State of New Jersey Common Pension Fund D Reduces Holdings in Macy’s, Inc. (NYSE:M)

State of New Jersey Common Pension Fund D lessened its position in shares of Macy’s, Inc. (NYSE:M) by 37.9% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 103,841 shares of the company’s stock after selling 63,439 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Macy’s were worth $1,994,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in M. CWM LLC raised its holdings in Macy’s by 7.7% in the 2nd quarter. CWM LLC now owns 8,398 shares of the company’s stock valued at $161,000 after buying an additional 598 shares during the period. SummerHaven Investment Management LLC raised its stake in shares of Macy’s by 1.7% in the 2nd quarter. SummerHaven Investment Management LLC now owns 44,321 shares of the company’s stock valued at $851,000 after acquiring an additional 761 shares during the period. Nomura Asset Management Co. Ltd. lifted its holdings in shares of Macy’s by 13.1% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 6,900 shares of the company’s stock worth $139,000 after acquiring an additional 800 shares during the last quarter. Wedmont Private Capital boosted its position in shares of Macy’s by 6.1% during the 2nd quarter. Wedmont Private Capital now owns 14,403 shares of the company’s stock worth $275,000 after purchasing an additional 833 shares during the period. Finally, State Board of Administration of Florida Retirement System increased its holdings 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 purchasing an additional 877 shares during the last quarter. Hedge funds and other institutional investors own 87.36% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on M shares. Evercore ISI decreased their price target on Macy’s from $22.00 to $17.00 and set an “in-line” rating on the stock in a research note on Tuesday, July 16th. StockNews.com assumed coverage on Macy’s in a research note on Sunday, September 15th. They set a “hold” rating on the stock. Morgan Stanley dropped their target price on 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. Finally, Telsey Advisory Group reissued a “market perform” rating and set a $21.00 price target on shares of Macy’s in a research report on Wednesday, August 21st. Seven analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $19.50.

Insiders Place Their Bets

In related news, CEO Antony Spring sold 18,981 shares of the company’s stock in a transaction that occurred on Wednesday, July 10th. The stock was 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Macy’s news, EVP Danielle L. Kirgan sold 24,147 shares of the firm’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 transaction, the executive vice president now owns 348,000 shares of the company’s stock, valued at $6,598,080. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 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 value of $359,879.76. Following the completion of the sale, the chief executive officer now directly owns 267,265 shares of the company’s stock, valued at $5,067,344.40. The disclosure for this sale can be found here. Insiders sold 44,665 shares of company stock valued at $842,372 in the last ninety days. Insiders own 2.77% of the company’s stock.

Macy’s Stock Performance

Shares of Macy’s stock opened at $15.30 on Friday. The business has a 50-day simple moving average of $15.97 and a 200-day simple moving average of $18.19. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.34 and a current ratio of 1.48. Macy’s, Inc. has a one year low of $10.54 and a one year high of $22.10. The company has a market cap of $4.23 billion, a PE ratio of 510.00 and a beta of 2.11.

Macy’s (NYSE:M) last posted its quarterly earnings results on Wednesday, August 21st. The company reported $0.53 EPS for the quarter, topping the consensus estimate 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 analysts’ expectations of $5.06 billion. During the same quarter in the previous year, the business posted $0.26 EPS. The firm’s revenue was down 3.8% on a year-over-year basis. On average, equities research analysts forecast that Macy’s, Inc. will post 2.72 EPS for the current fiscal year.

Macy’s Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be paid a $0.1737 dividend. This represents a $0.69 dividend on an annualized basis and a yield of 4.54%. The ex-dividend date of this dividend is Friday, September 13th. Macy’s’s dividend payout ratio is presently 2,300.00%.

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.