Macy’s (NYSE:M) CEO Sells $896,788.48 in Stock

Macy’s, Inc. (NYSE:M) CEO Antony Spring sold 50,044 shares of the business’s stock in a transaction on Monday, April 6th. The shares were sold at an average price of $17.92, for a total transaction of $896,788.48. Following the sale, the chief executive officer owned 485,791 shares of the company’s stock, valued at approximately $8,705,374.72. This represents a 9.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Antony Spring also recently made the following trade(s):

• On Wednesday, April 1st, Antony Spring sold 14,606 shares of Macy’s stock. The stock was sold at an average price of $18.08, for a total value of $264,076.48.

Macy’s Price Performance

Macy’s stock traded down $0.03 during mid-day trading on Tuesday, hitting $18.10. The stock had a trading volume of 4,733,326 shares, compared to its average volume of 7,639,447. The firm has a market capitalization of $4.77 billion, a P/E ratio of 7.80 and a beta of 1.51. The company has a current ratio of 1.49, a quick ratio of 0.50 and a debt-to-equity ratio of 0.50. The firm’s 50 day moving average is $19.55 and its 200 day moving average is $20.19. Macy’s, Inc. has a one year low of $9.76 and a one year high of $24.41.

Macy’s (NYSE:M) last released its quarterly earnings data on Wednesday, March 18th. The company reported $1.67 EPS for the quarter, beating the consensus estimate of $1.55 by $0.12. Macy’s had a net margin of 2.84% and a return on equity of 14.22%. The business had revenue of $7.92 billion during the quarter, compared to the consensus estimate of $7.48 billion. During the same quarter in the prior year, the firm earned $1.80 EPS. The business’s revenue was down 1.7% on a year-over-year basis. On average, sell-side analysts forecast that Macy’s, Inc. will post 2.39 earnings per share for the current fiscal year.

Macy’s Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 1st. Investors of record on Friday, March 13th were given a $0.1915 dividend. This is an increase from Macy’s’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend was Friday, March 13th. This represents a $0.77 dividend on an annualized basis and a yield of 4.2%. Macy’s’s dividend payout ratio is currently 33.19%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in M. Norges Bank purchased a new position in Macy’s in the fourth quarter valued at $85,020,000. Marshall Wace LLP purchased a new position in Macy’s in the fourth quarter valued at $69,562,000. Goldman Sachs Group Inc. increased its holdings in Macy’s by 67.5% in the fourth quarter. Goldman Sachs Group Inc. now owns 6,823,034 shares of the company’s stock valued at $150,448,000 after buying an additional 2,750,115 shares in the last quarter. Invesco Ltd. increased its holdings in Macy’s by 160.5% in the second quarter. Invesco Ltd. now owns 4,283,107 shares of the company’s stock valued at $49,941,000 after buying an additional 2,639,132 shares in the last quarter. Finally, Hennessy Advisors Inc. purchased a new position in Macy’s in the third quarter valued at $44,362,000. Hedge funds and other institutional investors own 87.36% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on M shares. Telsey Advisory Group reiterated a “market perform” rating and set a $20.00 price objective on shares of Macy’s in a research note on Wednesday, April 1st. Citigroup dropped their price objective on shares of Macy’s from $24.00 to $18.00 and set a “neutral” rating on the stock in a research note on Thursday, March 19th. Zacks Research downgraded shares of Macy’s from a “hold” rating to a “strong sell” rating in a research note on Friday, March 13th. TD Cowen lowered their target price on shares of Macy’s from $21.00 to $20.00 and set a “hold” rating for the company in a research note on Thursday, March 19th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Macy’s from $24.00 to $21.00 and set a “neutral” rating for the company in a research note on Wednesday, March 18th. One analyst has rated the stock with a Buy rating, ten have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Reduce” and a consensus target price of $18.90.

About Macy’s

Macy’s, Inc is a leading American omnichannel retailer operating under the Macy’s brand, as well as specialty divisions Bloomingdale’s and Bluemercury. The company’s retail portfolio encompasses full-line department stores, fashion-focused specialty outlets and a high-end beauty chain, offering consumers a wide array of apparel, footwear, accessories, cosmetics and home furnishings. Through its integrated network of physical stores and digital platforms, Macy’s seeks to deliver a seamless shopping experience that blends in-store service with online convenience.

The company’s product assortment spans men’s, women’s and children’s clothing, beauty and personal care products, housewares and home décor.