Gabelli Funds LLC Increases Stock Position in Macy’s, Inc. (NYSE:M)

Gabelli Funds LLC lifted its holdings in shares of Macy’s, Inc. (NYSE:M) by 18.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 189,950 shares of the company’s stock after buying an additional 30,200 shares during the quarter. Gabelli Funds LLC owned about 0.07% of Macy’s worth $3,647,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. Norges Bank purchased a new stake in Macy’s in the 4th quarter worth approximately $62,529,000. Crestline Management LP bought a new position in shares of Macy’s in the 4th quarter worth $32,192,000. Dimensional Fund Advisors LP increased its holdings in shares of Macy’s by 9.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 15,489,334 shares of the company’s stock worth $297,385,000 after buying an additional 1,379,476 shares during the last quarter. Invenomic Capital Management LP bought a new position in shares of Macy’s in the 4th quarter worth $19,372,000. Finally, Hsbc Holdings PLC increased its holdings in shares of Macy’s by 1,044.1% in the 4th quarter. Hsbc Holdings PLC now owns 906,708 shares of the company’s stock worth $18,331,000 after buying an additional 827,456 shares during the last quarter. 87.36% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Macy’s

In other news, CEO Antony Spring sold 18,981 shares of the firm’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 completion of the sale, the chief executive officer now directly owns 267,265 shares of the company’s stock, valued at approximately $5,067,344.40. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CEO Antony Spring sold 18,981 shares of Macy’s stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $18.96, for a total transaction of $359,879.76. Following the completion of the transaction, the chief executive officer now directly 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 this hyperlink. Also, EVP Danielle L. Kirgan sold 24,147 shares of Macy’s 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 transaction, the executive vice president now directly owns 348,000 shares of the company’s stock, valued at $6,598,080. The disclosure for this sale can be found here. Insiders sold 44,665 shares of company stock valued at $842,372 in the last quarter. Company insiders own 2.77% of the company’s stock.

Wall Street Analysts Forecast Growth

M has been the topic of a number of research analyst reports. StockNews.com initiated coverage on shares of Macy’s in a report on Monday. They issued a “hold” rating on the stock. Telsey Advisory Group reissued a “market perform” rating and issued a $21.00 price target on shares of Macy’s in a report on Wednesday, August 21st. Evercore ISI decreased their price target on shares of Macy’s from $22.00 to $17.00 and set an “in-line” rating on the stock in a report on Tuesday, July 16th. Finally, Morgan Stanley reduced their target price on shares of Macy’s from $18.00 to $17.00 and set an “equal weight” rating on the stock in a report on Thursday, August 22nd. Seven equities 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, Macy’s presently has an average rating of “Hold” and a consensus price target of $19.50.

Macy’s Price Performance

M stock opened at $15.07 on Wednesday. The firm has a market cap of $4.17 billion, a P/E ratio of 502.33 and a beta of 2.11. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.34 and a current ratio of 1.48. The firm’s fifty day moving average is $15.83 and its 200 day moving average is $18.04. Macy’s, Inc. has a 52 week low of $10.54 and a 52 week high of $22.10.

Macy’s (NYSE:M) last announced its quarterly earnings results on Wednesday, August 21st. The company reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.23. The business had revenue of $4.94 billion during the quarter, compared to analysts’ expectations of $5.06 billion. Macy’s had a net margin of 0.80% and a return on equity of 23.14%. The firm’s revenue for the quarter was down 3.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.26 EPS. Research analysts predict that Macy’s, Inc. will post 2.72 earnings per share for the current year.

Macy’s Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be given a dividend of $0.1737 per share. The ex-dividend date is Friday, September 13th. This represents a $0.69 annualized dividend and a yield of 4.61%. Macy’s’s payout ratio is currently 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.