Los Angeles Capital Management LLC Trims Stock Position in Macy’s, Inc. (NYSE:M)

Posted by on May 4th, 2023

Los Angeles Capital Management LLC lessened its stake in Macy’s, Inc. (NYSE:M – Get Rating) by 12.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 32,889 shares of the company’s stock after selling 4,477 shares during the period. Los Angeles Capital Management LLC’s holdings in Macy’s were worth $679,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Asset Management One Co. Ltd. grew its stake in Macy’s by 101.2% in the 4th quarter. Asset Management One Co. Ltd. now owns 43,359 shares of the company’s stock worth $887,000 after buying an additional 21,810 shares in the last quarter. Harvest Fund Management Co. Ltd boosted its stake in shares of Macy’s by 8.8% in the 4th quarter. Harvest Fund Management Co. Ltd now owns 12,839 shares of the company’s stock valued at $265,000 after purchasing an additional 1,039 shares in the last quarter. Illinois Municipal Retirement Fund boosted its stake in shares of Macy’s by 58.0% in the 4th quarter. Illinois Municipal Retirement Fund now owns 177,256 shares of the company’s stock valued at $3,660,000 after purchasing an additional 65,069 shares in the last quarter. OLD National Bancorp IN boosted its stake in shares of Macy’s by 2.9% in the 4th quarter. OLD National Bancorp IN now owns 71,000 shares of the company’s stock valued at $1,466,000 after purchasing an additional 2,000 shares in the last quarter. Finally, Nisa Investment Advisors LLC boosted its stake in shares of Macy’s by 2,319.4% in the 4th quarter. Nisa Investment Advisors LLC now owns 128,303 shares of the company’s stock valued at $2,649,000 after purchasing an additional 123,000 shares in the last quarter. Hedge funds and other institutional investors own 80.19% of the company’s stock.

Macy’s Stock Down 2.5 %

Shares of NYSE M opened at $15.29 on Thursday. 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 $25.38. The firm has a market capitalization of $4.16 billion, a PE ratio of 3.65, a price-to-earnings-growth ratio of 0.36 and a beta of 1.81. The firm has a fifty day simple moving average of $18.42 and a two-hundred day simple moving average of $20.54.

Macy’s (NYSE:M – Get Rating) last issued its quarterly earnings results on Thursday, March 2nd. The company reported $1.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.57 by $0.31. The company had revenue of $8.26 billion during the quarter, compared to analyst estimates of $8.27 billion. Macy’s had a net margin of 4.82% and a return on equity of 35.06%. Macy’s’s quarterly revenue was down 4.6% compared to the same quarter last year. During the same period last year, the business earned $2.45 EPS. Equities analysts expect that Macy’s, Inc. will post 3.79 earnings per share for the current year.

Macy’s Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 3rd. Investors of record on Wednesday, March 15th were paid a $0.1654 dividend. This represents a $0.66 annualized dividend and a dividend yield of 4.33%. This is a positive change from Macy’s’s previous quarterly dividend of $0.16. The ex-dividend date was Tuesday, March 14th. Macy’s’s dividend payout ratio (DPR) is presently 15.75%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on M shares. The Goldman Sachs Group started coverage on shares of Macy’s in a research note on Monday, January 30th. They issued a “buy” rating and a $28.00 price objective for the company. Citigroup upped their price objective on shares of Macy’s from $22.00 to $23.00 and gave the company a “neutral” rating in a research note on Thursday, February 23rd. Credit Suisse Group upped their price objective on shares of Macy’s from $19.00 to $20.00 and gave the company an “underperform” rating in a research note on Friday, March 3rd. Gordon Haskett cut shares of Macy’s from an “accumulate” rating to a “hold” rating and set a $18.00 price objective for the company. in a research note on Wednesday, March 29th. Finally, Deutsche Bank Aktiengesellschaft lowered their price target on shares of Macy’s from $23.00 to $22.00 in a report on Tuesday, January 10th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, Macy’s currently has a consensus rating of “Hold” and a consensus price target of $23.83.

Macy’s Profile

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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.

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Institutional Ownership by Quarter for Macy's (NYSE:M)

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