Macy's, Inc. (NYSE:M) Shares Sold by Legal & General Group Plc

Legal & General Group Plc cut its holdings in Macy's, Inc. (NYSE:M - Free Report) by 5.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 664,937 shares of the company's stock after selling 34,853 shares during the quarter. Legal & General Group Plc owned 0.24% of Macy's worth $11,257,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Trifecta Capital Advisors LLC bought a new stake in Macy's in the 4th quarter worth approximately $34,000. Jones Financial Companies Lllp grew its holdings in shares of Macy's by 82.1% in the fourth quarter. Jones Financial Companies Lllp now owns 2,149 shares of the company's stock worth $36,000 after acquiring an additional 969 shares during the period. Kestra Investment Management LLC bought a new position in Macy's in the fourth quarter valued at about $38,000. Tompkins Financial Corp purchased a new position in Macy's in the fourth quarter worth about $102,000. Finally, Vestcor Inc purchased a new position in Macy's in the fourth quarter worth about $115,000. 87.36% of the stock is currently owned by hedge funds and other institutional investors.

Macy's Price Performance

Shares of Macy's stock traded up $0.12 on Friday, hitting $11.13. 5,510,570 shares of the company traded hands, compared to its average volume of 6,194,865. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.17 and a current ratio of 1.26. The business has a 50-day simple moving average of $13.19 and a 200 day simple moving average of $14.84. Macy's, Inc. has a 52 week low of $9.76 and a 52 week high of $20.70. The stock has a market capitalization of $3.10 billion, a P/E ratio of 18.86 and a beta of 1.73.

Macy's (NYSE:M - Get Free Report) last announced its quarterly earnings results on Thursday, March 6th. The company reported $1.80 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.55 by $0.25. The company had revenue of $7.77 billion for the quarter, compared to the consensus estimate of $7.76 billion. Macy's had a net margin of 0.73% and a return on equity of 21.99%. Research analysts expect that Macy's, Inc. will post 2.39 earnings per share for the current fiscal year.

Macy's Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 14th were paid a dividend of $0.1824 per share. This is an increase 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 yield of 6.56%. Macy's's dividend payout ratio is presently 35.44%.

Analysts Set New Price Targets

M has been the topic of several recent research reports. Morgan Stanley set a $14.00 price objective on shares of Macy's in a research note on Monday, March 10th. Cowen reiterated a "hold" rating on shares of Macy's in a research report on Friday, March 7th. The Goldman Sachs Group cut 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. New Street Research set a $13.00 target price on Macy's in a report on Thursday, March 6th. Finally, Gordon Haskett lowered Macy's from an "accumulate" rating to a "hold" rating in a report on Thursday, March 6th. One analyst has rated the stock with a sell rating, ten have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $14.90.

Insider Buying and Selling at Macy's

In related news, CEO Antony Spring sold 20,868 shares of the stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $12.68, for a total value of $264,606.24. Following the sale, the chief executive officer now directly owns 321,244 shares of the company's stock, valued at $4,073,373.92. This represents a 6.10 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Adrian V. Mitchell sold 3,489 shares of the stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $13.74, for a total value of $47,938.86. Following the completion of the sale, the executive vice president now owns 116,165 shares in the company, valued at approximately $1,596,107.10. The trade was a 2.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 41,751 shares of company stock worth $537,790 over the last 90 days. 2.77% of the stock is owned by insiders.

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.