Summit Investment Advisors Inc. Sells 1,152 Shares of Macy’s, Inc. (NYSE:M)

Summit Investment Advisors Inc. lessened its stake in Macy’s, Inc. (NYSE:M) by 2.0% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 55,557 shares of the company’s stock after selling 1,152 shares during the quarter. Summit Investment Advisors Inc.’s holdings in Macy’s were worth $941,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Virtu Financial LLC bought a new stake in shares of Macy’s in the 3rd quarter valued at about $594,000. HB Wealth Management LLC boosted its stake in Macy’s by 724.1% during the 4th quarter. HB Wealth Management LLC now owns 103,584 shares of the company’s stock worth $1,754,000 after acquiring an additional 91,015 shares during the last quarter. Retirement Systems of Alabama grew its holdings in Macy’s by 57.9% during the third quarter. Retirement Systems of Alabama now owns 782,391 shares of the company’s stock valued at $12,276,000 after purchasing an additional 286,879 shares during the period. SG Americas Securities LLC increased its stake in Macy’s by 1,076.9% in the fourth quarter. SG Americas Securities LLC now owns 178,778 shares of the company’s stock valued at $3,027,000 after purchasing an additional 163,587 shares in the last quarter. Finally, State of Alaska Department of Revenue raised its holdings in Macy’s by 155.8% in the fourth quarter. State of Alaska Department of Revenue now owns 81,626 shares of the company’s stock worth $1,381,000 after purchasing an additional 49,715 shares during the period. Institutional investors and hedge funds own 87.36% of the company’s stock.

Insider Transactions at Macy’s

In other Macy’s news, CEO Antony Spring sold 3,124 shares of the business’s stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $13.74, for a total transaction of $42,923.76. Following the transaction, the chief executive officer now owns 272,680 shares of the company’s stock, valued at $3,746,623.20. The trade was a 1.13 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Tracy M. Preston sold 2,780 shares of the firm’s stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $12.68, for a total value of $35,250.40. Following the completion of the sale, the executive vice president now directly owns 4,723 shares of the company’s stock, valued at approximately $59,887.64. The trade was a 37.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 41,751 shares of company stock worth $537,790 in the last 90 days. Corporate insiders own 2.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on M. StockNews.com raised shares of Macy’s from a “hold” rating to a “buy” rating in a report on Friday, February 14th. Benchmark raised Macy’s to a “strong-buy” rating in a research note on Monday, February 3rd. The Goldman Sachs Group dropped their price target on Macy’s from $19.00 to $17.00 and set a “buy” rating on the stock in a research report on Friday, March 7th. Citigroup decreased their price objective on Macy’s from $14.00 to $11.00 and set a “neutral” rating for the company in a research report on Thursday. Finally, Gordon Haskett downgraded shares of Macy’s from an “accumulate” rating to a “hold” rating in a report on Thursday, March 6th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Macy’s presently has a consensus rating of “Hold” and a consensus target price of $14.90.

Macy’s Stock Performance

Shares of M stock opened at $11.13 on Friday. Macy’s, Inc. has a 12 month low of $9.76 and a 12 month high of $20.70. The company’s fifty day simple moving average is $13.26 and its 200-day simple moving average is $14.87. The firm has a market cap of $3.10 billion, a PE ratio of 18.86 and a beta of 1.73. The company has a quick ratio of 0.17, a current ratio of 1.26 and a debt-to-equity ratio of 0.67.

Macy’s (NYSE:M) last issued 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 firm had revenue of $7.77 billion for 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 research analysts expect that Macy’s, Inc. will post 2.39 EPS for the current fiscal year.

Macy’s Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th were given 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 annualized dividend and a dividend yield of 6.56%. Macy’s’s payout ratio is 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.