Exchange Traded Concepts LLC Makes New $4.73 Million Investment in Macy’s, Inc. $M

Exchange Traded Concepts LLC acquired a new position in Macy’s, Inc. (NYSE:M) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 214,464 shares of the company’s stock, valued at approximately $4,729,000. Exchange Traded Concepts LLC owned approximately 0.08% of Macy’s at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Norges Bank bought a new position in Macy’s during the second quarter worth $58,743,000. Invesco Ltd. grew 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 worth $49,941,000 after purchasing an additional 2,639,132 shares during the period. Hennessy Advisors Inc. bought a new stake in Macy’s in the third quarter valued at $44,362,000. Arrowstreet Capital Limited Partnership increased its stake in Macy’s by 107.5% in the second quarter. Arrowstreet Capital Limited Partnership now owns 4,253,538 shares of the company’s stock valued at $49,596,000 after purchasing an additional 2,203,874 shares in the last quarter. Finally, Cooper Creek Partners Management LLC raised its holdings in shares of Macy’s by 13.4% during the second quarter. Cooper Creek Partners Management LLC now owns 7,395,091 shares of the company’s stock valued at $86,227,000 after purchasing an additional 876,606 shares during the period. 87.36% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have recently issued reports on M. UBS Group increased their price objective on shares of Macy’s from $8.00 to $9.00 and gave the stock a “sell” rating in a research report on Monday, March 9th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Macy’s in a research report on Friday. Telsey Advisory Group reaffirmed a “market perform” rating and set a $20.00 price target (down from $25.00) on shares of Macy’s in a research note on Wednesday, March 18th. The Goldman Sachs Group increased their price target on Macy’s from $16.50 to $22.00 and gave the stock a “neutral” rating in a report on Friday, December 5th. Finally, TD Cowen decreased their price objective on Macy’s from $21.00 to $20.00 and set a “hold” rating for the company in a report on Thursday, March 19th. One investment 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 data from MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus target price of $18.90.

Macy’s Stock Down 2.0%

Macy’s stock opened at $17.58 on Tuesday. The firm has a market capitalization of $4.67 billion, a price-to-earnings ratio of 7.58 and a beta of 1.51. The firm’s fifty day moving average price is $19.83 and its two-hundred day moving average price is $20.16. Macy’s, Inc. has a 1-year low of $9.76 and a 1-year high of $24.41. The company has a current ratio of 1.49, a quick ratio of 0.50 and a debt-to-equity ratio of 0.50.

Macy’s (NYSE:M) last posted its earnings results on Wednesday, March 18th. The company reported $1.67 EPS for the quarter, topping 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 company had revenue of $7.92 billion during the quarter, compared to the consensus estimate of $7.48 billion. During the same period in the previous year, the firm posted $1.80 earnings per share. The firm’s revenue for the quarter was down 1.7% on a year-over-year basis. On average, equities research analysts predict that Macy’s, Inc. will post 2.39 earnings per share for the current fiscal year.

Macy’s Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th will be paid a $0.1915 dividend. This represents a $0.77 annualized dividend and a dividend yield of 4.4%. This is a boost from Macy’s’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend is Friday, March 13th. Macy’s’s dividend payout ratio (DPR) is currently 33.19%.

Macy’s Company Profile

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.