Mitsubishi UFJ Trust & Banking Corp Sells 133,316 Shares of Macy's, Inc. $M

Key Points

• Mitsubishi UFJ Trust & Banking Corp reduced its stake by 17.6%, selling 133,316 Macy's shares and leaving it with 626,082 shares (about 0.24% of the company) valued at roughly $13.8 million at quarter-end.
• Macy's beat quarterly estimates with $1.67 EPS versus $1.55 expected and $7.92B revenue versus $7.48B expected, though revenue fell 1.7% year-over-year and Wall Street's consensus rating is "Reduce" with a $18.90 target.
• Macy's increased its quarterly dividend to $0.1915 ( $0.77 annualized), raising the yield to about 3.9% from the prior $0.18 payment.

Mitsubishi UFJ Trust & Banking Corp reduced its stake in shares of Macy's, Inc. (NYSE:M - Free Report) by 17.6% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 626,082 shares of the company's stock after selling 133,316 shares during the period. Mitsubishi UFJ Trust & Banking Corp owned 0.24% of Macy's worth $13,805,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the stock. PNC Financial Services Group Inc. raised its position in Macy's by 1.9% during the 3rd quarter. PNC Financial Services Group Inc. now owns 26,806 shares of the company's stock worth $481,000 after purchasing an additional 500 shares during the last quarter. Cambria Investment Management L.P. raised its position in Macy's by 4.5% during the 3rd quarter. Cambria Investment Management L.P. now owns 12,066 shares of the company's stock worth $216,000 after purchasing an additional 524 shares during the last quarter. Bessemer Group Inc. raised its position in Macy's by 41.4% during the 3rd quarter. Bessemer Group Inc. now owns 2,023 shares of the company's stock worth $37,000 after purchasing an additional 592 shares during the last quarter. Private Advisor Group LLC raised its position in Macy's by 4.2% during the 3rd quarter. Private Advisor Group LLC now owns 18,444 shares of the company's stock worth $331,000 after purchasing an additional 750 shares during the last quarter. Finally, Certuity LLC raised its position in Macy's by 0.9% during the 3rd quarter. Certuity LLC now owns 103,890 shares of the company's stock worth $1,863,000 after purchasing an additional 880 shares during the last quarter. 87.36% of the stock is owned by institutional investors.

Macy's Stock Performance

Shares of M opened at $19.68 on Friday. 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 50-day moving average of $18.85 and a 200-day moving average of $20.37. The company has a market cap of $5.19 billion, a PE ratio of 8.48 and a beta of 1.51. Macy's, Inc. has a one year low of $10.54 and a one year high of $24.41.

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

Macy's Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th were paid a $0.1915 dividend. The ex-dividend date was Friday, March 13th. This represents a $0.77 annualized dividend and a dividend yield of 3.9%. This is a boost from Macy's's previous quarterly dividend of $0.18. Macy's's dividend payout ratio (DPR) is 32.76%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Wall Street Zen lowered Macy's from a "buy" rating to a "hold" rating in a research report on Sunday, April 26th. 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 report on Monday, March 9th. TD Cowen lowered their target price 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. JPMorgan Chase & Co. lowered their target price on Macy's from $24.00 to $21.00 and set a "neutral" rating for the company in a research report on Wednesday, March 18th. Finally, Telsey Advisory Group reaffirmed a "market perform" rating and set a $20.00 target price on shares of Macy's in a research report on Wednesday, April 1st. One investment analyst has rated the stock with a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, Macy's presently has an average rating of "Reduce" and a consensus target price of $18.90.

Insider Transactions at Macy's

In other news, EVP Danielle L. Kirgan sold 10,010 shares of the firm'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 completion of the sale, the executive vice president directly owned 108,008 shares in the company, valued at $1,935,503.36. This trade represents a 8.48% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Tracy M. Preston sold 5,271 shares of the firm's stock in a transaction dated Monday, April 6th. The shares were sold at an average price of $17.92, for a total value of $94,456.32. Following the completion of the sale, the executive vice president owned 28,773 shares of the company's stock, valued at approximately $515,612.16. This represents a 15.48% decrease in their ownership of the stock. 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. In the last 90 days, insiders have sold 94,967 shares of company stock valued at $1,705,276. 1.05% of the stock is currently owned by corporate insiders.

Macy's Profile

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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