Tokio Marine Asset Management Co. Ltd. lowered its stake in Macy’s Inc. (NYSE:M) by 88.3% during the second quarter, Holdings Channel reports. The institutional investor owned 10,070 shares of the company’s stock after selling 75,979 shares during the period. Tokio Marine Asset Management Co. Ltd.’s holdings in Macy’s were worth $338,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of M. Americafirst Capital Management LLC bought a new position in shares of Macy’s during the second quarter worth about $133,000. Pacific Global Investment Management CO acquired a new position in shares of Macy’s during the first quarter worth $208,000. First Manhattan Co. boosted its position in shares of Macy’s by 56.7% in the second quarter. First Manhattan Co. now owns 4,966 shares of the company’s stock worth $166,000 after buying an additional 1,796 shares during the period. Schonfeld Strategic Advisors LLC acquired a new position in shares of Macy’s during the first quarter worth $270,000. Finally, Meeder Asset Management Inc. acquired a new position in shares of Macy’s during the first quarter worth $292,000. 83.27% of the stock is owned by hedge funds and other institutional investors.
Macy’s Inc. (NYSE:M) traded down 1.97% during midday trading on Thursday, hitting $36.80. 4,712,857 shares of the stock traded hands. The company has a 50-day moving average of $36.70 and a 200-day moving average of $36.33. Macy’s Inc. has a 1-year low of $29.94 and a 1-year high of $52.48. The stock has a market cap of $11.35 billion, a PE ratio of 14.76 and a beta of 0.89.
Macy’s (NYSE:M) last announced its quarterly earnings data on Thursday, August 11th. The company reported $0.54 EPS for the quarter, beating the Zacks’ consensus estimate of $0.45 by $0.09. Macy’s had a net margin of 2.99% and a return on equity of 27.68%. The firm had revenue of $5.87 billion for the quarter, compared to the consensus estimate of $5.73 billion. During the same period in the previous year, the firm posted $0.64 earnings per share. The firm’s revenue was down 3.9% on a year-over-year basis. On average, equities analysts expect that Macy’s Inc. will post $3.36 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, October 3rd. Investors of record on Thursday, September 15th were given a dividend of $0.3775 per share. This represents a $1.51 dividend on an annualized basis and a yield of 4.10%. The ex-dividend date was Tuesday, September 13th. Macy’s’s payout ratio is presently 60.64%.
A number of research analysts have recently weighed in on M shares. Vetr raised shares of Macy’s from a “hold” rating to a “buy” rating and set a $35.17 price objective for the company in a research note on Tuesday, August 2nd. Zacks Investment Research raised shares of Macy’s from a “hold” rating to a “buy” rating and set a $45.00 price objective for the company in a research note on Tuesday, August 16th. Standpoint Research started coverage on shares of Macy’s in a research note on Thursday, August 25th. They set a “buy” rating and a $72.00 price objective for the company. Citigroup Inc. raised shares of Macy’s from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $35.42 to $44.00 in a research note on Wednesday, September 14th. Finally, Guggenheim started coverage on shares of Macy’s in a research note on Friday, September 30th. They set a “buy” rating and a $45.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and nine have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $43.98.
Macy’s Company Profile
Macy’s, Inc is an omnichannel retail company operating stores, Websites and mobile applications under various brands, such as Macy’s, Bloomingdale’s and Bluemercury. The Company sells a range of merchandise, including apparel and accessories (men’s, women’s and children’s), cosmetics, home furnishings and other consumer goods.