California State Teachers Retirement System lowered its stake in shares of Macy’s Inc (NYSE:M) by 2.7% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 583,856 shares of the company’s stock after selling 16,080 shares during the quarter. California State Teachers Retirement System owned approximately 0.19% of Macy’s worth $17,364,000 as of its most recent SEC filing.
A number of other large investors also recently modified their holdings of the business. BlackRock Inc. grew its holdings in Macy’s by 10.6% during the 1st quarter. BlackRock Inc. now owns 27,873,644 shares of the company’s stock worth $828,961,000 after acquiring an additional 2,667,028 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Macy’s by 13.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 8,864,888 shares of the company’s stock worth $263,642,000 after acquiring an additional 1,064,651 shares during the last quarter. Contrarius Investment Management Ltd grew its holdings in Macy’s by 2.5% during the 1st quarter. Contrarius Investment Management Ltd now owns 6,307,867 shares of the company’s stock worth $187,596,000 after acquiring an additional 154,835 shares during the last quarter. Prudential Financial Inc. grew its holdings in Macy’s by 235.8% during the 1st quarter. Prudential Financial Inc. now owns 5,000,234 shares of the company’s stock worth $148,706,000 after acquiring an additional 3,511,323 shares during the last quarter. Finally, LSV Asset Management boosted its stake in shares of Macy’s by 9.9% in the 1st quarter. LSV Asset Management now owns 4,304,591 shares of the company’s stock valued at $128,018,000 after purchasing an additional 387,737 shares during the last quarter. 88.42% of the stock is currently owned by hedge funds and other institutional investors.
Shares of M stock opened at $39.32 on Friday. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.48 and a current ratio of 1.52. The company has a market cap of $11.91 billion, a price-to-earnings ratio of 10.43, a P/E/G ratio of 1.21 and a beta of 0.74. Macy’s Inc has a 52 week low of $17.41 and a 52 week high of $41.33.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 2nd. Stockholders of record on Friday, June 15th will be issued a $0.3775 dividend. The ex-dividend date is Thursday, June 14th. This represents a $1.51 dividend on an annualized basis and a dividend yield of 3.84%. Macy’s’s dividend payout ratio (DPR) is presently 40.05%.
In other news, Chairman Jeffrey Gennette bought 10,000 shares of the stock in a transaction that occurred on Thursday, April 12th. The shares were acquired at an average cost of $29.10 per share, for a total transaction of $291,000.00. Following the completion of the acquisition, the chairman now owns 89,303 shares in the company, valued at $2,598,717.30. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.36% of the stock is owned by company insiders.
Several research analysts have recently issued reports on M shares. TheStreet raised shares of Macy’s from a “c+” rating to a “b-” rating in a research note on Wednesday, March 28th. Guggenheim reaffirmed a “buy” rating and issued a $36.00 target price on shares of Macy’s in a research note on Wednesday, May 16th. ValuEngine raised shares of Macy’s from a “hold” rating to a “buy” rating in a research note on Thursday, March 1st. Gordon Haskett raised shares of Macy’s from a “hold” rating to a “buy” rating and set a $36.00 target price on the stock in a research note on Thursday, March 1st. Finally, Susquehanna Bancshares raised shares of Macy’s from a “neutral” rating to a “buy” rating and raised their target price for the company from $25.00 to $43.00 in a research note on Tuesday, May 22nd. Three research analysts have rated the stock with a sell rating, twelve have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $30.96.
Macy's, Inc, an omni-channel retail organization, operates stores, Websites, and mobile applications. The company sells a range of merchandise, such as apparel and accessories for men, women, and children; cosmetics; home furnishings; and other consumer goods. As of April 4, 2018, it operated approximately 690 department stores under the Macy's and Bloomingdale's brands; 160 specialty stores under the Bloomingdale's The Outlet, Bluemercury, and Macy's Backstage brands in the District of Columbia, Guam, and Puerto Rico; and Websites, including macys.com, bloomingdales.com, and bluemercury.com.
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