Principal Financial Group Inc. Sells 115,511 Shares of Macy's, Inc. (NYSE:M)

Principal Financial Group Inc. decreased its holdings in Macy's, Inc. (NYSE:M - Free Report) by 11.2% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 916,189 shares of the company's stock after selling 115,511 shares during the quarter. Principal Financial Group Inc. owned 0.33% of Macy's worth $17,591,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in M. Russell Investments Group Ltd. grew its stake in shares of Macy's by 44.9% in the 1st quarter. Russell Investments Group Ltd. now owns 516,834 shares of the company's stock worth $10,331,000 after acquiring an additional 160,093 shares in the last quarter. State Board of Administration of Florida Retirement System increased its stake in Macy's by 0.6% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 142,009 shares of the company's stock valued at $2,839,000 after buying an additional 877 shares during the last quarter. Virtu Financial LLC bought a new position in shares of Macy's during the 1st quarter worth approximately $1,043,000. Invenomic Capital Management LP purchased a new position in shares of Macy's in the 4th quarter worth approximately $19,372,000. Finally, Atlas Capital Advisors LLC grew its holdings in shares of Macy's by 1,122.9% in the first quarter. Atlas Capital Advisors LLC now owns 17,695 shares of the company's stock valued at $354,000 after acquiring an additional 16,248 shares in the last quarter. Institutional investors and hedge funds own 87.36% of the company's stock.

Analyst Upgrades and Downgrades

M has been the subject of several research reports. Morgan Stanley reduced their price target on shares of Macy's from $18.00 to $17.00 and set an "equal weight" rating for the company in a research report on Thursday, August 22nd. StockNews.com initiated coverage on Macy's in a report on Friday, August 30th. They set a "hold" rating for the company. Evercore ISI decreased their target price on Macy's from $22.00 to $17.00 and set an "in-line" rating for the company in a research report on Tuesday, July 16th. TD Cowen increased their price target on Macy's from $20.00 to $21.00 and gave the stock a "hold" rating in a research note on Wednesday, May 22nd. Finally, Telsey Advisory Group reaffirmed a "market perform" rating and set a $21.00 price objective on shares of Macy's in a report on Wednesday, August 21st. Seven investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $19.50.

Insider Buying and Selling at Macy's

In related news, CEO Antony Spring sold 18,981 shares of the stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $18.96, for a total value of $359,879.76. Following the completion of the transaction, the chief executive officer now directly owns 267,265 shares of the company's stock, valued at $5,067,344.40. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, CEO Antony Spring sold 18,981 shares of the stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $18.96, for a total value of $359,879.76. Following the completion of the transaction, the chief executive officer now directly owns 267,265 shares in the company, valued at approximately $5,067,344.40. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Danielle L. Kirgan sold 24,147 shares of the business's stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $18.96, for a total transaction of $457,827.12. Following the sale, the executive vice president now directly owns 348,000 shares in the company, valued at approximately $6,598,080. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 44,665 shares of company stock valued at $842,372. 2.77% of the stock is currently owned by company insiders.

Macy's Trading Down 2.7 %

Macy's stock traded down $0.42 during mid-day trading on Thursday, hitting $14.88. The company's stock had a trading volume of 6,456,382 shares, compared to its average volume of 6,750,458. Macy's, Inc. has a 12 month low of $10.54 and a 12 month high of $22.10. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.48 and a quick ratio of 0.34. The business has a 50 day moving average price of $16.75 and a 200-day moving average price of $18.47. The stock has a market cap of $4.11 billion, a price-to-earnings ratio of 496.00 and a beta of 2.18.

Macy's (NYSE:M - Get Free Report) last posted its quarterly earnings results on Wednesday, August 21st. The company reported $0.53 EPS for the quarter, beating analysts' consensus estimates of $0.30 by $0.23. Macy's had a net margin of 0.80% and a return on equity of 23.14%. The company had revenue of $4.94 billion during the quarter, compared to analyst estimates of $5.06 billion. During the same period in the prior year, the business posted $0.26 EPS. The firm's revenue was down 3.8% compared to the same quarter last year. As a group, analysts forecast that Macy's, Inc. will post 2.73 EPS for the current year.

Macy's Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be issued a $0.1737 dividend. This represents a $0.69 annualized dividend and a yield of 4.67%. The ex-dividend date of this dividend is Friday, September 13th. Macy's's dividend payout ratio (DPR) is currently 2,300.00%.

Macy's Profile

Macy's, Inc, an omni-channel retail organization, operates stores, websites, and mobile applications in the United States. The company sells a range of merchandise, such as apparel and accessories for men, women, and kids; cosmetics; home furnishings; and other consumer goods under the Macy's, Bloomingdale's, and bluemercury brands.