Bank of New York Mellon Corp Trims Stock Position in Macy’s, Inc. (NYSE:M)

Bank of New York Mellon Corp lessened its stake in shares of Macy’s, Inc. (NYSE:M) by 3.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,208,830 shares of the company’s stock after selling 105,742 shares during the quarter. Bank of New York Mellon Corp owned about 1.15% of Macy’s worth $40,303,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Jones Financial Companies Lllp raised its position in Macy’s by 82.1% in the 4th quarter. Jones Financial Companies Lllp now owns 2,149 shares of the company’s stock valued at $36,000 after purchasing an additional 969 shares during the last quarter. Bessemer Group Inc. raised its position in Macy’s by 495.5% in the 4th quarter. Bessemer Group Inc. now owns 3,412 shares of the company’s stock valued at $58,000 after purchasing an additional 2,839 shares during the last quarter. Raiffeisen Bank International AG purchased a new stake in Macy’s in the 4th quarter valued at $111,000. Vestcor Inc purchased a new stake in Macy’s in the 4th quarter valued at $115,000. Finally, Aster Capital Management DIFC Ltd purchased a new stake in Macy’s in the 4th quarter valued at $119,000. Hedge funds and other institutional investors own 87.36% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Barclays assumed coverage on shares of Macy’s in a research report on Monday, April 28th. They set a “cautious” rating and a $12.00 price objective for the company. Telsey Advisory Group cut their price objective on shares of Macy’s from $15.00 to $14.00 and set a “market perform” rating for the company in a research report on Thursday, May 29th. Citigroup restated a “neutral” rating and set a $12.00 price objective (up previously from $11.00) on shares of Macy’s in a research report on Thursday, May 29th. The Goldman Sachs Group downgraded shares of Macy’s from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $17.00 to $12.00 in a research report on Tuesday, April 22nd. Finally, JPMorgan Chase & Co. lowered their price target on shares of Macy’s from $13.00 to $12.00 and set a “neutral” rating on the stock in a research note on Thursday, May 29th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Macy’s presently has an average rating of “Hold” and an average target price of $13.20.

Macy’s Trading Down 0.3%

Shares of M stock opened at $12.50 on Tuesday. The firm has a market cap of $3.39 billion, a P/E ratio of 6.34 and a beta of 1.71. Macy’s, Inc. has a 1-year low of $9.76 and a 1-year high of $18.13. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.43 and a quick ratio of 0.37. The firm’s 50-day simple moving average is $11.84 and its 200-day simple moving average is $13.09.

Macy’s (NYSE:M) last posted its quarterly earnings results on Wednesday, May 28th. The company reported $0.16 EPS for the quarter, beating the consensus estimate of $0.15 by $0.01. Macy’s had a net margin of 2.45% and a return on equity of 16.34%. The firm had revenue of $4.60 billion for the quarter, compared to analyst estimates of $4.38 billion. During the same quarter last year, the firm posted $0.27 earnings per share. Macy’s’s revenue for the quarter was down 5.1% compared to the same quarter last year. As a group, equities analysts forecast that Macy’s, Inc. will post 2.39 EPS for the current year.

Macy’s Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th were paid a dividend of $0.1824 per share. The ex-dividend date was Friday, June 13th. This represents a $0.73 dividend on an annualized basis and a dividend yield of 5.84%. Macy’s’s dividend payout ratio is currently 37.06%.

Macy’s Profile

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.