Bank of New York Mellon Corp Sells 201,636 Shares of Macy’s, Inc. (NYSE:M)

Bank of New York Mellon Corp lessened its stake in Macy’s, Inc. (NYSE:MGet Rating) by 5.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 3,259,474 shares of the company’s stock after selling 201,636 shares during the period. Bank of New York Mellon Corp owned about 1.20% of Macy’s worth $51,075,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Quadrant Capital Group LLC lifted its stake in shares of Macy’s by 57.7% in the 3rd quarter. Quadrant Capital Group LLC now owns 1,815 shares of the company’s stock valued at $28,000 after purchasing an additional 664 shares during the period. Monetary Management Group Inc. acquired a new position in shares of Macy’s in the 2nd quarter valued at about $37,000. Estabrook Capital Management raised its stake in Macy’s by 77.8% during the 1st quarter. Estabrook Capital Management now owns 1,600 shares of the company’s stock worth $39,000 after buying an additional 700 shares during the period. Ellevest Inc. raised its stake in Macy’s by 44.9% during the 3rd quarter. Ellevest Inc. now owns 2,604 shares of the company’s stock worth $41,000 after buying an additional 807 shares during the period. Finally, Lazard Asset Management LLC raised its stake in Macy’s by 52.3% during the 1st quarter. Lazard Asset Management LLC now owns 1,995 shares of the company’s stock worth $48,000 after buying an additional 685 shares during the period. Institutional investors own 80.19% of the company’s stock.

Macy’s Trading Down 4.3 %

Shares of M stock opened at $19.59 on Friday. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.33 and a current ratio of 1.20. Macy’s, Inc. has a 52-week low of $15.10 and a 52-week high of $28.06. The company has a market capitalization of $5.31 billion, a PE ratio of 4.68, a price-to-earnings-growth ratio of 0.46 and a beta of 1.83. The business’s fifty day moving average is $22.17 and its 200 day moving average is $20.40.

Macy’s (NYSE:MGet Rating) last issued its quarterly earnings data on Thursday, March 2nd. The company reported $1.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.57 by $0.31. Macy’s had a return on equity of 35.06% and a net margin of 4.82%. The company had revenue of $8.26 billion for the quarter, compared to the consensus estimate of $8.27 billion. During the same quarter last year, the business posted $2.45 earnings per share. The firm’s revenue was down 4.6% compared to the same quarter last year. On average, equities research analysts anticipate that Macy’s, Inc. will post 3.82 EPS for the current fiscal year.

Macy’s Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, April 3rd. Shareholders of record on Wednesday, March 15th will be given a dividend of $0.1654 per share. This is an increase from Macy’s’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend is Tuesday, March 14th. This represents a $0.66 dividend on an annualized basis and a yield of 3.38%. Macy’s’s dividend payout ratio (DPR) is presently 15.04%.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Deutsche Bank Aktiengesellschaft dropped their price target on Macy’s from $23.00 to $22.00 in a research note on Tuesday, January 10th. The Goldman Sachs Group initiated coverage on Macy’s in a research note on Monday, January 30th. They issued a “buy” rating and a $28.00 price objective for the company. Morgan Stanley increased their price objective on Macy’s from $21.00 to $23.00 and gave the stock an “equal weight” rating in a research note on Friday, March 3rd. Telsey Advisory Group reissued a “market perform” rating and issued a $25.00 price objective on shares of Macy’s in a research note on Friday, March 3rd. Finally, downgraded Macy’s from a “buy” rating to a “hold” rating in a research note on Friday, December 30th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $24.27.

Macy’s Company Profile

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Macy’s, Inc engages in the retail of apparel, accessories, cosmetics, home furnishings, and other consumer goods. The firm’s brands include Macy’s, Bloomingdale’s, and Bluemercury. It offers men’s, women’s, and children’s apparel, women’s accessories, intimate apparel, shoes, cosmetics, fragrances, as well as home and miscellaneous products.

Further Reading

Institutional Ownership by Quarter for Macy's (NYSE:M)

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