Macy’s, Inc. (NYSE:M) Director Sells $1,604,338.14 in Stock

Macy’s, Inc. (NYSE:M) Director Jeffrey Gennette sold 78,567 shares of Macy’s stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $20.42, for a total value of $1,604,338.14. Following the completion of the transaction, the director now owns 994,301 shares in the company, valued at approximately $20,303,626.42. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Jeffrey Gennette also recently made the following trade(s):

• On Monday, March 25th, Jeffrey Gennette sold 19,609 shares of Macy’s stock. The shares were sold at an average price of $20.28, for a total value of $397,670.52.

Macy’s Stock Up 4.0 %

Shares of M opened at $19.85 on Thursday. The company has a market capitalization of $5.44 billion, a PE ratio of 53.64 and a beta of 2.14. Macy’s, Inc. has a 12 month low of $10.54 and a 12 month high of $22.10. The stock’s 50-day moving average price is $19.43 and its two-hundred day moving average price is $16.30. The company has a current ratio of 1.37, a quick ratio of 0.39 and a debt-to-equity ratio of 0.72.

Macy’s (NYSE:M) last announced its quarterly earnings data on Tuesday, February 27th. The company reported $2.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.98 by $0.47. The company had revenue of $8.12 billion for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period in the previous year, the business earned $1.88 EPS. On average, analysts anticipate that Macy’s, Inc. will post 2.57 EPS for the current year.

Macy’s Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 1st. Stockholders of record on Friday, March 15th will be paid a $0.1737 dividend. This represents a $0.69 dividend on an annualized basis and a dividend yield of 3.50%. This is an increase from Macy’s’s previous quarterly dividend of $0.17. The ex-dividend date is Thursday, March 14th. Macy’s’s payout ratio is currently 186.49%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in M. Gabelli Funds LLC raised its stake in Macy’s by 0.4% during the 1st quarter. Gabelli Funds LLC now owns 129,000 shares of the company’s stock worth $3,142,000 after buying an additional 500 shares during the period. SummerHaven Investment Management LLC raised its stake in Macy’s by 1.3% during the 4th quarter. SummerHaven Investment Management LLC now owns 43,046 shares of the company’s stock worth $866,000 after buying an additional 554 shares during the period. Private Advisor Group LLC raised its stake in Macy’s by 3.5% during the 4th quarter. Private Advisor Group LLC now owns 17,847 shares of the company’s stock worth $359,000 after buying an additional 603 shares during the period. Vontobel Holding Ltd. raised its stake in Macy’s by 1.8% during the 1st quarter. Vontobel Holding Ltd. now owns 35,384 shares of the company’s stock worth $862,000 after buying an additional 640 shares during the period. Finally, Lazard Asset Management LLC raised its stake in Macy’s by 52.3% during the 1st quarter. Lazard Asset Management LLC now owns 1,995 shares of the company’s stock worth $48,000 after buying an additional 685 shares during the period. 87.36% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

M has been the topic of a number of research reports. The Goldman Sachs Group boosted their price objective on Macy’s from $16.00 to $22.00 and gave the stock a “buy” rating in a research report on Wednesday, February 28th. Citigroup upgraded Macy’s from a “sell” rating to a “neutral” rating and boosted their price objective for the stock from $14.00 to $18.00 in a research report on Friday, February 2nd. TD Cowen lowered Macy’s from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $23.00 to $20.00 in a research report on Thursday, February 29th. Telsey Advisory Group boosted their price objective on Macy’s from $15.00 to $21.00 and gave the stock a “market perform” rating in a research report on Wednesday, February 28th. Finally, 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 research report on Monday, March 18th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $17.45.

About Macy’s

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.