Mirae Asset Global Investments Co. Ltd. Buys Shares of 75,907 Macy's, Inc. (NYSE:M)

Mirae Asset Global Investments Co. Ltd. purchased a new stake in Macy's, Inc. (NYSE:M - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 75,907 shares of the company's stock, valued at approximately $1,527,000.

Other hedge funds also recently made changes to their positions in the company. Fifth Third Bancorp increased its stake in Macy's by 221.4% during the 3rd quarter. Fifth Third Bancorp now owns 3,506 shares of the company's stock worth $41,000 after acquiring an additional 2,415 shares during the period. Fortitude Family Office LLC acquired a new position in shares of Macy's in the 4th quarter valued at about $50,000. Covestor Ltd lifted its stake in shares of Macy's by 25.5% in the 3rd quarter. Covestor Ltd now owns 4,763 shares of the company's stock valued at $55,000 after purchasing an additional 969 shares during the period. CWM LLC lifted its stake in shares of Macy's by 241.3% in the 3rd quarter. CWM LLC now owns 6,663 shares of the company's stock valued at $77,000 after purchasing an additional 4,711 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its stake in shares of Macy's by 1,906.1% in the 3rd quarter. EverSource Wealth Advisors LLC now owns 7,222 shares of the company's stock valued at $84,000 after purchasing an additional 6,862 shares during the period. 87.36% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Antony Spring sold 13,404 shares of the firm's stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $20.42, for a total transaction of $273,709.68. Following the transaction, the chief executive officer now directly owns 223,286 shares of the company's stock, valued at $4,559,500.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Macy's news, SVP Paul Griscom sold 2,969 shares of the firm's stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $20.43, for a total value of $60,656.67. Following the completion of the sale, the senior vice president now directly owns 21,436 shares in the company, valued at $437,937.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Antony Spring sold 13,404 shares of Macy's stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $20.42, for a total transaction of $273,709.68. Following the transaction, the chief executive officer now owns 223,286 shares of the company's stock, valued at $4,559,500.12. The disclosure for this sale can be found here. Over the last three months, insiders have sold 218,424 shares of company stock valued at $4,405,507. 1.52% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. TD Cowen downgraded Macy's from an "outperform" rating to a "market perform" rating and dropped their price objective for the company from $23.00 to $20.00 in a research note on Thursday, February 29th. StockNews.com initiated coverage on Macy's in a report on Tuesday, April 16th. They set a "hold" rating for the company. JPMorgan Chase & Co. boosted their price objective on Macy's from $23.00 to $25.00 and gave the stock an "overweight" rating in a report on Monday, March 18th. Morgan Stanley reduced their target price on Macy's from $21.00 to $20.00 and set an "equal weight" rating for the company in a report on Wednesday, February 28th. Finally, Telsey Advisory Group reaffirmed a "market perform" rating and issued a $21.00 target price on shares of Macy's in a report on Thursday, March 28th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $17.45.

Macy's Stock Performance

Shares of NYSE:M traded up $0.21 during trading on Monday, hitting $18.75. 6,094,778 shares of the company were exchanged, compared to its average volume of 8,029,366. The company has a market cap of $5.16 billion, a PE ratio of 50.08 and a beta of 2.15. The stock has a 50 day moving average of $19.70 and a 200 day moving average of $17.30. Macy's, Inc. has a 52-week low of $10.54 and a 52-week high of $22.10. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.37 and a quick ratio of 0.39.

Macy's (NYSE:M - Get Free Report) last released its earnings results on Tuesday, February 27th. The company reported $2.45 EPS for the quarter, beating analysts' consensus estimates of $1.98 by $0.47. The business had revenue of $8.12 billion for the quarter, compared to analysts' expectations of $8.07 billion. Macy's had a return on equity of 23.34% and a net margin of 0.45%. The firm's revenue was down 1.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.88 earnings per share. As a group, equities research analysts predict that Macy's, Inc. will post 2.57 EPS for the current year.

Macy's Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 15th were paid a dividend of $0.1737 per share. This is a boost from Macy's's previous quarterly dividend of $0.17. This represents a $0.69 dividend on an annualized basis and a dividend yield of 3.71%. The ex-dividend date was Thursday, March 14th. Macy's's dividend payout ratio (DPR) is 186.49%.

Macy's Company Profile

Macy's, Inc, an omni-channel retail organization, operates stores, websites, and mobile applications in the United States. The company sells a range of merchandise, such as apparel and accessories for men, women, and kids; cosmetics; home furnishings; and other consumer goods under the Macy's, Bloomingdale's, and bluemercury brands.