarter. Institutional investors own 87.36% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on M shares. Citigroup restated a "neutral" rating and issued a $12.00 price objective (up from $11.00) on shares of Macy's in a research report on Thursday, May 29th. Barclays initiated coverage on Macy's in a research report on Monday, April 28th. They issued a "cautious" rating and a $12.00 target price on the stock. The Goldman Sachs Group downgraded Macy's from a "buy" rating to a "neutral" rating and decreased their target price for the stock from $17.00 to $12.00 in a research report on Tuesday, April 22nd. Telsey Advisory Group decreased 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. Finally, JPMorgan Chase & Co. boosted their target price on Macy's from $12.00 to $16.00 and gave the stock a "neutral" rating in a research report on Monday, July 28th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, one has issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $13.22.

View Our Latest Analysis on Macy's

Macy's Trading Up 4.9%

NYSE M traded up $0.59 during trading hours on Tuesday, hitting $12.70. 11,334,068 shares of the company were exchanged, compared to its average volume of 7,380,099. The stock has a 50-day moving average price of $12.11 and a 200 day moving average price of $12.64. The company has a quick ratio of 0.37, a current ratio of 1.43 and a debt-to-equity ratio of 0.62. Macy's, Inc. has a 52 week low of $9.76 and a 52 week high of $18.13. The stock has a market cap of $3.45 billion, a PE ratio of 6.45 and a beta of 1.79.

Macy's (NYSE:M - Get Free Report) last issued its quarterly earnings data 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 return on equity of 16.34% and a net margin of 2.45%. The company had revenue of $4.60 billion for the quarter, compared to analysts' expectations of $4.38 billion. During the same period in the previous year, the firm posted $0.27 earnings per share. The firm's revenue for the quarter was down 5.1% on a year-over-year basis. Analysts forecast that Macy's, Inc. will post 2.39 earnings per share for the current fiscal year.

Macy's Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th were paid a dividend of $0.1824 per share. This represents a $0.73 annualized dividend and a yield of 5.7%. The ex-dividend date of this dividend was Friday, June 13th. Macy's's payout ratio is presently 37.06%.

Macy's Profile

(Free Report)

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.

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

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