Allianz Asset Management GmbH lessened its stake in Macy's, Inc. (NYSE:M - Free Report) by 12.2% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 3,082,975 shares of the company's stock after selling 429,167 shares during the quarter. Allianz Asset Management GmbH owned approximately 1.11% of Macy's worth $38,722,000 at the end of the most recent reporting period.
A number of other large investors have also modified their holdings of the business. Dimensional Fund Advisors LP increased its stake in Macy's by 7.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 15,751,211 shares of the company's stock valued at $266,666,000 after purchasing an additional 1,149,454 shares during the last quarter. Cooper Creek Partners Management LLC lifted its position in Macy's by 26.2% during the 4th quarter. Cooper Creek Partners Management LLC now owns 7,838,240 shares of the company's stock worth $132,701,000 after acquiring an additional 1,627,572 shares in the last quarter. FMR LLC increased its holdings in Macy's by 59.9% during the 4th quarter. FMR LLC now owns 7,503,742 shares of the company's stock worth $127,038,000 after purchasing an additional 2,812,151 shares during the last quarter. Norges Bank bought a new position in Macy's during the 4th quarter worth $96,689,000. Finally, Geode Capital Management LLC boosted its position in Macy's by 0.7% during the 4th quarter. Geode Capital Management LLC now owns 5,059,725 shares of the company's stock worth $86,143,000 after acquiring an additional 35,935 shares during the period. Hedge funds and other institutional investors own 87.36% of the company's stock.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently issued reports on the company. Morgan Stanley reaffirmed a "negative" rating on shares of Macy's in a research report on Tuesday, May 6th. The Goldman Sachs Group lowered Macy's from a "buy" rating to a "neutral" rating and dropped their price target for the company from $17.00 to $12.00 in a research report on Tuesday, April 22nd. Citigroup reissued a "neutral" rating and set a $12.00 price target (up from $11.00) on shares of Macy's in a research report on Thursday, May 29th. Telsey Advisory Group dropped their target price on Macy's from $15.00 to $14.00 and set a "market perform" rating on the stock in a research report on Thursday, May 29th. Finally, Barclays assumed coverage on Macy's in a research report on Monday, April 28th. They issued a "cautious" rating and a $12.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, Macy's has a consensus rating of "Hold" and a consensus target price of $12.78.
View Our Latest Research Report on Macy's
Macy's Price Performance
M stock traded down $0.10 during midday trading on Thursday, reaching $12.69. 5,857,100 shares of the company's stock traded hands, compared to its average volume of 7,078,734. The company has a 50-day simple moving average of $11.92 and a two-hundred day simple moving average of $12.86. Macy's, Inc. has a 1-year low of $9.76 and a 1-year high of $18.13. The company has a market cap of $3.44 billion, a price-to-earnings ratio of 6.44 and a beta of 1.71. 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 released its quarterly earnings results on Wednesday, May 28th. The company reported $0.16 earnings per share 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 firm had revenue of $4.60 billion during the quarter, compared to analysts' expectations of $4.38 billion. During the same period last year, the firm posted $0.27 EPS. The business's revenue was down 5.1% on a year-over-year basis. On average, analysts anticipate that Macy's, Inc. will post 2.39 earnings per share for the current year.
Macy's Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th were given a $0.1824 dividend. The ex-dividend date of this dividend was Friday, June 13th. This represents a $0.73 dividend on an annualized basis and a yield of 5.75%. Macy's's payout ratio is 37.06%.
Macy's Company Profile
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Free Report)
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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