Macy’s Inc (NYSE:M) Shares Acquired by State of Tennessee Treasury Department

State of Tennessee Treasury Department lifted its stake in shares of Macy’s Inc (NYSE:M) by 7.7% in the third quarter, Holdings Channel reports. The institutional investor owned 76,665 shares of the company’s stock after buying an additional 5,491 shares during the quarter. State of Tennessee Treasury Department’s holdings in Macy’s were worth $1,191,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Patriot Financial Group Insurance Agency LLC increased its position in shares of Macy’s by 646.8% during the second quarter. Patriot Financial Group Insurance Agency LLC now owns 1,501 shares of the company’s stock worth $32,000 after buying an additional 1,300 shares during the period. Bartlett & Co. LLC grew its stake in Macy’s by 74.7% in the second quarter. Bartlett & Co. LLC now owns 1,889 shares of the company’s stock valued at $41,000 after acquiring an additional 808 shares during the period. NumerixS Investment Technologies Inc acquired a new stake in Macy’s in the 2nd quarter valued at $41,000. Capital Bank & Trust Co acquired a new position in shares of Macy’s during the second quarter valued at about $43,000. Finally, Coastal Investment Advisors Inc. boosted its stake in Macy’s by 79.6% during the 3rd quarter. Coastal Investment Advisors Inc. now owns 3,060 shares of the company’s stock valued at $48,000 after purchasing an additional 1,356 shares during the last quarter. 88.20% of the stock is owned by institutional investors.

In other Macy’s news, insider C Elisa D. Garcia sold 5,089 shares of the firm’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $15.48, for a total transaction of $78,777.72. Following the transaction, the insider now owns 16,825 shares of the company’s stock, valued at $260,451. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.55% of the company’s stock.

Macy’s stock traded down $0.01 during mid-day trading on Wednesday, hitting $16.07. The company had a trading volume of 14,570,108 shares, compared to its average volume of 10,833,393. The company has a market capitalization of $4.91 billion, a price-to-earnings ratio of 3.84, a P/E/G ratio of 0.74 and a beta of 0.63. The company’s fifty day moving average is $15.46 and its 200-day moving average is $19.00. The company has a current ratio of 1.47, a quick ratio of 0.34 and a debt-to-equity ratio of 1.19. Macy’s Inc has a 12-month low of $14.11 and a 12-month high of $37.32.

Macy’s (NYSE:M) last released its quarterly earnings results on Wednesday, August 14th. The company reported $0.28 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.45 by ($0.17). The firm had revenue of $5.55 billion for the quarter, compared to analysts’ expectations of $5.55 billion. Macy’s had a net margin of 4.11% and a return on equity of 18.74%. The firm’s quarterly revenue was down .5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.70 EPS. As a group, sell-side analysts expect that Macy’s Inc will post 2.86 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be issued a $0.3775 dividend. This represents a $1.51 annualized dividend and a yield of 9.40%. The ex-dividend date is Thursday, December 12th. This is a positive change from Macy’s’s previous quarterly dividend of $0.38. Macy’s’s dividend payout ratio is 36.12%.

Several research analysts have weighed in on M shares. Telsey Advisory Group reissued a “market perform” rating and issued a $18.00 price objective (down previously from $25.00) on shares of Macy’s in a research report on Thursday, August 15th. Credit Suisse Group cut shares of Macy’s from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $19.00 to $12.00 in a research note on Friday, October 18th. Zacks Investment Research raised Macy’s from a “hold” rating to a “buy” rating and set a $17.00 price objective on the stock in a report on Wednesday, October 16th. Deutsche Bank decreased their price target on Macy’s from $29.00 to $23.00 and set a “hold” rating on the stock in a research note on Thursday, August 15th. Finally, ValuEngine upgraded shares of Macy’s from a “strong sell” rating to a “sell” rating in a research report on Wednesday, October 2nd. Five equities research analysts have rated the stock with a sell rating, nine have given a hold rating and four have given a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $20.75.

Macy’s Profile

Macy's, Inc, an omnichannel retail organization, operates stores, Websites, and mobile applications. The company sells a range of merchandise, including apparel and accessories for men, women, and children; cosmetics; home furnishings; and other consumer goods. As of April 1, 2019, it operated approximately 680 department stores under the Macy's and Bloomingdale's names; and 190 specialty stores, such as Bloomingdale's The Outlet, Bluemercury, Macy's Backstage, and STORY in 43 states, the District of Columbia, Guam, and Puerto Rico.

Read More: What causes a recession?

Want to see what other hedge funds are holding M? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Macy’s Inc (NYSE:M).

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

Receive News & Ratings for Macy's Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Macy's and related companies with MarketBeat.com's FREE daily email newsletter.