Franklin Resources Inc. Buys 44,896 Shares of Macy’s, Inc. $M

Franklin Resources Inc. raised its stake in shares of Macy’s, Inc. (NYSE:M) by 19.1% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 279,678 shares of the company’s stock after purchasing an additional 44,896 shares during the period. Franklin Resources Inc. owned 0.10% of Macy’s worth $3,261,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Hsbc Holdings PLC grew its holdings in Macy’s by 173.9% during the 1st quarter. Hsbc Holdings PLC now owns 85,939 shares of the company’s stock valued at $1,087,000 after buying an additional 54,558 shares in the last quarter. Bayforest Capital Ltd bought a new position in shares of Macy’s during the 1st quarter valued at approximately $720,000. KLP Kapitalforvaltning AS grew its holdings in shares of Macy’s by 8.6% in the second quarter. KLP Kapitalforvaltning AS now owns 58,200 shares of the company’s stock valued at $688,000 after purchasing an additional 4,600 shares in the last quarter. Truist Financial Corp increased its position in Macy’s by 13.7% in the second quarter. Truist Financial Corp now owns 33,446 shares of the company’s stock worth $390,000 after purchasing an additional 4,023 shares during the last quarter. Finally, Stratos Wealth Partners LTD. purchased a new stake in Macy’s during the second quarter valued at $126,000. Hedge funds and other institutional investors own 87.36% of the company’s stock.

Macy’s Stock Down 0.5%

Shares of NYSE M opened at $22.71 on Wednesday. Macy’s, Inc. has a 1 year low of $9.76 and a 1 year high of $23.15. The firm has a 50-day simple moving average of $19.27 and a two-hundred day simple moving average of $15.26. The company has a market cap of $6.10 billion, a P/E ratio of 12.97 and a beta of 1.83. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.38 and a quick ratio of 0.35.

Macy’s (NYSE:M) last issued its quarterly earnings results on Wednesday, September 3rd. The company reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.19 by $0.22. Macy’s had a return on equity of 15.39% and a net margin of 2.18%.The firm had revenue of $4.81 billion for the quarter, compared to the consensus estimate of $4.69 billion. During the same period in the prior year, the business posted $0.53 earnings per share. The company’s revenue for the quarter was down 2.5% on a year-over-year basis. Research analysts anticipate that Macy’s, Inc. will post 2.39 earnings per share for the current year.

Macy’s Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Monday, December 15th will be paid a $0.1824 dividend. The ex-dividend date is Monday, December 15th. This represents a $0.73 dividend on an annualized basis and a yield of 3.2%. Macy’s’s dividend payout ratio (DPR) is presently 41.71%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Jefferies Financial Group lifted their price objective on shares of Macy’s from $14.50 to $18.50 and gave the stock a “buy” rating in a research note on Wednesday, September 3rd. Telsey Advisory Group increased their price target on shares of Macy’s from $17.00 to $22.00 and gave the company a “market perform” rating in a report on Friday, November 28th. UBS Group boosted their price objective on Macy’s from $6.50 to $7.00 and gave the stock a “sell” rating in a research note on Monday. Citigroup upped their price objective on Macy’s from $16.00 to $19.00 and gave the company a “neutral” rating in a research report on Wednesday, November 19th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Macy’s in a report on Monday. Two equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $16.30.

Insider Buying and Selling at Macy’s

In related news, EVP Danielle L. Kirgan sold 100,000 shares of the firm’s stock in a transaction dated Wednesday, September 17th. The shares were sold at an average price of $17.75, for a total value of $1,775,000.00. Following the transaction, the executive vice president owned 136,161 shares of the company’s stock, valued at $2,416,857.75. This trade represents a 42.34% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Paul Griscom sold 12,843 shares of Macy’s stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $17.26, for a total transaction of $221,670.18. Following the sale, the senior vice president owned 23,379 shares of the company’s stock, valued at $403,521.54. The trade was a 35.46% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 212,843 shares of company stock valued at $3,726,670. Corporate insiders own 1.09% of the company’s stock.

About Macy’s

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.