LSV Asset Management Trims Position in Macy's, Inc. (NYSE:M)

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% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,416,445 shares of the company's stock after selling 243,500 shares during the period. LSV Asset Management owned about 1.59% of Macy's worth $55,471,000 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. Bessemer Group Inc. boosted 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 worth $58,000 after purchasing an additional 2,839 shares during the period. Raiffeisen Bank International AG bought a new position in shares of Macy's in the fourth quarter worth approximately $111,000. Aster Capital Management DIFC Ltd bought a new position in shares of Macy's in the fourth quarter worth approximately $119,000. Versant Capital Management Inc boosted its position in shares of Macy's by 343.4% in the first quarter. Versant Capital Management Inc now owns 9,449 shares of the company's stock worth $119,000 after purchasing an additional 7,318 shares during the period. Finally, Kingswood Wealth Advisors LLC bought a new position in shares of Macy's in the first quarter worth approximately $142,000. 87.36% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on M shares. Barclays assumed coverage on shares of Macy's in a research report on Monday, April 28th. They issued a "cautious" rating and a $12.00 price target for the company. Citigroup restated a "neutral" rating and set a $12.00 target price (up previously from $11.00) on shares of Macy's in a research report on Thursday, May 29th. JPMorgan Chase & Co. upped their target price on shares of Macy's from $12.00 to $16.00 and gave the stock a "neutral" rating in a research report on Monday, July 28th. Telsey Advisory Group dropped their target price on shares of Macy's from $15.00 to $14.00 and set a "market perform" rating for the company in a research report on Thursday, May 29th. Finally, The Goldman Sachs Group lowered shares of Macy's from a "buy" rating to a "neutral" rating and dropped their target price for the stock from $17.00 to $12.00 in a research report on Tuesday, April 22nd. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $13.22.

Macy's Price Performance

M stock traded up $0.21 during trading on Wednesday, hitting $12.21. 963,480 shares of the company's stock traded hands, compared to its average volume of 7,217,372. Macy's, Inc. has a 52 week low of $9.76 and a 52 week high of $18.13. The stock has a market capitalization of $3.31 billion, a price-to-earnings ratio of 6.19 and a beta of 1.79. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.37 and a current ratio of 1.43. The business has a fifty day simple moving average of $12.06 and a 200 day simple moving average of $12.72.

Macy's (NYSE:M - Get Free Report) last announced its earnings results on Wednesday, May 28th. The company reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.15 by $0.01. Macy's had a net margin of 2.45% and a return on equity of 16.34%. The business had revenue of $4.60 billion for the quarter, compared to the consensus estimate of $4.38 billion. During the same quarter in the prior year, the firm posted $0.27 earnings per share. The business's revenue for the quarter was down 5.1% on a year-over-year basis. As a group, research analysts expect that Macy's, Inc. will post 2.39 EPS for the current fiscal year.

Macy's Announces Dividend

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

About Macy's

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.