Intech Investment Management LLC Has $2.76 Million Holdings in Macy's, Inc. $M

Key Points

• Intech Investment Management boosted its Macy’s stake by 540.1% in the fourth quarter, ending with 125,154 shares valued at about $2.76 million.
• Macy’s reported quarterly earnings of $1.67 per share, beating estimates, and revenue of $7.92 billion, also above expectations, though sales were still down 1.7% year over year.
• The company announced a quarterly dividend of $0.1915 per share to be paid on July 1, implying an annual yield of about 3.5%; meanwhile, analysts currently rate the stock a cautious “Reduce” on average.

Intech Investment Management LLC increased its holdings in shares of Macy's, Inc. (NYSE:M - Free Report) by 540.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 125,154 shares of the company's stock after buying an additional 105,601 shares during the quarter. Intech Investment Management LLC's holdings in Macy's were worth $2,760,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. American Century Companies Inc. raised its stake in Macy's by 6.6% during the 3rd quarter. American Century Companies Inc. now owns 10,764,293 shares of the company's stock worth $193,004,000 after buying an additional 669,729 shares during the period. Schroder Investment Management Group raised its stake in Macy's by 1.1% during the 3rd quarter. Schroder Investment Management Group now owns 9,738,338 shares of the company's stock worth $174,608,000 after buying an additional 110,548 shares during the period. State Street Corp raised its stake in Macy's by 0.5% during the 2nd quarter. State Street Corp now owns 9,420,372 shares of the company's stock worth $111,547,000 after buying an additional 45,997 shares during the period. LSV Asset Management raised its stake in Macy's by 26.1% during the 4th quarter. LSV Asset Management now owns 6,004,835 shares of the company's stock worth $132,407,000 after buying an additional 1,244,631 shares during the period. Finally, Arrowstreet Capital Limited Partnership raised its stake in Macy's by 39.9% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 5,950,950 shares of the company's stock worth $106,701,000 after buying an additional 1,697,412 shares during the period. Institutional investors and hedge funds own 87.36% of the company's stock.

Macy's Stock Down 0.5%

NYSE:M opened at $21.70 on Wednesday. The firm has a market capitalization of $5.72 billion, a price-to-earnings ratio of 9.35 and a beta of 1.48. Macy's, Inc. has a twelve month low of $10.54 and a twelve month high of $24.41. The stock's 50 day moving average price is $19.30 and its two-hundred day moving average price is $20.51. The company has a quick ratio of 0.50, a current ratio of 1.49 and a debt-to-equity ratio of 0.50.

Macy's (NYSE:M - Get Free Report) last released its earnings results on Wednesday, March 18th. The company reported $1.67 earnings per share for the quarter, beating the consensus estimate of $1.55 by $0.12. Macy's had a net margin of 2.84% and a return on equity of 14.22%. The business had revenue of $7.92 billion during the quarter, compared to analysts' expectations of $7.48 billion. During the same period last year, the business earned $1.80 earnings per share. The firm's revenue was down 1.7% on a year-over-year basis. Equities research analysts expect that Macy's, Inc. will post 2.1 earnings per share for the current fiscal year.

Macy's Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Monday, June 15th will be issued a dividend of $0.1915 per share. The ex-dividend date is Monday, June 15th. This represents a $0.77 dividend on an annualized basis and a yield of 3.5%. Macy's's dividend payout ratio (DPR) is presently 33.19%.

Analysts Set New Price Targets

Several analysts recently commented on the company. Jefferies Financial Group reaffirmed a "buy" rating and set a $22.00 price objective on shares of Macy's in a research note on Wednesday, March 18th. Telsey Advisory Group reissued a "market perform" rating and issued a $20.00 price target on shares of Macy's in a research note on Wednesday, April 1st. TD Cowen dropped their price target on Macy's from $21.00 to $20.00 and set a "hold" rating on the stock in a research note on Thursday, March 19th. Wall Street Zen downgraded Macy's from a "buy" rating to a "hold" rating in a research note on Sunday, April 26th. Finally, UBS Group lifted their price target on Macy's from $8.00 to $9.00 and gave the company a "sell" rating in a research note on Monday, March 9th. One analyst has rated the stock with a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Reduce" and an average price target of $18.90.

Insiders Place Their Bets

In other news, EVP Danielle L. Kirgan sold 10,010 shares of the business's stock in a transaction that occurred on Monday, April 6th. The stock was sold at an average price of $17.92, for a total transaction of $179,379.20. Following the completion of the sale, the executive vice president owned 108,008 shares in the company, valued at $1,935,503.36. The trade was a 8.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing 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, CEO Antony Spring sold 50,044 shares of the business's stock in a transaction that occurred on Monday, April 6th. The stock was sold at an average price of $17.92, for a total value of $896,788.48. Following the sale, the chief executive officer owned 485,791 shares of the company's stock, valued at approximately $8,705,374.72. This represents a 9.34% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 94,967 shares of company stock worth $1,705,276. Company insiders own 1.05% of the company's stock.

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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