Belpointe Asset Management LLC Trims Position in Macy’s, Inc. (NYSE:M)

Belpointe Asset Management LLC lowered its holdings in Macy’s, Inc. (NYSE:M) by 30.9% in the fourth quarter, Holdings Channel.com reports. The firm owned 22,230 shares of the company’s stock after selling 9,920 shares during the period. Belpointe Asset Management LLC’s holdings in Macy’s were worth $346,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in M. Norges Bank purchased a new stake in shares of Macy’s during the 4th quarter worth about $96,689,000. FMR LLC grew its stake in Macy’s by 59.9% during the fourth quarter. FMR LLC now owns 7,503,742 shares of the company’s stock worth $127,038,000 after buying an additional 2,812,151 shares during the period. Cooper Creek Partners Management LLC increased its position in shares of Macy’s by 26.2% in the fourth quarter. Cooper Creek Partners Management LLC now owns 7,838,240 shares of the company’s stock worth $132,701,000 after acquiring an additional 1,627,572 shares in the last quarter. American Century Companies Inc. raised its stake in shares of Macy’s by 12.2% in the 4th quarter. American Century Companies Inc. now owns 7,137,132 shares of the company’s stock valued at $120,832,000 after acquiring an additional 774,693 shares during the period. Finally, Bank of New York Mellon Corp raised its stake in shares of Macy’s by 14.5% in the 4th quarter. Bank of New York Mellon Corp now owns 3,314,572 shares of the company’s stock valued at $56,116,000 after acquiring an additional 419,261 shares during the period. 87.36% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

M has been the subject of several recent research reports. UBS Group lowered their price target on Macy’s from $9.00 to $8.00 and set a “sell” rating for the company in a report on Friday, March 7th. New Street Research set a $13.00 target price on Macy’s in a research note on Thursday, March 6th. Telsey Advisory Group reissued a “market perform” rating and set a $15.00 price target on shares of Macy’s in a research report on Wednesday, April 2nd. The Goldman Sachs Group lowered their price objective on shares of Macy’s from $19.00 to $17.00 and set a “buy” rating for the company in a research report on Friday, March 7th. Finally, Gordon Haskett downgraded shares of Macy’s from an “accumulate” rating to a “hold” rating in a research note on Thursday, March 6th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $15.20.

Insider Activity at Macy’s

In related news, CEO Antony Spring sold 3,124 shares of Macy’s stock in a transaction on Tuesday, March 25th. The shares were sold at an average price of $13.74, for a total value of $42,923.76. Following the transaction, the chief executive officer now owns 272,680 shares in the company, valued at $3,746,623.20. This trade represents a 1.13 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Adrian V. Mitchell sold 5,122 shares of the company’s stock in a transaction dated Friday, March 28th. The shares were sold at an average price of $12.77, for a total transaction of $65,407.94. Following the sale, the executive vice president now owns 130,491 shares of the company’s stock, valued at $1,666,370.07. This trade represents a 3.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 41,751 shares of company stock valued at $537,790. Corporate insiders own 2.77% of the company’s stock.

Macy’s Trading Down 1.5 %

NYSE M opened at $11.03 on Thursday. The firm’s 50 day moving average price is $13.33 and its two-hundred day moving average price is $14.90. The stock has a market cap of $3.07 billion, a price-to-earnings ratio of 18.69 and a beta of 1.73. Macy’s, Inc. has a twelve month low of $9.76 and a twelve month high of $20.70. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.17 and a current ratio of 1.26.

Macy’s (NYSE:M) last posted its quarterly earnings results on Thursday, March 6th. The company reported $1.80 EPS for the quarter, topping the consensus estimate of $1.55 by $0.25. The business had revenue of $7.77 billion during the quarter, compared to analysts’ expectations of $7.76 billion. Macy’s had a net margin of 0.73% and a return on equity of 21.99%. Equities analysts anticipate that Macy’s, Inc. will post 2.39 EPS for the current year.

Macy’s Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th were issued a dividend of $0.1824 per share. This is a positive change from Macy’s’s previous quarterly dividend of $0.17. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.73 dividend on an annualized basis and a dividend yield of 6.61%. Macy’s’s dividend payout ratio is currently 35.44%.

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.