Convergence Investment Partners LLC Invests $931,000 in Macy’s, Inc. $M

Convergence Investment Partners LLC bought a new position in shares of Macy’s, Inc. (NYSE:M) in the fourth quarter, Holdings Channel.com reports. The fund bought 42,244 shares of the company’s stock, valued at approximately $931,000.

A number of other large investors have also modified their holdings of the business. American Century Companies Inc. grew its holdings in shares of Macy’s by 6.6% during the third quarter. American Century Companies Inc. now owns 10,764,293 shares of the company’s stock worth $193,004,000 after buying an additional 669,729 shares in the last quarter. Schroder Investment Management Group grew its holdings in shares of Macy’s by 1.1% during the third quarter. Schroder Investment Management Group now owns 9,738,338 shares of the company’s stock worth $174,608,000 after buying an additional 110,548 shares in the last quarter. State Street Corp grew its holdings in shares of Macy’s by 0.5% during the second quarter. State Street Corp now owns 9,420,372 shares of the company’s stock worth $111,547,000 after buying an additional 45,997 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in shares of Macy’s by 39.9% during the third quarter. Arrowstreet Capital Limited Partnership now owns 5,950,950 shares of the company’s stock worth $106,701,000 after buying an additional 1,697,412 shares in the last quarter. Finally, LSV Asset Management grew its holdings in shares of Macy’s by 12.2% during the third quarter. LSV Asset Management now owns 4,760,204 shares of the company’s stock worth $85,350,000 after buying an additional 516,359 shares in the last quarter. Hedge funds and other institutional investors own 87.36% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on M. Telsey Advisory Group reaffirmed a “market perform” rating and set a $20.00 target price on shares of Macy’s in a report on Wednesday, April 1st. Jefferies Financial Group reissued a “buy” rating and set a $22.00 price target on shares of Macy’s in a research report on Wednesday, March 18th. JPMorgan Chase & Co. lowered their price target on shares of Macy’s from $24.00 to $21.00 and set a “neutral” rating on the stock in a research report on Wednesday, March 18th. UBS Group boosted their price target on shares of Macy’s from $8.00 to $9.00 and gave the company a “sell” rating in a research report on Monday, March 9th. Finally, TD Cowen lowered their price target on shares of Macy’s from $21.00 to $20.00 and set a “hold” rating on the stock in a research report on Thursday, March 19th. One research analyst has rated the stock with a Buy rating, eleven have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Macy’s currently has a consensus rating of “Reduce” and an average price target of $18.90.

Insider Activity at Macy’s

In other news, CEO Olivier Bron sold 7,228 shares of the stock in a transaction dated Monday, April 6th. The shares were sold at an average price of $17.92, for a total transaction of $129,525.76. Following the sale, the chief executive officer owned 21,590 shares of the company’s stock, valued at approximately $386,892.80. This represents a 25.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Tracy M. Preston sold 5,271 shares of the stock in a transaction dated Monday, April 6th. The stock was sold at an average price of $17.92, for a total transaction of $94,456.32. Following the sale, the executive vice president directly owned 28,773 shares in the company, valued at $515,612.16. This represents a 15.48% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 94,967 shares of company stock worth $1,705,276. 1.05% of the stock is owned by corporate insiders.

Macy’s Trading Up 0.4%

NYSE M opened at $18.38 on Friday. The firm’s 50-day moving average is $18.63 and its two-hundred day moving average is $20.44. Macy’s, Inc. has a 12 month low of $10.54 and a 12 month high of $24.41. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.49 and a quick ratio of 0.50. The stock has a market capitalization of $4.85 billion, a P/E ratio of 7.92 and a beta of 1.47.

Macy’s (NYSE:M) last posted its earnings results on Wednesday, March 18th. The company reported $1.67 EPS for the quarter, beating analysts’ consensus estimates of $1.55 by $0.12. Macy’s had a net margin of 2.84% and a return on equity of 14.22%. The company had revenue of $7.92 billion for the quarter, compared to analysts’ expectations of $7.48 billion. During the same quarter in the prior year, the company posted $1.80 earnings per share. Macy’s’s revenue for the quarter was down 1.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Macy’s, Inc. will post 2.09 earnings per share for the current year.

Macy’s Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th were given a $0.1915 dividend. The ex-dividend date of this dividend was Friday, March 13th. This is an increase from Macy’s’s previous quarterly dividend of $0.18. This represents a $0.77 dividend on an annualized basis and a yield of 4.2%. Macy’s’s dividend payout ratio is currently 32.76%.

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.