Macy’s, Inc. (NYSE:M) Shares Sold by Invenomic Capital Management LP

Invenomic Capital Management LP cut its holdings in shares of Macy’s, Inc. (NYSE:M) by 65.4% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 333,519 shares of the company’s stock after selling 629,291 shares during the period. Invenomic Capital Management LP’s holdings in Macy’s were worth $6,667,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Beryl Capital Management LLC acquired a new position in Macy’s during the first quarter valued at $7,015,000. Price T Rowe Associates Inc. MD increased its holdings in Macy’s by 6.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 141,529 shares of the company’s stock valued at $2,830,000 after buying an additional 8,403 shares in the last quarter. GABELLI & Co INVESTMENT ADVISERS INC. purchased a new position in Macy’s in the first quarter valued at $389,000. Gabelli Funds LLC increased its holdings in Macy’s by 16.2% in the first quarter. Gabelli Funds LLC now owns 159,750 shares of the company’s stock valued at $3,193,000 after buying an additional 22,250 shares in the last quarter. Finally, Gamco Investors INC. ET AL increased its holdings in Macy’s by 9.3% in the first quarter. Gamco Investors INC. ET AL now owns 11,800 shares of the company’s stock valued at $236,000 after buying an additional 1,000 shares in the last quarter. 87.36% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on M shares. Telsey Advisory Group reaffirmed a “market perform” rating and issued a $21.00 price objective on shares of Macy’s in a report on Tuesday, May 21st. JPMorgan Chase & Co. lifted their price objective on shares of Macy’s from $25.00 to $27.00 and gave the company an “overweight” rating in a report on Wednesday, May 22nd. Evercore ISI cut their price objective on shares of Macy’s from $22.00 to $17.00 and set an “in-line” rating for the company in a report on Tuesday, July 16th. TD Cowen boosted their price target on shares of Macy’s from $20.00 to $21.00 and gave the stock a “hold” rating in a report on Wednesday, May 22nd. Finally, StockNews.com began coverage on shares of Macy’s in a report on Monday. They set a “hold” rating on the stock. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $18.10.

Insiders Place Their Bets

In related news, EVP Danielle L. Kirgan sold 24,147 shares of Macy’s stock in a transaction that occurred on Wednesday, July 10th. The stock was sold at an average price of $18.96, for a total transaction of $457,827.12. Following the transaction, the executive vice president now owns 348,000 shares in the company, valued at $6,598,080. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Macy’s news, CEO Antony Spring sold 18,981 shares of the business’s stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $18.96, for a total value of $359,879.76. Following the transaction, the chief executive officer now directly owns 267,265 shares in the company, valued at approximately $5,067,344.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Danielle L. Kirgan sold 24,147 shares of the stock in a transaction that occurred on Wednesday, July 10th. The shares were sold at an average price of $18.96, for a total transaction of $457,827.12. Following the completion of the sale, the executive vice president now directly owns 348,000 shares of the company’s stock, valued at approximately $6,598,080. The disclosure for this sale can be found here. Insiders have sold 43,464 shares of company stock valued at $824,081 in the last ninety days. 2.77% of the stock is currently owned by corporate insiders.

Macy’s Price Performance

NYSE M traded up $0.21 during mid-day trading on Tuesday, hitting $17.30. The stock had a trading volume of 5,420,532 shares, compared to its average volume of 6,709,966. The firm’s 50 day moving average is $18.41 and its 200 day moving average is $18.98. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.38 and a quick ratio of 0.35. The stock has a market capitalization of $4.78 billion, a price-to-earnings ratio of 576.67 and a beta of 2.18. Macy’s, Inc. has a twelve month low of $10.54 and a twelve month high of $22.10.

Macy’s (NYSE:M) last released its earnings results on Tuesday, May 21st. The company reported $0.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.15 by $0.12. The business had revenue of $4.85 billion during the quarter, compared to analyst estimates of $4.82 billion. Macy’s had a net margin of 0.05% and a return on equity of 21.40%. The company’s revenue for the quarter was down 2.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.56 earnings per share. Equities research analysts forecast that Macy’s, Inc. will post 2.79 earnings per share for the current fiscal year.

Macy’s Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Friday, June 14th were issued a $0.1737 dividend. The ex-dividend date of this dividend was Friday, June 14th. This represents a $0.69 dividend on an annualized basis and a yield of 4.02%. Macy’s’s payout ratio is 2,300.00%.

Macy’s Profile

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.