Nuveen Asset Management LLC Cuts Stock Holdings in Macy’s, Inc. (NYSE:M)

Posted by Defense World Staff on Mar 2nd, 2023

Macy's logo Nuveen Asset Management LLC lowered its stake in Macy’s, Inc. (NYSE:M – Get Rating) by 25.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,771,112 shares of the company’s stock after selling 590,274 shares during the period. Nuveen Asset Management LLC owned approximately 0.65% of Macy’s worth $27,754,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of M. Quadrant Capital Group LLC raised its holdings in Macy’s by 57.7% during the 3rd quarter. Quadrant Capital Group LLC now owns 1,815 shares of the company’s stock valued at $28,000 after buying an additional 664 shares during the last quarter. Monetary Management Group Inc. purchased a new stake in shares of Macy’s during the second quarter worth about $37,000. Estabrook Capital Management boosted its holdings in shares of Macy’s by 77.8% during the first quarter. Estabrook Capital Management now owns 1,600 shares of the company’s stock worth $39,000 after purchasing an additional 700 shares during the period. Ellevest Inc. grew its stake in shares of Macy’s by 44.9% in the third quarter. Ellevest Inc. now owns 2,604 shares of the company’s stock worth $41,000 after purchasing an additional 807 shares during the last quarter. Finally, Lazard Asset Management LLC increased its holdings in Macy’s by 52.3% during the 1st quarter. Lazard Asset Management LLC now owns 1,995 shares of the company’s stock valued at $48,000 after purchasing an additional 685 shares during the period. Institutional investors own 80.19% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on M shares. Citigroup lifted their price objective on Macy’s from $22.00 to $23.00 and gave the stock a “neutral” rating in a research report on Thursday, February 23rd. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Macy’s from $23.00 to $22.00 in a research report on Tuesday, January 10th. Credit Suisse Group upped their price objective on shares of Macy’s to $19.00 in a report on Monday, November 21st. The Goldman Sachs Group began coverage on shares of Macy’s in a research note on Monday, January 30th. They set a “buy” rating and a $28.00 target price on the stock. Finally, OTR Global raised shares of Macy’s from a “mixed” rating to a “positive” rating in a research note on Wednesday, November 9th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $23.82.

Macy’s Stock Performance

Shares of M opened at $20.43 on Thursday. The company has a quick ratio of 0.14, a current ratio of 1.09 and a debt-to-equity ratio of 0.86. The stock has a market cap of $5.54 billion, a P/E ratio of 4.26, a P/E/G ratio of 0.45 and a beta of 1.75. The business’s 50 day moving average price is $22.03 and its 200-day moving average price is $20.34. Macy’s, Inc. has a 52 week low of $15.10 and a 52 week high of $28.06.

Macy’s Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, April 3rd. Stockholders of record on Wednesday, March 15th will be paid a $0.1654 dividend. This is a boost from Macy’s’s previous quarterly dividend of $0.16. This represents a $0.66 dividend on an annualized basis and a dividend yield of 3.24%. The ex-dividend date of this dividend is Tuesday, March 14th. Macy’s’s dividend payout ratio is currently 13.75%.

About Macy’s

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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.