Macy's, Inc. (NYSE:M) Position Reduced by New York State Teachers Retirement System

New York State Teachers Retirement System reduced its holdings in shares of Macy's, Inc. (NYSE:M - Free Report) by 7.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 298,817 shares of the company's stock after selling 22,691 shares during the period. New York State Teachers Retirement System owned approximately 0.11% of Macy's worth $3,753,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of the company. Norges Bank purchased a new stake in shares of Macy's in the fourth quarter worth about $96,689,000. Junto Capital Management LP purchased a new stake in shares of Macy's in the fourth quarter worth about $48,775,000. FMR LLC boosted its stake in shares of Macy's by 59.9% in the fourth quarter. FMR LLC now owns 7,503,742 shares of the company's stock worth $127,038,000 after buying an additional 2,812,151 shares during the last quarter. Marshall Wace LLP boosted its stake in shares of Macy's by 1,230.8% in the fourth quarter. Marshall Wace LLP now owns 2,387,193 shares of the company's stock worth $40,415,000 after buying an additional 2,207,809 shares during the last quarter. Finally, Cooper Creek Partners Management LLC boosted its stake in shares of Macy's by 26.2% in the fourth quarter. Cooper Creek Partners Management LLC now owns 7,838,240 shares of the company's stock worth $132,701,000 after buying an additional 1,627,572 shares during the last quarter. 87.36% of the stock is owned by institutional investors and hedge funds.

Macy's Stock Up 1.9%

NYSE M traded up $0.24 during trading hours on Thursday, hitting $12.74. The company had a trading volume of 6,213,042 shares, compared to its average volume of 6,694,341. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.43 and a quick ratio of 0.37. The firm's 50 day moving average is $11.81 and its 200 day moving average is $13.20. The company has a market capitalization of $3.46 billion, a price-to-earnings ratio of 6.46 and a beta of 1.71. Macy's, Inc. has a fifty-two week low of $9.76 and a fifty-two week high of $19.71.

Macy's (NYSE:M - Get Free Report) last issued its quarterly earnings results on Wednesday, May 28th. The company reported $0.16 EPS for the quarter, topping 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 analysts' expectations of $4.38 billion. During the same quarter last year, the company posted $0.27 earnings per share. The company's quarterly revenue was down 5.1% compared to the same quarter last year. Sell-side analysts anticipate that Macy's, Inc. will post 2.39 earnings per share for the current fiscal year.

Macy's Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th were paid a $0.1824 dividend. The ex-dividend date was Friday, June 13th. This represents a $0.73 dividend on an annualized basis and a yield of 5.73%. Macy's's payout ratio is currently 37.06%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Barclays began coverage on Macy's in a report on Monday, April 28th. They set a "cautious" rating and a $12.00 target price for the company. Morgan Stanley reiterated a "negative" rating on shares of Macy's in a report on Tuesday, May 6th. JPMorgan Chase & Co. decreased their price target on Macy's from $13.00 to $12.00 and set a "neutral" rating for the company in a report on Thursday, May 29th. Telsey Advisory Group decreased their price target on Macy's from $15.00 to $14.00 and set a "market perform" rating for the company in a report on Thursday, May 29th. Finally, The Goldman Sachs Group cut Macy's from a "buy" rating to a "neutral" rating and cut 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, ten have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $13.20.

Macy's 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.