State of New Jersey Common Pension Fund D Sells 63,439 Shares of Macy’s, Inc. (NYSE:M)

State of New Jersey Common Pension Fund D cut its holdings in Macy’s, Inc. (NYSE:M) by 37.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 103,841 shares of the company’s stock after selling 63,439 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Macy’s were worth $1,994,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Riverview Trust Co purchased a new position in shares of Macy’s in the 1st quarter valued at $27,000. Fidelis Capital Partners LLC purchased a new stake in shares of Macy’s during the 1st quarter worth $42,000. Future Financial Wealth Managment LLC bought a new stake in Macy’s during the first quarter valued at about $50,000. EntryPoint Capital LLC purchased a new position in Macy’s in the first quarter valued at about $51,000. Finally, Principal Securities Inc. bought a new position in Macy’s in the fourth quarter worth about $59,000. 87.36% of the stock is currently owned by institutional investors.

Insider Activity

In related news, CEO Antony Spring sold 18,981 shares of Macy’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 $359,879.76. Following the sale, 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 legal filing with the SEC, which is available at this link. In other Macy’s news, CEO Antony Spring sold 18,981 shares of Macy’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 sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Danielle L. Kirgan sold 24,147 shares of the stock in a transaction dated 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 owns 348,000 shares of the company’s stock, valued at $6,598,080. The disclosure for this sale can be found here. Insiders have sold a total of 44,665 shares of company stock worth $842,372 over the last 90 days. 2.77% of the stock is currently owned by company insiders.

Macy’s Trading Down 0.2 %

Shares of NYSE:M opened at $15.30 on Friday. The company has a current ratio of 1.48, a quick ratio of 0.34 and a debt-to-equity ratio of 0.70. Macy’s, Inc. has a 12-month low of $10.54 and a 12-month high of $22.10. The business has a 50 day moving average of $15.97 and a two-hundred day moving average of $18.19. The company has a market capitalization of $4.23 billion, a PE ratio of 510.00 and a beta of 2.11.

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

Macy’s Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be issued a dividend of $0.1737 per share. This represents a $0.69 annualized dividend and a yield of 4.54%. The ex-dividend date is Friday, September 13th. Macy’s’s payout ratio is 2,300.00%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on M shares. StockNews.com started coverage on shares of Macy’s in a report on Sunday, September 15th. They issued a “hold” rating on the stock. Evercore ISI dropped their target price on Macy’s from $22.00 to $17.00 and set an “in-line” rating on the stock in a research note on Tuesday, July 16th. Telsey Advisory Group reiterated a “market perform” rating and issued a $21.00 price target on shares of Macy’s in a research note on Wednesday, August 21st. Finally, Morgan Stanley lowered their price target on Macy’s from $18.00 to $17.00 and set an “equal weight” rating for the company in a report on Thursday, August 22nd. Seven analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $19.50.

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.