Dana Investment Advisors Inc. Sells 6,118 Shares of Macy’s, Inc. (NYSE:M)

Dana Investment Advisors Inc. cut its holdings in shares of Macy’s, Inc. (NYSE:M) by 2.5% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 235,512 shares of the company’s stock after selling 6,118 shares during the period. Dana Investment Advisors Inc. owned about 0.09% of Macy’s worth $4,522,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP increased its stake in shares of Macy’s by 9.8% in the second quarter. Dimensional Fund Advisors LP now owns 15,489,334 shares of the company’s stock valued at $297,385,000 after buying an additional 1,379,476 shares during the period. LSV Asset Management increased its position in Macy’s by 1.3% during the 2nd quarter. LSV Asset Management now owns 5,374,167 shares of the company’s stock valued at $103,184,000 after purchasing an additional 68,300 shares during the period. American Century Companies Inc. raised its holdings in Macy’s by 18.9% during the 2nd quarter. American Century Companies Inc. now owns 4,704,854 shares of the company’s stock worth $90,333,000 after purchasing an additional 747,542 shares during the last quarter. Marshall Wace LLP raised its holdings in Macy’s by 1,539.5% during the 2nd quarter. Marshall Wace LLP now owns 3,534,952 shares of the company’s stock worth $67,871,000 after purchasing an additional 3,319,337 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its position in shares of Macy’s by 1.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 3,185,513 shares of the company’s stock worth $61,162,000 after purchasing an additional 37,254 shares during the period. 87.36% of the stock is owned by institutional investors.

Macy’s Stock Performance

Shares of Macy’s stock opened at $15.43 on Wednesday. The business has a 50-day simple moving average of $15.70 and a 200 day simple moving average of $17.84. The firm has a market capitalization of $4.27 billion, a price-to-earnings ratio of 514.33 and a beta of 2.11. 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 issued its earnings results on Wednesday, August 21st. The company reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.30 by $0.23. Macy’s had a return on equity of 23.14% and a net margin of 0.80%. The company had revenue of $4.94 billion for the quarter, compared to analyst estimates of $5.06 billion. During the same period in the prior year, the firm earned $0.26 earnings per share. Macy’s’s revenue for the quarter was down 3.8% on a year-over-year basis. On average, research analysts anticipate that Macy’s, Inc. will post 2.72 earnings per share for the current fiscal year.

Macy’s Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th were given a dividend of $0.1737 per share. This represents a $0.69 annualized dividend and a dividend yield of 4.50%. The ex-dividend date was Friday, September 13th. Macy’s’s payout ratio is presently 2,300.00%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on M shares. StockNews.com initiated coverage on shares of Macy’s in a research report on Tuesday. They set a “hold” rating for the company. Telsey Advisory Group reissued a “market perform” rating and issued a $21.00 price objective on shares of Macy’s in a research report on Wednesday, August 21st. Evercore ISI cut their target price on Macy’s from $22.00 to $17.00 and set an “in-line” rating on the stock in a research report on Tuesday, July 16th. Finally, Morgan Stanley lowered their target price 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. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, Macy’s has an average rating of “Hold” and an average target price of $20.43.

Insider Transactions at Macy’s

In other news, EVP Danielle L. Kirgan sold 24,147 shares of the firm’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 value 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Macy’s news, CEO Antony Spring sold 18,981 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 value of $359,879.76. Following the completion of the sale, the chief executive officer now owns 267,265 shares in the company, valued at approximately $5,067,344.40. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, 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 directly owns 348,000 shares in the company, valued at approximately $6,598,080. The disclosure for this sale can be found here. Insiders sold a total of 44,665 shares of company stock valued at $842,372 over the last three months. Corporate insiders own 2.77% of the company’s stock.

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.