CI Investments Inc. raised its stake in shares of Macy’s, Inc. (NYSE:M – Get Rating) by 2,150.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 46,431 shares of the company’s stock after purchasing an additional 44,368 shares during the quarter. CI Investments Inc.’s holdings in Macy’s were worth $959,000 at the end of the most recent reporting period.
A number of other hedge funds have also bought and sold shares of M. Quadrant Capital Group LLC increased its stake in shares of Macy’s by 57.7% in the third quarter. Quadrant Capital Group LLC now owns 1,815 shares of the company’s stock worth $28,000 after acquiring an additional 664 shares during the period. Armstrong Advisory Group Inc. acquired a new stake in Macy’s during the fourth quarter worth about $31,000. Ronald Blue Trust Inc. grew its holdings in Macy’s by 384.8% during the fourth quarter. Ronald Blue Trust Inc. now owns 2,264 shares of the company’s stock worth $36,000 after acquiring an additional 1,797 shares during the period. Estabrook Capital Management grew its holdings in Macy’s by 77.8% during the first quarter. Estabrook Capital Management now owns 1,600 shares of the company’s stock worth $39,000 after acquiring an additional 700 shares during the period. Finally, Ellevest Inc. grew its holdings in Macy’s by 44.9% during the third quarter. Ellevest Inc. now owns 2,604 shares of the company’s stock worth $41,000 after acquiring an additional 807 shares during the period. Institutional investors and hedge funds own 80.19% of the company’s stock.
Wall Street Analysts Forecast Growth
Several research firms recently commented on M. Credit Suisse Group raised their price target on shares of Macy’s from $19.00 to $20.00 and gave the company an “underperform” rating in a research report on Friday, March 3rd. StockNews.com began coverage on shares of Macy’s in a research note on Thursday. They issued a “hold” rating on the stock. Telsey Advisory Group reaffirmed a “market perform” rating and issued a $25.00 price target on shares of Macy’s in a research note on Thursday, March 30th. The Goldman Sachs Group started coverage on shares of Macy’s in a research note on Monday, January 30th. They issued a “buy” rating and a $28.00 price target on the stock. Finally, Citigroup lifted their target price on shares of Macy’s from $22.00 to $23.00 and gave the stock a “neutral” rating in a research note on Thursday, February 23rd. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $23.58.
Macy’s Trading Down 6.8 %
M opened at $14.79 on Monday. Macy’s, Inc. has a one year low of $14.48 and a one year high of $25.12. The stock has a market capitalization of $4.03 billion, a PE ratio of 3.53, a P/E/G ratio of 0.33 and a beta of 1.81. The business’s 50 day moving average price is $17.01 and its 200 day moving average price is $20.15. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.33 and a current ratio of 1.20.
Macy’s (NYSE:M – Get Rating) last released its quarterly earnings data on Thursday, March 2nd. The company reported $1.88 EPS for the quarter, beating analysts’ consensus estimates of $1.57 by $0.31. Macy’s had a return on equity of 35.06% and a net margin of 4.82%. The firm had revenue of $8.26 billion for the quarter, compared to analysts’ expectations of $8.27 billion. During the same period in the prior year, the firm posted $2.45 earnings per share. The firm’s quarterly revenue was down 4.6% on a year-over-year basis. As a group, equities research analysts expect that Macy’s, Inc. will post 3.73 EPS for the current year.
Macy’s Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Monday, April 3rd. Shareholders of record on Wednesday, March 15th were paid a dividend of $0.1654 per share. This represents a $0.66 dividend on an annualized basis and a yield of 4.47%. This is a boost from Macy’s’s previous quarterly dividend of $0.16. The ex-dividend date was Tuesday, March 14th. Macy’s’s dividend payout ratio is 15.75%.
About Macy’s
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.