RWC Asset Management LLP Invests $80.87 Million in Macy's, Inc. (NYSE:M)

Key Points

• RWC Asset Management LLP acquired a new stake in Macy's, buying 6,438,517 shares valued at approximately $80.9 million, making it the company's third-largest shareholder.
• Analysts have issued mixed ratings on Macy's, with Goldman Sachs downgrading the stock from "buy" to "neutral" and a consensus rating of "hold" with an average target price of $12.78.
• Macy's announced a quarterly dividend of $0.1824, reflecting a 5.58% dividend yield, alongside a recent earnings report showing $4.60 billion in revenue but a 5.1% decline compared to the previous year.

RWC Asset Management LLP purchased a new position in shares of Macy's, Inc. (NYSE:M - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 6,438,517 shares of the company's stock, valued at approximately $80,868,000. Macy's makes up approximately 4.2% of RWC Asset Management LLP's holdings, making the stock its 3rd biggest holding. RWC Asset Management LLP owned 2.31% of Macy's at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Norges Bank bought a new position in Macy's in the 4th quarter valued at $96,689,000. Junto Capital Management LP purchased a new stake in Macy's during the 4th quarter worth about $48,775,000. FMR LLC lifted 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 in the last quarter. Marshall Wace LLP lifted its holdings in Macy's by 1,230.8% during the 4th quarter. Marshall Wace LLP now owns 2,387,193 shares of the company's stock worth $40,415,000 after purchasing an additional 2,207,809 shares in the last quarter. Finally, Cooper Creek Partners Management LLC lifted its holdings 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 purchasing an additional 1,627,572 shares in the last quarter. Institutional investors own 87.36% of the company's stock.

Macy's Stock Performance

Shares of M traded down $0.16 during mid-day trading on Wednesday, hitting $13.16. 1,917,527 shares of the company's stock were exchanged, compared to its average volume of 7,214,521. Macy's, Inc. has a fifty-two week low of $9.76 and a fifty-two week high of $18.13. The firm has a market capitalization of $3.57 billion, a P/E ratio of 6.67 and a beta of 1.71. The business's 50 day moving average is $12.00 and its two-hundred day moving average is $12.78. The company has a current ratio of 1.43, a quick ratio of 0.37 and a debt-to-equity ratio of 0.62.

Macy's (NYSE:M - Get Free Report) last announced its quarterly earnings data on Wednesday, May 28th. The company reported $0.16 EPS for the quarter, beating analysts' consensus estimates of $0.15 by $0.01. The firm had revenue of $4.60 billion during the quarter, compared to the consensus estimate of $4.38 billion. Macy's had a net margin of 2.45% and a return on equity of 16.34%. The firm's revenue was down 5.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.27 earnings per share. On average, equities analysts expect that Macy's, Inc. will post 2.39 earnings per share for the current year.

Macy's Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th were given a dividend of $0.1824 per share. The ex-dividend date was Friday, June 13th. This represents a $0.73 dividend on an annualized basis and a dividend yield of 5.55%. Macy's's payout ratio is 37.06%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on M. Barclays began coverage on Macy's in a report on Monday, April 28th. They set a "cautious" rating and a $12.00 price objective on the stock. The Goldman Sachs Group lowered Macy's from a "buy" rating to a "neutral" rating and reduced their price objective for the company from $17.00 to $12.00 in a research report on Tuesday, April 22nd. Morgan Stanley restated a "negative" rating on shares of Macy's in a research report on Tuesday, May 6th. JPMorgan Chase & Co. lifted their price objective on Macy's from $12.00 to $16.00 and gave the stock a "neutral" rating in a research report on Monday. Finally, Telsey Advisory Group lowered their price objective on Macy's from $15.00 to $14.00 and set a "market perform" rating for the company in a research note on Thursday, May 29th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently 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.