Adams Asset Advisors LLC acquired a new position in shares of Macy’s Inc. (NYSE:M) during the third quarter, Holdings Channel reports. The fund acquired 96,192 shares of the company’s stock, valued at approximately $3,563,000.
Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in Macy’s by 25.1% in the second quarter. Vanguard Group Inc. now owns 23,202,656 shares of the company’s stock valued at $779,840,000 after buying an additional 4,647,970 shares during the last quarter. Sasco Capital Inc. CT acquired a new stake in Macy’s during the second quarter valued at about $82,299,000. Carlson Capital L P boosted its stake in Macy’s by 547.0% in the second quarter. Carlson Capital L P now owns 2,080,600 shares of the company’s stock valued at $69,929,000 after buying an additional 1,759,017 shares during the last quarter. Prudential PLC boosted its stake in Macy’s by 44.7% in the second quarter. Prudential PLC now owns 4,431,800 shares of the company’s stock valued at $148,953,000 after buying an additional 1,369,500 shares during the last quarter. Finally, Prudential Financial Inc. boosted its stake in Macy’s by 58.5% in the second quarter. Prudential Financial Inc. now owns 3,633,483 shares of the company’s stock valued at $122,121,000 after buying an additional 1,341,083 shares during the last quarter. 85.30% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Macy’s Inc. (NYSE:M) traded down 2.29% on Monday, reaching $43.13. 7,049,142 shares of the company traded hands. The company has a 50-day moving average of $38.51 and a 200-day moving average of $35.85. The stock has a market capitalization of $13.18 billion, a price-to-earnings ratio of 19.63 and a beta of 0.77. Macy’s Inc. has a 1-year low of $29.94 and a 1-year high of $45.50.
Macy’s (NYSE:M) last posted its quarterly earnings results on Thursday, November 10th. The company reported $0.17 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.41 by $0.24. The company earned $5.63 billion during the quarter, compared to analysts’ expectations of $5.65 billion. Macy’s had a return on equity of 24.83% and a net margin of 2.63%. The company’s quarterly revenue was down 4.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.56 EPS. Analysts anticipate that Macy’s Inc. will post $3.29 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 3rd. Shareholders of record on Thursday, December 15th will be issued a $0.3775 dividend. The ex-dividend date is Tuesday, December 13th. This represents a $1.51 dividend on an annualized basis and a dividend yield of 3.50%. Macy’s’s dividend payout ratio is currently 69.27%.
M has been the topic of several research reports. Vetr raised Macy’s from a “hold” rating to a “buy” rating and set a $38.48 price objective on the stock in a research report on Monday, September 12th. RBC Capital Markets reaffirmed a “sector perform” rating and set a $40.00 price objective (up from $35.00) on shares of Macy’s in a research report on Saturday, August 13th. Deutsche Bank AG raised Macy’s from a “hold” rating to a “buy” rating and lifted their price objective for the company from $40.00 to $45.00 in a research report on Monday, October 31st. Guggenheim initiated coverage on Macy’s in a research report on Friday, September 30th. They set a “buy” rating and a $45.00 price objective on the stock. Finally, Telsey Advisory Group lifted their price objective on Macy’s from $36.00 to $42.00 and gave the company a “market perform” rating in a research report on Friday, August 12th. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and nine have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $42.73.
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.