Insider Selling: Macy’s (NYSE:M) EVP Sells 10,010 Shares of Stock

Macy’s, Inc. (NYSE:M) EVP Danielle Kirgan sold 10,010 shares of Macy’s stock in a transaction dated Monday, April 6th. The stock was sold at an average price of $17.92, for a total value of $179,379.20. Following the sale, the executive vice president directly owned 108,008 shares in the company, valued at approximately $1,935,503.36. The trade was a 8.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Macy’s Stock Down 0.2%

Shares of NYSE M traded down $0.03 during midday trading on Tuesday, reaching $18.10. 4,733,326 shares of the company’s stock were exchanged, compared to its average volume of 7,639,447. Macy’s, Inc. has a 52-week low of $9.76 and a 52-week high of $24.41. The stock has a market capitalization of $4.77 billion, a PE ratio of 7.80 and a beta of 1.51. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.50 and a current ratio of 1.49. The business’s fifty day moving average price is $19.55 and its two-hundred day moving average price is $20.19.

Macy’s (NYSE:M) last announced its earnings results on Wednesday, March 18th. The company reported $1.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.55 by $0.12. Macy’s had a return on equity of 14.22% and a net margin of 2.84%.The business had revenue of $7.92 billion for the quarter, compared to analyst estimates of $7.48 billion. During the same period in the previous year, the company earned $1.80 earnings per share. The company’s revenue for the quarter was down 1.7% compared to the same quarter last year. Analysts forecast that Macy’s, Inc. will post 2.39 EPS for the current year.

Macy’s Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 1st. Investors of record on Friday, March 13th were issued a $0.1915 dividend. This is an increase from Macy’s’s previous quarterly dividend of $0.18. This represents a $0.77 annualized dividend and a yield of 4.2%. The ex-dividend date of this dividend was Friday, March 13th. Macy’s’s dividend payout ratio is presently 33.19%.

Analyst Ratings Changes

A number of brokerages have recently weighed in on M. TD Cowen lowered their price target on Macy’s from $21.00 to $20.00 and set a “hold” rating for the company in a report on Thursday, March 19th. JPMorgan Chase & Co. lowered their price target on Macy’s from $24.00 to $21.00 and set a “neutral” rating for the company in a report on Wednesday, March 18th. Citigroup lowered their price target on Macy’s from $24.00 to $18.00 and set a “neutral” rating for the company in a report on Thursday, March 19th. Wall Street Zen downgraded Macy’s from a “strong-buy” rating to a “hold” rating in a report on Monday, March 23rd. Finally, Guggenheim began coverage on Macy’s in a report on Tuesday, December 9th. They issued a “neutral” rating for the company. One research analyst has rated the stock with a Buy rating, ten have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus target price of $18.90.

Hedge Funds Weigh In On Macy’s

Several institutional investors have recently made changes to their positions in the stock. Hsbc Holdings PLC grew its holdings in shares of Macy’s by 112.1% during the fourth quarter. Hsbc Holdings PLC now owns 383,947 shares of the company’s stock valued at $8,442,000 after purchasing an additional 202,906 shares during the last quarter. Corient Private Wealth LLC grew its holdings in shares of Macy’s by 51.9% during the fourth quarter. Corient Private Wealth LLC now owns 292,216 shares of the company’s stock valued at $6,444,000 after purchasing an additional 99,832 shares during the last quarter. Pacer Advisors Inc. grew its holdings in shares of Macy’s by 1,859.1% during the fourth quarter. Pacer Advisors Inc. now owns 1,337,481 shares of the company’s stock valued at $29,491,000 after purchasing an additional 1,269,211 shares during the last quarter. Kera Capital Partners Inc. bought a new position in shares of Macy’s during the fourth quarter valued at approximately $271,000. Finally, Mercer Global Advisors Inc. ADV grew its holdings in shares of Macy’s by 420.3% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 66,243 shares of the company’s stock valued at $1,461,000 after purchasing an additional 53,512 shares during the last quarter. 87.36% of the stock is owned by institutional investors.

About Macy’s

Macy’s, Inc is a leading American omnichannel retailer operating under the Macy’s brand, as well as specialty divisions Bloomingdale’s and Bluemercury. The company’s retail portfolio encompasses full-line department stores, fashion-focused specialty outlets and a high-end beauty chain, offering consumers a wide array of apparel, footwear, accessories, cosmetics and home furnishings. Through its integrated network of physical stores and digital platforms, Macy’s seeks to deliver a seamless shopping experience that blends in-store service with online convenience.

The company’s product assortment spans men’s, women’s and children’s clothing, beauty and personal care products, housewares and home décor.