Macy's, Inc. $M Stock Holdings Decreased by Gabelli Funds LLC

Key Points

• Gabelli Funds LLC reduced its holdings in Macy's, Inc. by 17.2%, owning 124,000 shares valued at $1.56 million after selling 25,800 shares in the first quarter.
• Analysts have set new price targets for Macy's, with JPMorgan Chase & Co. increasing its target from $12.00 to $16.00, while the average consensus price target is approximately $13.22.
• Macy's announced a quarterly dividend of $0.1824 per share, with a dividend yield of 5.5%, payable on October 1st to investors of record by September 15th.

Gabelli Funds LLC reduced its position in Macy's, Inc. (NYSE:M - Free Report) by 17.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 124,000 shares of the company's stock after selling 25,800 shares during the period. Gabelli Funds LLC's holdings in Macy's were worth $1,557,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in M. Raymond James Financial Inc. purchased a new position in shares of Macy's in the fourth quarter worth approximately $624,000. Hsbc Holdings PLC grew its position in Macy's by 17.2% during the fourth quarter. Hsbc Holdings PLC now owns 31,381 shares of the company's stock valued at $531,000 after purchasing an additional 4,613 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in Macy's by 8.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 174,158 shares of the company's stock valued at $2,949,000 after purchasing an additional 13,275 shares in the last quarter. Coldstream Capital Management Inc. grew its position in Macy's by 4.9% during the fourth quarter. Coldstream Capital Management Inc. now owns 15,442 shares of the company's stock valued at $261,000 after purchasing an additional 717 shares in the last quarter. Finally, Northern Trust Corp grew its position in Macy's by 33.8% during the fourth quarter. Northern Trust Corp now owns 2,707,349 shares of the company's stock valued at $45,835,000 after purchasing an additional 684,602 shares in the last quarter. 87.36% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

M has been the topic of a number of research analyst reports. JPMorgan Chase & Co. boosted their price objective on shares of Macy's from $12.00 to $16.00 and gave the company a "neutral" rating in a research report on Monday, July 28th. Telsey Advisory Group reaffirmed a "market perform" rating and set a $14.00 price objective on shares of Macy's in a research report on Wednesday. Morgan Stanley reaffirmed a "negative" rating on shares of Macy's in a research report on Tuesday, May 6th. Finally, Citigroup reaffirmed a "neutral" rating and set a $12.00 price objective (up from $11.00) on shares of Macy's in a research report on Thursday, May 29th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $13.22.

Macy's Price Performance

NYSE M opened at $13.24 on Friday. The company has a current ratio of 1.43, a quick ratio of 0.37 and a debt-to-equity ratio of 0.62. The company has a fifty day simple moving average of $12.50 and a 200 day simple moving average of $12.49. The company has a market cap of $3.59 billion, a P/E ratio of 6.72 and a beta of 1.79. Macy's, Inc. has a 1 year low of $9.76 and a 1 year high of $18.13.

Macy's (NYSE:M - Get Free Report) last posted its quarterly earnings data on Wednesday, May 28th. The company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $0.01. The business had revenue of $4.60 billion during the quarter, compared to the consensus estimate of $4.38 billion. Macy's had a net margin of 2.45% and a return on equity of 16.34%. Macy's's quarterly revenue was down 5.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.27 EPS. On average, sell-side analysts predict that Macy's, Inc. will post 2.39 EPS for the current year.

Macy's Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be issued a dividend of $0.1824 per share. This represents a $0.73 annualized dividend and a dividend yield of 5.5%. The ex-dividend date of this dividend is Monday, September 15th. Macy's's dividend payout ratio is currently 37.06%.

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.

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