Macy’s, Inc. (NYSE:M) Position Lessened by Readystate Asset Management LP

Readystate Asset Management LP trimmed its position in shares of Macy’s, Inc. (NYSE:M) by 60.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 107,018 shares of the company’s stock after selling 166,978 shares during the period. Readystate Asset Management LP’s holdings in Macy’s were worth $2,153,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Glassman Wealth Services raised its holdings in Macy’s by 154.5% during the fourth quarter. Glassman Wealth Services now owns 1,224 shares of the company’s stock valued at $25,000 after buying an additional 743 shares in the last quarter. Lindbrook Capital LLC raised its holdings in Macy’s by 253.1% during the fourth quarter. Lindbrook Capital LLC now owns 1,317 shares of the company’s stock valued at $26,000 after buying an additional 944 shares in the last quarter. FinTrust Capital Advisors LLC bought a new position in Macy’s during the fourth quarter valued at about $26,000. Atlas Capital Advisors LLC bought a new position in shares of Macy’s in the fourth quarter worth about $29,000. Finally, Quarry LP bought a new position in shares of Macy’s in the first quarter worth about $33,000. 87.36% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Macy’s

In other news, SVP Paul Griscom sold 2,969 shares of the company’s stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $20.43, for a total value of $60,656.67. Following the sale, the senior vice president now directly owns 21,436 shares of the company’s stock, valued at approximately $437,937.48. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, Director Jeffrey Gennette sold 30,090 shares of the firm’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $19.66, for a total transaction of $591,569.40. Following the transaction, the director now directly owns 1,073,699 shares of the company’s stock, valued at $21,108,922.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Paul Griscom sold 2,969 shares of the firm’s stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $20.43, for a total transaction of $60,656.67. Following the transaction, the senior vice president now directly owns 21,436 shares in the company, valued at $437,937.48. The disclosure for this sale can be found here. Insiders sold a total of 218,424 shares of company stock worth $4,405,507 in the last three months. Insiders own 1.52% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on M shares. TD Cowen lowered Macy’s from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $23.00 to $20.00 in a research note on Thursday, February 29th. Morgan Stanley dropped their price objective on Macy’s from $21.00 to $20.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 28th. JPMorgan Chase & Co. lifted their target price on Macy’s from $23.00 to $25.00 and gave the stock an “overweight” rating in a research report on Monday, March 18th. Telsey Advisory Group reissued a “market perform” rating and set a $21.00 target price on shares of Macy’s in a research report on Thursday, March 28th. Finally, The Goldman Sachs Group lifted their target price on Macy’s from $16.00 to $22.00 and gave the stock a “buy” rating in a research report on Wednesday, February 28th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $17.45.

Macy’s Trading Up 0.1 %

M stock traded up $0.02 during trading on Wednesday, hitting $19.01. The company had a trading volume of 4,148,515 shares, compared to its average volume of 8,105,331. Macy’s, Inc. has a 12 month low of $10.54 and a 12 month high of $22.10. The stock has a market cap of $5.21 billion, a price-to-earnings ratio of 51.38 and a beta of 2.15. The company has a quick ratio of 0.39, a current ratio of 1.37 and a debt-to-equity ratio of 0.72. The firm has a 50-day moving average price of $19.71 and a 200-day moving average price of $17.16.

Macy’s (NYSE:M) last announced its earnings results on Tuesday, February 27th. The company reported $2.45 earnings per share for the quarter, topping analysts’ consensus estimates of $1.98 by $0.47. The firm had revenue of $8.12 billion during the quarter, compared to analyst estimates of $8.07 billion. Macy’s had a net margin of 0.45% and a return on equity of 23.34%. The company’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same period in the prior year, the business earned $1.88 EPS. As a group, analysts predict that Macy’s, Inc. will post 2.57 earnings per share for the current year.

Macy’s Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 15th were paid a dividend of $0.1737 per share. This represents a $0.69 dividend on an annualized basis and a dividend yield of 3.65%. This is an increase from Macy’s’s previous quarterly dividend of $0.17. The ex-dividend date was Thursday, March 14th. Macy’s’s dividend payout ratio is currently 186.49%.

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.