State Board of Administration of Florida Retirement System Sells 3,451 Shares of Macy’s Inc (NYSE:M)

State Board of Administration of Florida Retirement System decreased its position in shares of Macy’s Inc (NYSE:M) by 0.7% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 473,655 shares of the company’s stock after selling 3,451 shares during the period. State Board of Administration of Florida Retirement System owned 0.15% of Macy’s worth $16,450,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of the stock. DnB Asset Management AS increased its holdings in Macy’s by 5.8% during the 2nd quarter. DnB Asset Management AS now owns 34,838 shares of the company’s stock worth $1,304,000 after purchasing an additional 1,900 shares in the last quarter. IFM Investors Pty Ltd increased its holdings in Macy’s by 41.7% during the 2nd quarter. IFM Investors Pty Ltd now owns 14,302 shares of the company’s stock worth $535,000 after purchasing an additional 4,212 shares in the last quarter. FormulaFolio Investments LLC bought a new stake in Macy’s during the 2nd quarter worth approximately $460,000. Bristol Advisors LLC bought a new stake in Macy’s during the 2nd quarter worth approximately $273,000. Finally, Pendal Group Ltd bought a new stake in Macy’s during the 2nd quarter worth approximately $902,000. 92.58% of the stock is owned by institutional investors.

Several equities analysts have recently issued reports on the company. Standpoint Research lowered Macy’s from a “buy” rating to a “hold” rating in a report on Friday, August 10th. Morgan Stanley upped their target price on Macy’s from $25.00 to $27.00 and gave the company an “underweight” rating in a report on Thursday, August 16th. Royal Bank of Canada set a $39.00 target price on Macy’s and gave the company a “hold” rating in a report on Thursday, August 16th. Deutsche Bank upped their target price on Macy’s from $33.00 to $35.00 and gave the company a “hold” rating in a report on Thursday, August 16th. Finally, Cowen upped their target price on Macy’s from $35.00 to $37.00 and gave the company a “market perform” rating in a report on Thursday, August 16th. Three investment analysts have rated the stock with a sell rating, twelve have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Macy’s presently has a consensus rating of “Hold” and a consensus target price of $34.91.

In other Macy’s news, President Harry A. Lawton III sold 28,684 shares of the stock in a transaction on Monday, September 10th. The stock was sold at an average price of $36.05, for a total transaction of $1,034,058.20. Following the sale, the president now owns 54,722 shares in the company, valued at $1,972,728.10. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director William H. Lenehan bought 3,154 shares of the company’s stock in a transaction on Friday, November 16th. The shares were bought at an average price of $31.74 per share, for a total transaction of $100,107.96. Following the transaction, the director now owns 11,214 shares of the company’s stock, valued at $355,932.36. The disclosure for this purchase can be found here. In the last quarter, insiders sold 233,312 shares of company stock worth $7,817,972. 2.36% of the stock is owned by company insiders.

Macy’s stock traded up $0.13 during trading on Monday, hitting $34.35. The stock had a trading volume of 6,477,200 shares, compared to its average volume of 9,280,609. Macy’s Inc has a 1 year low of $22.47 and a 1 year high of $41.99. The company has a current ratio of 1.35, a quick ratio of 0.24 and a debt-to-equity ratio of 0.97. The company has a market cap of $10.50 billion, a price-to-earnings ratio of 9.11, a PEG ratio of 0.99 and a beta of 0.56.

Macy’s (NYSE:M) last posted its quarterly earnings data on Wednesday, November 14th. The company reported $0.27 EPS for the quarter, beating the consensus estimate of $0.14 by $0.13. Macy’s had a return on equity of 22.33% and a net margin of 6.72%. The business had revenue of $5.40 billion for the quarter, compared to the consensus estimate of $5.40 billion. During the same quarter in the prior year, the business earned $0.23 earnings per share. Macy’s’s revenue for the quarter was up 2.3% on a year-over-year basis. As a group, equities research analysts forecast that Macy’s Inc will post 4.08 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 2nd. Investors of record on Friday, December 14th will be paid a $0.3775 dividend. The ex-dividend date is Thursday, December 13th. This represents a $1.51 annualized dividend and a yield of 4.40%. Macy’s’s payout ratio is 40.05%.

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Macy’s Company Profile

Macy's, Inc, an omni-channel retail organization, operates stores, Websites, and mobile applications. The company sells a range of merchandise, such as apparel and accessories for men, women, and children; cosmetics; home furnishings; and other consumer goods. As of April 4, 2018, it operated approximately 690 department stores under the Macy's and Bloomingdale's brands; 160 specialty stores under the Bloomingdale's The Outlet, Bluemercury, and Macy's Backstage brands in the District of Columbia, Guam, and Puerto Rico; and Websites, including macys.com, bloomingdales.com, and bluemercury.com.

Further Reading: Tariff

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

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