Russell Investments Group Ltd. Lowers Holdings in Macy's, Inc. $M

Key Points

• Russell Investments Group Ltd. has decreased its stake in Macy's, Inc. by 16.9%, now holding approximately $1.26 million worth of shares after selling 20,456 shares in the first quarter.
• Macy's reported earnings of $0.16 per share for the recent quarter, exceeding analysts' expectations, despite a 5.1% decline in revenue year-over-year.
• The company announced a quarterly dividend of $0.1824 per share, resulting in an annualized dividend yield of 5.4%, which will be paid to shareholders on October 1st.

Russell Investments Group Ltd. lowered its position in Macy's, Inc. (NYSE:M - Free Report) by 16.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 100,301 shares of the company's stock after selling 20,456 shares during the quarter. Russell Investments Group Ltd.'s holdings in Macy's were worth $1,261,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. Coldstream Capital Management Inc. grew its holdings in shares of Macy's by 4.9% in 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 during the period. Quantinno Capital Management LP lifted its position in Macy's by 0.9% in the fourth quarter. Quantinno Capital Management LP now owns 102,538 shares of the company's stock valued at $1,736,000 after buying an additional 872 shares during the last quarter. ProShare Advisors LLC lifted its position in Macy's by 7.7% in the fourth quarter. ProShare Advisors LLC now owns 12,978 shares of the company's stock valued at $220,000 after buying an additional 924 shares during the last quarter. Crossmark Global Holdings Inc. lifted its position in Macy's by 0.5% in the first quarter. Crossmark Global Holdings Inc. now owns 205,492 shares of the company's stock valued at $2,581,000 after buying an additional 959 shares during the last quarter. Finally, Factorial Partners LLC lifted its position in Macy's by 0.9% in the first quarter. Factorial Partners LLC now owns 111,000 shares of the company's stock valued at $1,394,000 after buying an additional 1,000 shares during the last quarter. Hedge funds and other institutional investors own 87.36% of the company's stock.

Macy's Stock Performance

Shares of M traded down $0.13 during mid-day trading on Monday, reaching $13.24. 8,366,883 shares of the company's stock were exchanged, compared to its average volume of 6,722,180. 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 stock has a market capitalization of $3.59 billion, a PE ratio of 6.72 and a beta of 1.78. The business's fifty day simple moving average is $12.50 and its 200-day simple moving average is $12.45. Macy's, Inc. has a 52-week low of $9.76 and a 52-week high of $18.13.

Macy's Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be given a dividend of $0.1824 per share. The ex-dividend date is Monday, September 15th. This represents a $0.73 dividend on an annualized basis and a dividend yield of 5.5%. Macy's's dividend payout ratio (DPR) is 37.06%.

Analysts Set New Price Targets

A number of research analysts have commented on M shares. Citigroup reaffirmed a "neutral" rating and issued a $12.00 target price (up previously from $11.00) on shares of Macy's in a research report on Thursday, May 29th. Telsey Advisory Group reissued a "market perform" rating and issued a $14.00 price objective on shares of Macy's in a research note on Wednesday, August 27th. Morgan Stanley reaffirmed a "negative" rating on shares of Macy's in a report on Tuesday, May 6th. Finally, JPMorgan Chase & Co. raised their target price on shares of Macy's from $12.00 to $16.00 and gave the company a "neutral" rating in a report on Monday, July 28th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Macy's has an average rating of "Hold" and a consensus price target of $13.22.

About Macy's

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.