Lisanti Capital Growth LLC Invests $3.11 Million in Macy's, Inc. $M

Key Points

• Lisanti Capital Growth LLC opened a new position in Macy’s during the fourth quarter, buying 141,090 shares valued at about $3.11 million.
• Macy’s reported better-than-expected quarterly earnings of $1.67 per share and revenue of $7.92 billion, though sales were still down 1.7% from a year earlier.
• The company also announced a quarterly dividend of $0.1915 per share, implying an annual yield of about 3.7%.

Lisanti Capital Growth LLC bought a new stake in shares of Macy's, Inc. (NYSE:M - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 141,090 shares of the company's stock, valued at approximately $3,111,000. Lisanti Capital Growth LLC owned approximately 0.05% of Macy's at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. American Century Companies Inc. boosted its stake in shares of Macy's by 6.6% in the third 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 last quarter. Schroder Investment Management Group raised its holdings in shares of Macy's by 1.1% during the third quarter. Schroder Investment Management Group now owns 9,738,338 shares of the company's stock valued at $174,608,000 after acquiring an additional 110,548 shares during the last quarter. State Street Corp raised its holdings in shares of Macy's by 0.5% during the second quarter. State Street Corp now owns 9,420,372 shares of the company's stock valued at $111,547,000 after acquiring an additional 45,997 shares during the last quarter. LSV Asset Management raised its holdings in shares of Macy's by 26.1% during the fourth quarter. LSV Asset Management now owns 6,004,835 shares of the company's stock valued at $132,407,000 after acquiring an additional 1,244,631 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its holdings in shares of Macy's by 39.9% in the third quarter. Arrowstreet Capital Limited Partnership now owns 5,950,950 shares of the company's stock valued at $106,701,000 after purchasing an additional 1,697,412 shares during the last quarter. 87.36% of the stock is owned by institutional investors and hedge funds.

Macy's Stock Up 0.3%

Macy's stock opened at $20.69 on Friday. Macy's, Inc. has a 1-year low of $10.54 and a 1-year high of $24.41. 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 stock has a market cap of $5.46 billion, a PE ratio of 8.92 and a beta of 1.47. The stock's fifty day moving average is $18.79 and its two-hundred day moving average is $20.45.

Macy's (NYSE:M - Get Free Report) last posted its quarterly earnings results on Wednesday, March 18th. The company reported $1.67 earnings per share for the quarter, beating analysts' consensus estimates of $1.55 by $0.12. Macy's had a return on equity of 14.22% and a net margin of 2.84%.The company had revenue of $7.92 billion for the quarter, compared to analysts' expectations of $7.48 billion. During the same period last year, the firm earned $1.80 earnings per share. Macy's's quarterly revenue was down 1.7% on a year-over-year basis. On average, sell-side analysts expect that Macy's, Inc. will post 2.09 EPS for the current fiscal year.

Macy's Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Monday, June 15th will be given 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 dividend yield of 3.7%. Macy's's payout ratio is 33.19%.

Insider Transactions at Macy's

In other news, CEO Olivier Bron sold 7,228 shares of Macy's stock in a transaction dated Monday, April 6th. The stock was sold at an average price of $17.92, for a total transaction of $129,525.76. Following the sale, the chief executive officer owned 21,590 shares in the company, valued at approximately $386,892.80. The trade was a 25.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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 Macy's stock in a transaction dated Monday, April 6th. The stock was sold at an average price of $17.92, for a total value of $179,379.20. Following the sale, the executive vice president owned 108,008 shares in the company, valued at $1,935,503.36. This trade represents a 8.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 94,967 shares of company stock worth $1,705,276 over the last three months. 1.05% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have issued reports on M. UBS Group raised their target price on Macy's from $8.00 to $9.00 and gave the stock a "sell" rating in a research note on Monday, March 9th. Wall Street Zen lowered Macy's from a "buy" rating to a "hold" rating in a research report on Sunday, April 26th. Citigroup lowered their price target on Macy's from $24.00 to $18.00 and set a "neutral" rating for the company in a research report on Thursday, March 19th. Telsey Advisory Group restated a "market perform" rating and set a $20.00 price target on shares of Macy's in a research report on Wednesday, April 1st. Finally, TD Cowen lowered their price target on Macy's from $21.00 to $20.00 and set a "hold" rating for the company in a research report on Thursday, March 19th. One equities research analyst has rated the stock with a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, Macy's presently has an average rating of "Reduce" and an average target price of $18.90.

About Macy's

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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