Principal Financial Group Inc. Has $18.76 Million Holdings in Macy’s, Inc. (NYSE:M)

Posted by Defense World Staff on Aug 25th, 2023

Macy's logo Principal Financial Group Inc. raised its position in Macy’s, Inc. (NYSE:M – Free Report) by 1.0% during the first quarter, according to its most recent filing with the SEC. The firm owned 1,072,851 shares of the company’s stock after purchasing an additional 10,164 shares during the period. Principal Financial Group Inc. owned 0.39% of Macy’s worth $18,764,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of M. Bank of America Corp DE increased its position in Macy’s by 408.1% in the 4th quarter. Bank of America Corp DE now owns 3,875,317 shares of the company’s stock valued at $80,025,000 after buying an additional 3,112,649 shares in the last quarter. Ceredex Value Advisors LLC acquired a new position in shares of Macy’s during the first quarter valued at about $44,860,000. Schonfeld Strategic Advisors LLC increased its position in shares of Macy’s by 196.2% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 3,453,241 shares of the company’s stock worth $71,309,000 after acquiring an additional 2,287,287 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in shares of Macy’s by 27.1% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 10,106,073 shares of the company’s stock worth $246,184,000 after acquiring an additional 2,155,936 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its position in Macy’s by 126.2% in the 1st quarter. Renaissance Technologies LLC now owns 3,796,764 shares of the company’s stock valued at $92,489,000 after acquiring an additional 2,118,174 shares in the last quarter. 81.29% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

M has been the topic of a number of analyst reports. JPMorgan Chase & Co. cut their price objective on shares of Macy’s from $26.00 to $23.00 in a report on Friday, June 2nd. Citigroup dropped their target price on shares of Macy’s from $15.00 to $13.00 and set a “neutral” rating on the stock in a research report on Wednesday. Deutsche Bank Aktiengesellschaft dropped their price target on Macy’s from $20.00 to $18.00 in a report on Friday, June 2nd. StockNews.com initiated coverage on Macy’s in a research note on Thursday, August 17th. They issued a “hold” rating for the company. Finally, Morgan Stanley cut their price target on shares of Macy’s from $23.00 to $15.00 and set an “equal weight” rating on the stock in a report on Monday, August 7th. Three analysts have rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $16.64.

Read Our Latest Research Report on M

Macy’s Stock Performance

NYSE M opened at $12.33 on Friday. The company’s 50 day moving average is $15.66 and its 200-day moving average is $17.11. The firm has a market cap of $3.36 billion, a P/E ratio of 4.57, a price-to-earnings-growth ratio of 0.37 and a beta of 1.84. Macy’s, Inc. has a 12-month low of $12.31 and a 12-month high of $25.12. The company has a quick ratio of 0.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.71.

Macy’s (NYSE:M – Get Free Report) last issued its earnings results on Tuesday, August 22nd. The company reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.13 by $0.13. Macy’s had a net margin of 3.15% and a return on equity of 22.46%. The business had revenue of $5.15 billion for the quarter, compared to analysts’ expectations of $5.07 billion. During the same quarter in the previous year, the firm posted $1.00 EPS. The business’s revenue for the quarter was down 8.0% compared to the same quarter last year. Sell-side analysts predict that Macy’s, Inc. will post 2.89 earnings per share for the current year.

Macy’s Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, July 3rd. Stockholders of record on Thursday, June 15th were given a dividend of $0.165 per share. This represents a $0.66 annualized dividend and a dividend yield of 5.35%. The ex-dividend date of this dividend was Wednesday, June 14th. Macy’s’s dividend payout ratio is presently 24.44%.

Insider Activity

In other news, SVP Paul Griscom sold 8,044 shares of the business’s stock in a transaction on Friday, June 16th. The shares were sold at an average price of $15.90, for a total transaction of $127,899.60. Following the completion of the transaction, the senior vice president now directly owns 11,061 shares in the company, valued at approximately $175,869.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Antony Spring sold 19,026 shares of the firm’s stock in a transaction that occurred on Monday, July 10th. The shares were sold at an average price of $15.97, for a total value of $303,845.22. Following the sale, the chief executive officer now directly owns 198,155 shares of the company’s stock, valued at $3,164,535.35. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Paul Griscom sold 8,044 shares of Macy’s stock in a transaction that occurred on Friday, June 16th. The shares were sold at an average price of $15.90, for a total transaction of $127,899.60. Following the sale, the senior vice president now owns 11,061 shares of the company’s stock, valued at $175,869.90. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 51,610 shares of company stock worth $823,642. 1.52% of the stock is owned by company insiders.

Macy’s Company Profile

(Free Report)

Macy's, Inc, an omni-channel retail organization, operates stores, websites, and mobile applications in the United States. The company sells a range of merchandise, such as apparel and accessories for men, women, and kids; cosmetics; home furnishings; and other consumer goods under the Macy's, Bloomingdale's, and bluemercury brands.