Douglas Lane & Associates LLC Decreases Stock Holdings in Macy's, Inc. $M

Key Points

• Douglas Lane & Associates cut its stake in Macy's by 4.8% in Q4, selling 63,745 shares and finishing the period with 1,264,186 shares (~0.48% ownership) valued at about $27.9 million.
• Insider selling occurred as EVP Tracy M. Preston sold 5,271 shares and EVP Danielle L. Kirgan sold 10,010 shares to cover tax withholdings; insiders sold 94,967 shares worth $1.71 million over the quarter and now own 1.09% of the company.
• Company results and payout — Macy's beat Q4 estimates (EPS $1.67 vs $1.55; revenue $7.92B) and raised its quarterly dividend to $0.1915 (4.0% yield), though analysts' consensus rating is "Reduce" with an average price target of $18.90.

Douglas Lane & Associates LLC reduced its holdings in shares of Macy's, Inc. (NYSE:M - Free Report) by 4.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,264,186 shares of the company's stock after selling 63,745 shares during the period. Douglas Lane & Associates LLC owned about 0.48% of Macy's worth $27,875,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. V Square Quantitative Management LLC purchased a new stake in shares of Macy's in the fourth quarter worth $29,000. Cullen Frost Bankers Inc. bought a new position in shares of Macy's during the third quarter worth $31,000. Bessemer Group Inc. lifted its position in Macy's by 41.4% during the third quarter. Bessemer Group Inc. now owns 2,023 shares of the company's stock valued at $37,000 after purchasing an additional 592 shares during the last quarter. Hantz Financial Services Inc. raised its stake in shares of Macy's by 101.1% in the third quarter. Hantz Financial Services Inc. now owns 2,311 shares of the company's stock valued at $41,000 after acquiring an additional 1,162 shares during the period. Finally, CoreCap Advisors LLC raised its stake in shares of Macy's by 7,265.6% in the fourth quarter. CoreCap Advisors LLC now owns 2,357 shares of the company's stock valued at $52,000 after acquiring an additional 2,325 shares during the period. 87.36% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Macy's

In other Macy's news, EVP Tracy M. Preston sold 5,271 shares of the firm's stock in a transaction dated Monday, April 6th. The shares were sold at an average price of $17.92, for a total transaction of $94,456.32. Following the transaction, the executive vice president owned 28,773 shares of the company's stock, valued at approximately $515,612.16. This trade represents a 15.48% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Danielle L. Kirgan sold 10,010 shares of the firm's stock in a transaction dated Monday, April 6th. The shares were sold at an average price of $17.92, for a total transaction of $179,379.20. Following the transaction, the executive vice president directly owned 108,008 shares in the company, valued at $1,935,503.36. This trade represents a 8.48% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 94,967 shares of company stock worth $1,705,276. Company insiders own 1.09% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Telsey Advisory Group reissued a "market perform" rating and issued a $20.00 target price on shares of Macy's in a research note on Wednesday, April 1st. Zacks Research downgraded shares of Macy's from a "hold" rating to a "strong sell" rating in a research note on Friday, March 13th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Macy's in a research note on Friday, March 27th. Jefferies Financial Group reaffirmed a "buy" rating and issued a $22.00 price target on shares of Macy's in a research note on Wednesday, March 18th. Finally, UBS Group raised their price target on shares of Macy's from $8.00 to $9.00 and gave the stock a "sell" rating in a research note on Monday, March 9th. One equities research analyst has rated the stock with a Buy rating, ten have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Reduce" and an average price target of $18.90.

Macy's Trading Up 4.4%

M stock opened at $19.15 on Friday. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.49 and a quick ratio of 0.50. The company has a market capitalization of $5.05 billion, a PE ratio of 8.26 and a beta of 1.51. The firm's 50-day moving average is $19.46 and its 200 day moving average is $20.17. Macy's, Inc. has a 12 month low of $10.54 and a 12 month high of $24.41.

Macy's (NYSE:M - Get Free Report) last posted its earnings results on Wednesday, March 18th. The company reported $1.67 EPS for the quarter, beating analysts' consensus estimates of $1.55 by $0.12. The business had revenue of $7.92 billion for the quarter, compared to the consensus estimate of $7.48 billion. Macy's had a net margin of 2.84% and a return on equity of 14.22%. The company's revenue for the quarter was down 1.7% on a year-over-year basis. During the same quarter last year, the firm posted $1.80 EPS. On average, research analysts anticipate that Macy's, Inc. will post 2.39 EPS for the current year.

Macy's Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th were given a dividend of $0.1915 per share. This is a positive change from Macy's's previous quarterly dividend of $0.18. The ex-dividend date of this dividend was Friday, March 13th. This represents a $0.77 dividend on an annualized basis and a yield of 4.0%. Macy's's payout ratio is 33.19%.

Macy's Profile

Macy's, Inc is a leading American omnichannel retailer operating under the Macy's brand, as well as specialty divisions Bloomingdale's and Bluemercury. The company's retail portfolio encompasses full-line department stores, fashion-focused specialty outlets and a high-end beauty chain, offering consumers a wide array of apparel, footwear, accessories, cosmetics and home furnishings. Through its integrated network of physical stores and digital platforms, Macy's seeks to deliver a seamless shopping experience that blends in-store service with online convenience.

The company's product assortment spans men's, women's and children's clothing, beauty and personal care products, housewares and home décor.

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