Macy's, Inc. (NYSE:M) Shares Sold by LSV Asset Management

Key Points

• LSV Asset Management reduced its stake in Macy's, Inc. by 5.2%, selling 243,500 shares and ending up with 4,416,445 shares valued at approximately $55.47 million.
• Macy's reported a $0.16 EPS for the last quarter, exceeding analysts' expectations, although their revenue decreased by 5.1% from the previous year.
• The stock has a consensus rating of "Hold" from analysts, with a current average price target of $13.22.

LSV Asset Management reduced its holdings in shares of Macy's, Inc. (NYSE:M - Free Report) by 5.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,416,445 shares of the company's stock after selling 243,500 shares during the period. LSV Asset Management owned approximately 1.59% of Macy's worth $55,471,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. State of Alaska Department of Revenue increased its position in Macy's by 126.0% during the 1st quarter. State of Alaska Department of Revenue now owns 184,511 shares of the company's stock valued at $2,317,000 after buying an additional 102,885 shares in the last quarter. GAMMA Investing LLC grew its stake in Macy's by 1,188.7% during the 1st quarter. GAMMA Investing LLC now owns 44,086 shares of the company's stock valued at $554,000 after purchasing an additional 40,665 shares during the last quarter. Vontobel Holding Ltd. purchased a new stake in Macy's during the 1st quarter valued at about $304,000. Mercer Global Advisors Inc. ADV grew its stake in Macy's by 33.8% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 14,161 shares of the company's stock valued at $240,000 after purchasing an additional 3,579 shares during the last quarter. Finally, LPL Financial LLC grew its stake in Macy's by 7.5% during the 4th 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 during the last quarter. 87.36% of the stock is owned by institutional investors and hedge funds.

Macy's Price Performance

Shares of Macy's stock traded down $0.01 during mid-day trading on Thursday, reaching $12.11. 813,735 shares of the stock traded hands, compared to its average volume of 7,207,502. The business has a 50-day moving average of $12.06 and a 200 day moving average of $12.72. Macy's, Inc. has a fifty-two week low of $9.76 and a fifty-two week high of $18.13. The stock has a market capitalization of $3.29 billion, a PE ratio of 6.14 and a beta of 1.79. 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 (NYSE:M - Get Free Report) last announced its earnings results on Wednesday, May 28th. The company reported $0.16 EPS for the quarter, beating analysts' consensus estimates of $0.15 by $0.01. Macy's had a return on equity of 16.34% and a net margin of 2.45%. The business had revenue of $4.60 billion during the quarter, compared to analysts' expectations of $4.38 billion. During the same quarter in the prior year, the firm earned $0.27 earnings per share. The business's revenue was down 5.1% compared to the same quarter last year. On average, analysts predict that Macy's, Inc. will post 2.39 EPS for the current year.

Macy's Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Friday, June 13th were issued a $0.1824 dividend. This represents a $0.73 annualized dividend and a dividend yield of 6.0%. The ex-dividend date of this dividend was Friday, June 13th. Macy's's dividend payout ratio (DPR) is currently 37.06%.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Telsey Advisory Group dropped their price target on Macy's from $15.00 to $14.00 and set a "market perform" rating on the stock in a research note on Thursday, May 29th. Morgan Stanley reiterated a "negative" rating on shares of Macy's in a research note on Tuesday, May 6th. Citigroup reiterated a "neutral" rating and set a $12.00 price target (up previously from $11.00) on shares of Macy's in a research note on Thursday, May 29th. JPMorgan Chase & Co. boosted their price target on Macy's from $12.00 to $16.00 and gave the company a "neutral" rating in a research note on Monday, July 28th. Finally, Barclays assumed coverage on Macy's in a research note on Monday, April 28th. They set a "cautious" rating and a $12.00 price target on the stock. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Macy's currently has a consensus rating of "Hold" and an average price target of $13.22.

Macy's Company Profile

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.