Macy’s, Inc. (NYSE:M) Position Lessened by Principal Financial Group Inc.

Principal Financial Group Inc. lowered its stake in shares of Macy’s, Inc. (NYSE:M) by 30.1% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 640,142 shares of the company’s stock after selling 276,047 shares during the quarter. Principal Financial Group Inc. owned approximately 0.23% of Macy’s worth $10,044,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Impax Asset Management Group plc boosted its stake in Macy’s by 55.0% during the 3rd quarter. Impax Asset Management Group plc now owns 63,544 shares of the company’s stock valued at $997,000 after purchasing an additional 22,544 shares during the period. Lebenthal Global Advisors LLC raised its holdings in shares of Macy’s by 22.2% during the third quarter. Lebenthal Global Advisors LLC now owns 49,510 shares of the company’s stock valued at $777,000 after buying an additional 8,982 shares during the last quarter. Stephens Inc. AR acquired a new position in shares of Macy’s during the third quarter worth approximately $157,000. State of Alaska Department of Revenue grew its holdings in Macy’s by 7.3% in the 3rd quarter. State of Alaska Department of Revenue now owns 31,911 shares of the company’s stock worth $500,000 after buying an additional 2,175 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its position in Macy’s by 8.7% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 23,399 shares of the company’s stock valued at $367,000 after acquiring an additional 1,866 shares during the period. 87.36% of the stock is currently owned by institutional investors.

Macy’s Trading Down 1.5 %

Shares of NYSE M opened at $15.26 on Tuesday. 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 one year low of $14.06 and a one year high of $22.10. The business has a 50-day moving average price of $15.40 and a two-hundred day moving average price of $16.93. The firm has a market capitalization of $4.23 billion, a PE ratio of 23.84 and a beta of 2.11.

Macy’s (NYSE:M) last posted its quarterly earnings results on Wednesday, August 21st. The company reported $0.53 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 analysts’ expectations of $5.06 billion. During the same period in the previous year, the company posted $0.26 EPS. Macy’s’s revenue was down 3.8% on a year-over-year basis. As a group, analysts predict 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 will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be given a dividend of $0.1737 per share. This represents a $0.69 annualized dividend and a yield of 4.55%. The ex-dividend date is Friday, December 13th. Macy’s’s payout ratio is 107.81%.

Analysts Set New Price Targets

Several research firms have commented on M. StockNews.com assumed coverage on shares of Macy’s in a research note on Sunday, November 10th. They set a “hold” rating on the stock. Telsey Advisory Group reiterated a “market perform” rating and set a $21.00 price objective on shares of Macy’s in a research note on Wednesday, August 21st. Morgan Stanley cut their target price on Macy’s from $18.00 to $17.00 and set an “equal weight” rating for the company in a research report on Thursday, August 22nd. Finally, Argus upgraded Macy’s to a “hold” rating in a research report on Thursday, October 10th. Seven analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, Macy’s has a consensus rating of “Hold” and a consensus price target of $20.43.

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.