Summit Securities Group LLC Cuts Stake in Macy’s Inc (M)
Summit Securities Group LLC cut its stake in shares of Macy’s Inc (NYSE:M) by 75.3% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 9,600 shares of the company’s stock after selling 29,200 shares during the quarter. Summit Securities Group LLC’s holdings in Macy’s were worth $286,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently modified their holdings of M. Dubuque Bank & Trust Co. purchased a new stake in Macy’s during the 4th quarter valued at about $45,000. Princeton Capital Management LLC purchased a new stake in Macy’s in the 3rd quarter worth approximately $104,000. CX Institutional purchased a new stake in Macy’s in the 4th quarter worth approximately $123,000. Winslow Evans & Crocker Inc. lifted its holdings in Macy’s by 41.2% in the 4th quarter. Winslow Evans & Crocker Inc. now owns 4,110 shares of the company’s stock worth $124,000 after buying an additional 1,200 shares during the period. Finally, First Hawaiian Bank purchased a new stake in Macy’s in the 3rd quarter worth approximately $147,000. Institutional investors own 91.13% of the company’s stock.
In other news, President Harry A. Lawton III sold 200,000 shares of the stock in a transaction that occurred on Friday, November 16th. The stock was sold at an average price of $33.09, for a total value of $6,618,000.00. Following the completion of the transaction, the president now owns 226,038 shares of the company’s stock, valued at approximately $7,479,597.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director William H. Lenehan bought 3,154 shares of the firm’s stock in a transaction dated Friday, November 16th. The stock was purchased at an average cost of $31.74 per share, with a total value of $100,107.96. Following the transaction, the director now directly owns 11,214 shares in the company, valued at approximately $355,932.36. The disclosure for this purchase can be found here. 2.36% of the stock is currently owned by corporate insiders.
Macy’s (NYSE:M) last announced its earnings results on Wednesday, November 14th. The company reported $0.27 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $5.40 billion during the quarter, compared to analyst estimates of $5.40 billion. During the same quarter in the prior year, the company earned $0.23 EPS. The business’s revenue was up 2.3% compared to the same quarter last year. On average, equities analysts forecast that Macy’s Inc will post 3.9 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, January 2nd. Stockholders of record on Friday, December 14th were given a $0.3775 dividend. This represents a $1.51 annualized dividend and a dividend yield of 6.11%. The ex-dividend date of this dividend was Thursday, December 13th. Macy’s’s dividend payout ratio is currently 40.05%.
Several equities research analysts have weighed in on M shares. ValuEngine upgraded Macy’s from a “strong sell” rating to a “sell” rating in a report on Wednesday, January 2nd. Royal Bank of Canada dropped their price objective on Macy’s to $29.00 and set a “sector perform” rating for the company in a report on Friday, January 11th. Zacks Investment Research cut Macy’s from a “buy” rating to a “hold” rating in a report on Monday, January 14th. Telsey Advisory Group reiterated a “market perform” rating and issued a $28.00 price objective (down previously from $35.00) on shares of Macy’s in a report on Friday, January 11th. Finally, Bank of America cut Macy’s from a “neutral” rating to an “underperform” rating in a report on Thursday, January 10th. Five equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $33.26.
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.
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