Rafferty Asset Management LLC Increases Stake in Macy’s, Inc. (NYSE:M)

Rafferty Asset Management LLC grew its position in shares of Macy’s, Inc. (NYSE:M) by 33.8% in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 51,997 shares of the company’s stock after buying an additional 13,140 shares during the quarter. Rafferty Asset Management LLC’s holdings in Macy’s were worth $986,000 as of its most recent filing with the SEC.

Other institutional investors have also recently made changes to their positions in the company. IFP Advisors Inc increased its holdings in Macy’s by 165.6% during the 2nd quarter. IFP Advisors Inc now owns 1,604 shares of the company’s stock valued at $29,000 after acquiring an additional 1,000 shares in the last quarter. Parallel Advisors LLC raised its position in Macy’s by 101.9% in the second quarter. Parallel Advisors LLC now owns 2,429 shares of the company’s stock worth $46,000 after acquiring an additional 1,226 shares in the last quarter. Eaton Vance Management bought a new stake in Macy’s in the first quarter worth about $51,000. Acadian Asset Management LLC raised its position in Macy’s by 66.3% in the first quarter. Acadian Asset Management LLC now owns 3,538 shares of the company’s stock worth $57,000 after acquiring an additional 1,410 shares in the last quarter. Finally, Vectors Research Management LLC bought a new stake in Macy’s in the first quarter worth about $57,000. Institutional investors own 84.53% of the company’s stock.

In other Macy’s news, EVP Danielle L. Kirgan sold 70,856 shares of the company’s stock in a transaction that occurred on Monday, July 12th. The stock was sold at an average price of $18.97, for a total transaction of $1,344,138.32. Following the completion of the sale, the executive vice president now owns 58,273 shares of the company’s stock, valued at $1,105,438.81. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Paul Griscom sold 1,350 shares of the company’s stock in a transaction that occurred on Thursday, June 24th. The stock was sold at an average price of $19.59, for a total value of $26,446.50. Following the sale, the senior vice president now directly owns 1,357 shares of the company’s stock, valued at approximately $26,583.63. The disclosure for this sale can be found here. In the last three months, insiders sold 150,951 shares of company stock valued at $2,867,807. 0.74% of the stock is currently owned by company insiders.

Several equities research analysts have commented on M shares. Bank of America boosted their price target on shares of Macy’s from $18.00 to $21.00 and gave the stock an “underperform” rating in a research report on Friday, August 20th. JPMorgan Chase & Co. upgraded Macy’s from an “underweight” rating to a “neutral” rating and boosted their price objective for the stock from $19.00 to $25.00 in a report on Friday, August 20th. Morgan Stanley boosted their price objective on Macy’s from $17.00 to $21.00 and gave the stock an “underweight” rating in a report on Friday, August 20th. Jefferies Financial Group boosted their price objective on Macy’s from $23.00 to $27.00 and gave the stock a “buy” rating in a report on Friday, August 20th. Finally, Cowen upgraded Macy’s from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $23.00 to $27.00 in a report on Thursday, September 9th. Four research analysts have rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $23.11.

Shares of NYSE M opened at $21.57 on Tuesday. The stock has a market cap of $6.68 billion, a price-to-earnings ratio of 13.40, a PEG ratio of 0.46 and a beta of 2.11. The business has a 50 day simple moving average of $19.71 and a 200 day simple moving average of $18.42. Macy’s, Inc. has a 52 week low of $5.57 and a 52 week high of $23.76. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.49 and a current ratio of 1.14.

Macy’s (NYSE:M) last announced its quarterly earnings results on Wednesday, August 18th. The company reported $1.29 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.22 by $1.07. The business had revenue of $5.65 billion during the quarter, compared to analysts’ expectations of $5 billion. Macy’s had a return on equity of 27.50% and a net margin of 2.45%. The firm’s quarterly revenue was up 58.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.81) EPS. On average, analysts predict that Macy’s, Inc. will post 3.75 EPS for the current year.

Macy’s declared that its Board of Directors has approved a share repurchase program on Thursday, August 19th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to repurchase up to 7.2% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

The company also recently declared a quarterly dividend, which will be paid on Friday, October 1st. Investors of record on Wednesday, September 15th will be paid a $0.15 dividend. The ex-dividend date is Tuesday, September 14th. This represents a $0.60 annualized dividend and a dividend yield of 2.78%. Macy’s’s payout ratio is -27.15%.

Macy’s Profile

Macy’s, Inc engages in the retail of apparel, accessories, cosmetics, home furnishings, and other consumer goods. The firm’s brands include Macy’s, Bloomingdale’s, and Bluemercury. It offers men’s, women’s, and children’s apparel, women’s accessories, intimate apparel, shoes, cosmetics, fragrances, as well as home and miscellaneous products.

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

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