Newport Trust Company LLC Sells 77,796 Shares of Macy’s, Inc. (NYSE:M)

Newport Trust Company LLC trimmed its position in Macy’s, Inc. (NYSE:M) by 1.0% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,382,167 shares of the company’s stock after selling 77,796 shares during the quarter. Macy’s accounts for 0.4% of Newport Trust Company LLC’s holdings, making the stock its 29th biggest holding. Newport Trust Company LLC owned 2.67% of Macy’s worth $141,738,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. Riverview Trust Co bought a new position in shares of Macy’s during the first quarter worth approximately $27,000. Fidelis Capital Partners LLC bought a new position in Macy’s during the 1st quarter worth $42,000. Future Financial Wealth Managment LLC acquired a new position in Macy’s in the 1st quarter valued at $50,000. EntryPoint Capital LLC bought a new stake in shares of Macy’s during the 1st quarter valued at $51,000. Finally, Principal Securities Inc. acquired a new stake in shares of Macy’s during the 4th quarter worth $59,000. Institutional investors own 87.36% of the company’s stock.

Insiders Place Their Bets

In related news, EVP Danielle L. Kirgan sold 24,147 shares of the business’s stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $18.96, for a total value 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, EVP Danielle L. Kirgan sold 24,147 shares of the stock in a transaction on Wednesday, July 10th. The stock was sold at an average price of $18.96, for a total value of $457,827.12. Following the transaction, the executive vice president now directly owns 348,000 shares in the company, valued at approximately $6,598,080. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Antony Spring sold 18,981 shares of the business’s stock in a transaction on Wednesday, July 10th. The shares were sold at an average price of $18.96, for a total transaction of $359,879.76. Following the sale, the chief executive officer now owns 267,265 shares of the company’s stock, valued at approximately $5,067,344.40. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 44,665 shares of company stock worth $842,372. 2.77% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on M. Evercore ISI cut their price target 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. StockNews.com initiated coverage on Macy’s in a research note on Sunday, September 15th. They issued a “hold” rating on the stock. Telsey Advisory Group reissued a “market perform” rating and set a $21.00 price target on shares of Macy’s in a report on Wednesday, August 21st. Finally, Morgan Stanley reduced their price objective on Macy’s from $18.00 to $17.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 22nd. Seven research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $19.50.

Macy’s Stock Performance

Shares of M stock opened at $15.34 on Friday. The stock has a market capitalization of $4.24 billion, a PE ratio of 511.33 and a beta of 2.11. The business’s 50 day simple moving average is $16.06 and its 200 day simple moving average is $18.21. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.48 and a quick ratio of 0.34. Macy’s, Inc. has a one year low of $10.54 and a one year high of $22.10.

Macy’s (NYSE:M) last released its earnings results on Wednesday, August 21st. The company reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.30 by $0.23. Macy’s had a net margin of 0.80% and a return on equity of 23.14%. The business had revenue of $4.94 billion for the quarter, compared to analyst estimates of $5.06 billion. During the same quarter in the previous year, the business earned $0.26 earnings per share. Macy’s’s revenue for the quarter was down 3.8% on a year-over-year basis. As a group, research analysts forecast that Macy’s, Inc. will post 2.72 earnings per share for the current year.

Macy’s Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be paid a dividend of $0.1737 per share. This represents a $0.69 annualized dividend and a yield of 4.53%. The ex-dividend date is Friday, September 13th. Macy’s’s dividend payout ratio is presently 2,300.00%.

Macy’s Company 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.