Cubist Systematic Strategies LLC Sells 420,069 Shares of Macy’s, Inc. (NYSE:M)

Posted by Defense World Staff on Mar 7th, 2023

Macy's logo Cubist Systematic Strategies LLC lessened its position in Macy’s, Inc. (NYSE:M – Get Rating) by 65.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 219,803 shares of the company’s stock after selling 420,069 shares during the period. Cubist Systematic Strategies LLC owned about 0.08% of Macy’s worth $3,444,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. MML Investors Services LLC grew its position in shares of Macy’s by 14.2% in the 3rd quarter. MML Investors Services LLC now owns 43,312 shares of the company’s stock valued at $679,000 after acquiring an additional 5,392 shares during the period. Towle & Co bought a new stake in shares of Macy’s during the 3rd quarter worth about $18,401,000. Itau Unibanco Holding S.A. bought a new stake in shares of Macy’s during the 3rd quarter worth about $75,000. Hsbc Holdings PLC boosted its holdings in shares of Macy’s by 142.9% during the 3rd quarter. Hsbc Holdings PLC now owns 320,429 shares of the company’s stock worth $5,092,000 after buying an additional 188,509 shares during the period. Finally, Prudential PLC boosted its holdings in shares of Macy’s by 24.0% during the 3rd quarter. Prudential PLC now owns 48,395 shares of the company’s stock worth $758,000 after buying an additional 9,370 shares during the period. Institutional investors own 80.19% of the company’s stock.

Macy’s Price Performance

Shares of NYSE:M opened at $21.67 on Tuesday. The firm has a 50 day moving average of $22.15 and a 200-day moving average of $20.38. The stock has a market capitalization of $5.87 billion, a PE ratio of 5.17, a PEG ratio of 0.50 and a beta of 1.83. The company has a current ratio of 1.20, a quick ratio of 0.33 and a debt-to-equity ratio of 0.73. Macy’s, Inc. has a 12 month low of $15.10 and a 12 month high of $28.06.

Macy’s (NYSE:M – Get Rating) last issued its earnings results on Thursday, March 2nd. The company reported $1.88 EPS for the quarter, beating the consensus estimate of $1.57 by $0.31. The company had revenue of $8.26 billion during the quarter, compared to analysts’ expectations of $8.27 billion. Macy’s had a net margin of 4.82% and a return on equity of 35.06%. The business’s revenue for the quarter was down 4.6% compared to the same quarter last year. During the same period in the previous year, the company earned $2.45 EPS. On average, equities research analysts predict that Macy’s, Inc. will post 3.78 EPS for the current fiscal year.

Macy’s Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 3rd. Investors of record on Wednesday, March 15th will be issued 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 is Tuesday, March 14th. This represents a $0.66 annualized dividend and a dividend yield of 3.05%. Macy’s’s dividend payout ratio (DPR) is 15.04%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on M shares. Telsey Advisory Group reaffirmed a “market perform” rating and set a $25.00 target price on shares of Macy’s in a report on Friday. StockNews.com downgraded shares of Macy’s from a “buy” rating to a “hold” rating in a report on Friday, December 30th. Morgan Stanley lifted their target price on shares of Macy’s from $21.00 to $23.00 and gave the stock an “equal weight” rating in a report on Friday. OTR Global upgraded shares of Macy’s from a “mixed” rating to a “positive” rating in a research note on Wednesday, November 9th. Finally, Credit Suisse Group lifted their price objective on shares of Macy’s from $19.00 to $20.00 and gave the stock an “underperform” rating in a research note on Friday. Two research analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $24.27.

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.