Royce & Associates LP Has $24.70 Million Position in Macy's, Inc. $M

Key Points

• Royce & Associates LP cut its Macy’s stake by 12.9% in the fourth quarter, leaving it with 1.12 million shares valued at about $24.7 million.
• Several other institutional investors adjusted their positions as well, and institutions now own 87.36% of Macy’s stock.
• Macy’s reported better-than-expected quarterly earnings and revenue, and the company also announced a quarterly dividend of $0.1915 per share, implying a 3.5% annual yield.

Royce & Associates LP reduced its stake in Macy's, Inc. (NYSE:M - Free Report) by 12.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,120,000 shares of the company's stock after selling 166,000 shares during the period. Royce & Associates LP owned 0.42% of Macy's worth $24,696,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of M. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Macy's by 38.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 162,989 shares of the company's stock valued at $2,047,000 after acquiring an additional 45,149 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Macy's by 5.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,116,170 shares of the company's stock valued at $14,019,000 after acquiring an additional 55,821 shares during the period. Focus Partners Wealth boosted its position in shares of Macy's by 33.1% in the first quarter. Focus Partners Wealth now owns 58,197 shares of the company's stock valued at $731,000 after acquiring an additional 14,489 shares during the period. Cetera Investment Advisers boosted its position in shares of Macy's by 49.6% in the second quarter. Cetera Investment Advisers now owns 24,300 shares of the company's stock valued at $283,000 after acquiring an additional 8,053 shares during the period. Finally, Invesco Ltd. boosted its position in shares of Macy's by 160.5% in the second quarter. Invesco Ltd. now owns 4,283,107 shares of the company's stock valued at $49,941,000 after acquiring an additional 2,639,132 shares during the period. Institutional investors own 87.36% of the company's stock.

Insider Activity at Macy's

In other news, EVP Danielle L. Kirgan sold 10,010 shares of the stock in a transaction dated Monday, April 6th. The shares were sold at an average price of $17.92, for a total value of $179,379.20. Following the completion of the transaction, the executive vice president owned 108,008 shares of the company's stock, valued at approximately $1,935,503.36. This represents a 8.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 stock in a transaction dated Monday, April 6th. The stock was sold at an average price of $17.92, for a total transaction of $94,456.32. Following the completion of the transaction, the executive vice president directly owned 28,773 shares of the company's stock, valued at $515,612.16. This trade represents a 15.48% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 94,967 shares of company stock worth $1,705,276 over the last three months. 1.05% of the stock is owned by insiders.

Macy's Stock Up 4.6%

M stock opened at $21.62 on Wednesday. The stock has a market capitalization of $5.70 billion, a P/E ratio of 9.32 and a beta of 1.47. The company has a current ratio of 1.49, a quick ratio of 0.50 and a debt-to-equity ratio of 0.50. Macy's, Inc. has a 12 month low of $10.54 and a 12 month high of $24.41. The firm has a 50-day moving average price of $18.95 and a 200-day moving average price of $20.47.

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

Macy's Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Monday, June 15th will be issued a $0.1915 dividend. The ex-dividend date of this dividend is Monday, June 15th. This represents a $0.77 dividend on an annualized basis and a dividend yield of 3.5%. Macy's's dividend payout ratio is 33.19%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on M. Telsey Advisory Group reissued a "market perform" rating and issued a $20.00 target price on shares of Macy's in a research report on Wednesday, April 1st. UBS Group boosted their target price on shares of Macy's from $8.00 to $9.00 and gave the company a "sell" rating in a research report on Monday, March 9th. TD Cowen reduced their target price on shares of Macy's from $21.00 to $20.00 and set a "hold" rating for the company in a research report on Thursday, March 19th. Wall Street Zen cut shares of Macy's from a "buy" rating to a "hold" rating in a research report on Sunday, April 26th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Macy's in a research report on Friday, March 27th. One analyst has rated the stock with a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Reduce" and an average target price of $18.90.

About Macy's

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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