RWC Asset Management LLP Buys New Shares 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 bought a new stake in shares of Macy's, Inc. (NYSE:M - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 6,438,517 shares of the company's stock, valued at approximately $80,868,000. Macy's makes up 4.2% of RWC Asset Management LLP's investment portfolio, making the stock its 3rd largest holding. RWC Asset Management LLP owned about 2.31% of Macy's at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Bessemer Group Inc. lifted its position in shares of Macy's by 495.5% in the fourth quarter. Bessemer Group Inc. now owns 3,412 shares of the company's stock valued at $58,000 after acquiring an additional 2,839 shares in the last quarter. Raiffeisen Bank International AG purchased a new position in shares of Macy's in the fourth quarter valued at about $111,000. Aster Capital Management DIFC Ltd purchased a new position in shares of Macy's in the fourth quarter valued at about $119,000. Versant Capital Management Inc lifted its position in shares of Macy's by 343.4% in the first quarter. Versant Capital Management Inc now owns 9,449 shares of the company's stock valued at $119,000 after acquiring an additional 7,318 shares in the last quarter. Finally, Forum Financial Management LP purchased a new position in shares of Macy's in the fourth quarter valued at about $177,000. 87.36% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Morgan Stanley reiterated a "negative" rating on shares of Macy's in a research report on Tuesday, May 6th. Citigroup reiterated a "neutral" rating and issued a $12.00 target price (up from $11.00) on shares of Macy's in a research report on Thursday, May 29th. The Goldman Sachs Group cut Macy's from a "buy" rating to a "neutral" rating and reduced their price objective for the stock from $17.00 to $12.00 in a research note on Tuesday, April 22nd. JPMorgan Chase & Co. reduced their price objective on Macy's from $13.00 to $12.00 and set a "neutral" rating on the stock in a research note on Thursday, May 29th. Finally, Barclays began coverage on Macy's in a research note on Monday, April 28th. They set a "cautious" rating and a $12.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $12.78.

Macy's Stock Up 3.0%

Macy's stock opened at $13.09 on Friday. The business has a fifty day moving average of $11.94 and a two-hundred day moving average of $12.81. The company has a quick ratio of 0.37, a current ratio of 1.43 and a debt-to-equity ratio of 0.62. The firm has a market cap of $3.55 billion, a P/E ratio of 6.64 and a beta of 1.71. Macy's, Inc. has a twelve month low of $9.76 and a twelve month high of $18.13.

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

Macy's Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Friday, June 13th were given a $0.1824 dividend. This represents a $0.73 annualized dividend and a dividend yield of 5.58%. The ex-dividend date was Friday, June 13th. Macy's's payout ratio is 37.06%.

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.

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