Covestor Ltd Has $113,000 Stake in Macy’s, Inc. (NYSE:M)

Covestor Ltd grew its stake in shares of Macy’s, Inc. (NYSE:M) by 75.0% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 7,214 shares of the company’s stock after buying an additional 3,091 shares during the period. Covestor Ltd’s holdings in Macy’s were worth $113,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Atria Investments Inc acquired a new position in Macy’s in the 3rd quarter valued at approximately $211,000. Able Wealth Management LLC acquired a new position in shares of Macy’s in the third quarter valued at $203,000. Impax Asset Management Group plc lifted its position in Macy’s by 55.0% in the third quarter. Impax Asset Management Group plc now owns 63,544 shares of the company’s stock worth $997,000 after purchasing an additional 22,544 shares during the period. Lebenthal Global Advisors LLC boosted its stake in Macy’s by 22.2% during the third quarter. Lebenthal Global Advisors LLC now owns 49,510 shares of the company’s stock worth $777,000 after buying an additional 8,982 shares in the last quarter. Finally, Stephens Inc. AR bought a new stake in Macy’s in the 3rd quarter valued at $157,000. Institutional investors own 87.36% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Argus raised shares of Macy’s to a “hold” rating in a report on Thursday, October 10th. StockNews.com started coverage on shares of Macy’s in a research note on Sunday. They set a “hold” rating for the company. Telsey Advisory Group reiterated a “market perform” rating and issued a $21.00 price objective on shares of Macy’s in a research note on Wednesday, August 21st. Morgan Stanley cut their target price on Macy’s from $18.00 to $17.00 and set an “equal weight” rating for the company in a research report on Thursday, August 22nd. Finally, Evercore ISI decreased their price target on Macy’s from $22.00 to $17.00 and set an “in-line” rating on the stock in a research note on Tuesday, July 16th. Seven equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $20.43.

Macy’s Trading Down 1.7 %

Shares of M opened at $15.08 on Wednesday. Macy’s, Inc. has a 52-week low of $10.59 and a 52-week high of $22.10. The company has a market cap of $4.18 billion, a price-to-earnings ratio of 23.56 and a beta of 2.11. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.34 and a current ratio of 1.48. The stock has a fifty day moving average price of $15.36 and a two-hundred day moving average price of $17.02.

Macy’s (NYSE:M) last posted its quarterly earnings data on Wednesday, August 21st. The company reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.23. Macy’s had a net margin of 0.80% and a return on equity of 23.14%. The firm had revenue of $4.94 billion during the quarter, compared to analysts’ expectations of $5.06 billion. During the same quarter last year, the company posted $0.26 EPS. The company’s quarterly revenue was down 3.8% compared to the same quarter last year. Analysts predict that Macy’s, Inc. will post 2.72 EPS for the current fiscal year.

Macy’s Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be given a $0.1737 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.69 dividend on an annualized basis and a yield of 4.61%. Macy’s’s payout ratio is 107.81%.

Macy’s Profile

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.