Newport Trust Company LLC Sells 77,796 Shares of Macy's, Inc. (NYSE:M)

Newport Trust Company LLC decreased its stake in shares of Macy's, Inc. (NYSE:M - Free Report) by 1.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,382,167 shares of the company's stock after selling 77,796 shares during the period. Macy's comprises 0.4% of Newport Trust Company LLC's portfolio, making the stock its 29th largest holding. Newport Trust Company LLC owned about 2.67% of Macy's worth $141,738,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in M. Norges Bank purchased a new stake in shares of Macy's in the fourth quarter worth $62,529,000. Crestline Management LP bought a new position in Macy's in the 4th quarter worth approximately $32,192,000. Dimensional Fund Advisors LP grew its holdings in Macy's by 9.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 15,489,334 shares of the company's stock valued at $297,385,000 after buying an additional 1,379,476 shares in the last quarter. Invenomic Capital Management LP bought a new stake in Macy's in the 4th quarter valued at $19,372,000. Finally, Hsbc Holdings PLC increased its holdings in shares of Macy's by 1,044.1% in the fourth quarter. Hsbc Holdings PLC now owns 906,708 shares of the company's stock worth $18,331,000 after purchasing an additional 827,456 shares during the last quarter. Hedge funds and other institutional investors own 87.36% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. StockNews.com began coverage on Macy's in a research note on Sunday, September 15th. They issued a "hold" rating on the stock. Morgan Stanley dropped their price objective on shares of Macy's from $18.00 to $17.00 and set an "equal weight" rating for the company in a research note on Thursday, August 22nd. Evercore ISI reduced their target price on shares of Macy's from $22.00 to $17.00 and set an "in-line" rating on the stock in a report on Tuesday, July 16th. Finally, Telsey Advisory Group reaffirmed a "market perform" rating and issued a $21.00 price target on shares of Macy's in a report on Wednesday, August 21st. Seven research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $19.50.

Macy's Trading Down 0.1 %

Macy's stock traded down $0.02 during midday trading on Friday, reaching $15.31. The stock had a trading volume of 1,962,694 shares, compared to its average volume of 6,622,128. The company has a quick ratio of 0.34, a current ratio of 1.48 and a debt-to-equity ratio of 0.70. The firm has a market cap of $4.23 billion, a price-to-earnings ratio of 511.33 and a beta of 2.11. Macy's, Inc. has a 52-week low of $10.54 and a 52-week high of $22.10. The company has a fifty day moving average of $15.97 and a 200 day moving average of $18.19.

Macy's (NYSE:M - Get Free Report) last issued its quarterly earnings results on Wednesday, August 21st. The company reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.30 by $0.23. Macy's had a return on equity of 23.14% and a net margin of 0.80%. The firm had revenue of $4.94 billion for the quarter, compared to the consensus estimate of $5.06 billion. During the same period in the prior year, the business posted $0.26 earnings per share. The company's revenue for the quarter was down 3.8% on a year-over-year basis. On average, analysts anticipate that Macy's, Inc. will post 2.72 earnings per share for the current fiscal year.

Macy's Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be paid a dividend of $0.1737 per share. This represents a $0.69 dividend on an annualized basis and a dividend yield of 4.54%. The ex-dividend date of this dividend is Friday, September 13th. Macy's's dividend payout ratio is currently 2,300.00%.

Insider Activity

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

About Macy's

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.