Invenomic Capital Management LP Decreases Holdings in Macy’s, Inc. (NYSE:M)

Invenomic Capital Management LP cut its holdings in shares of Macy’s, Inc. (NYSE:M) by 65.4% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 333,519 shares of the company’s stock after selling 629,291 shares during the quarter. Invenomic Capital Management LP owned 0.12% of Macy’s worth $6,667,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in M. Norges Bank purchased a new position in shares of Macy’s during the fourth quarter worth approximately $62,529,000. Dimensional Fund Advisors LP grew its holdings in shares of Macy’s by 15.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 12,398,149 shares of the company’s stock worth $249,456,000 after purchasing an additional 1,685,986 shares during the last quarter. Crestline Management LP bought a new position in shares of Macy’s in the fourth quarter worth approximately $32,192,000. Hsbc Holdings PLC grew its holdings in shares of Macy’s by 1,044.1% in the fourth quarter. Hsbc Holdings PLC now owns 906,708 shares of the company’s stock worth $18,331,000 after purchasing an additional 827,456 shares during the last quarter. Finally, Fund 1 Investments LLC bought a new position in shares of Macy’s in the fourth quarter worth approximately $10,008,000. 87.36% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. JPMorgan Chase & Co. raised their target price on shares of Macy’s from $25.00 to $27.00 and gave the stock an “overweight” rating in a report on Wednesday, May 22nd. StockNews.com assumed coverage on shares of Macy’s in a report on Monday. They issued a “hold” rating on the stock. TD Cowen lifted their price target on shares of Macy’s from $20.00 to $21.00 and gave the company a “hold” rating in a report on Wednesday, May 22nd. Telsey Advisory Group reiterated a “market perform” rating and issued a $21.00 price target on shares of Macy’s in a report on Tuesday, May 21st. Finally, Evercore ISI cut their price target on shares of Macy’s from $22.00 to $17.00 and set an “in-line” rating on the stock in a report on Tuesday, July 16th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, Macy’s currently has a consensus rating of “Hold” and an average target price of $18.10.

Macy’s Stock Up 1.2 %

Shares of M traded up $0.21 during trading hours on Tuesday, hitting $17.30. The company had a trading volume of 5,420,532 shares, compared to its average volume of 6,709,966. The firm has a fifty day moving average price of $18.41 and a 200-day moving average price of $18.98. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.35 and a current ratio of 1.38. The stock has a market capitalization of $4.78 billion, a price-to-earnings ratio of 576.67 and a beta of 2.18. Macy’s, Inc. has a 52-week low of $10.54 and a 52-week high of $22.10.

Macy’s (NYSE:M) last issued its earnings results on Tuesday, May 21st. The company reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.15 by $0.12. Macy’s had a return on equity of 21.40% and a net margin of 0.05%. The business had revenue of $4.85 billion during the quarter, compared to analyst estimates of $4.82 billion. During the same quarter in the previous year, the firm earned $0.56 EPS. Macy’s’s revenue was down 2.7% on a year-over-year basis. On average, equities research analysts forecast that Macy’s, Inc. will post 2.79 EPS for the current fiscal year.

Macy’s Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, July 1st. Stockholders of record on Friday, June 14th were given a dividend of $0.1737 per share. This represents a $0.69 annualized dividend and a dividend yield of 4.02%. The ex-dividend date was Friday, June 14th. Macy’s’s payout ratio is currently 2,300.00%.

Insider Activity

In other news, EVP Danielle L. Kirgan sold 24,147 shares of the company’s stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $18.96, for a total transaction of $457,827.12. Following the completion of the sale, the executive vice president now owns 348,000 shares of the company’s stock, valued at approximately $6,598,080. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Antony Spring sold 18,981 shares of the business’s stock in a transaction that occurred on Wednesday, July 10th. The stock was sold at an average price of $18.96, for a total transaction of $359,879.76. Following the completion of the transaction, the chief executive officer now directly owns 267,265 shares in the company, valued at approximately $5,067,344.40. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Danielle L. Kirgan sold 24,147 shares of the business’s stock in a transaction that occurred on Wednesday, July 10th. The shares were sold at an average price of $18.96, for a total value of $457,827.12. Following the transaction, the executive vice president now owns 348,000 shares of the company’s stock, valued at $6,598,080. The disclosure for this sale can be found here. Insiders sold 43,464 shares of company stock valued at $824,081 in the last quarter. 2.77% of the stock is currently owned by insiders.

About Macy’s

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.