Shellback Capital LP Lowers Holdings in Macy’s, Inc. (NYSE:M)

Shellback Capital LP reduced its stake in shares of Macy’s, Inc. (NYSE:M) by 58.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 60,000 shares of the company’s stock after selling 85,000 shares during the period. Shellback Capital LP’s holdings in Macy’s were worth $1,152,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Russell Investments Group Ltd. increased its stake in Macy’s by 44.9% during the first 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 during the last quarter. State Board of Administration of Florida Retirement System raised its holdings in Macy’s by 0.6% in the first 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 period. Virtu Financial LLC purchased a new position in Macy’s in the first quarter valued at approximately $1,043,000. WINTON GROUP Ltd lifted its position in Macy’s by 96.4% during the second quarter. WINTON GROUP Ltd now owns 106,636 shares of the company’s stock valued at $2,047,000 after buying an additional 52,337 shares in the last quarter. Finally, Invenomic Capital Management LP purchased a new stake in Macy’s during the fourth quarter worth approximately $19,372,000. 87.36% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports 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 on the stock in a research note on Thursday, August 22nd. Evercore ISI dropped their price target on shares of 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 started coverage on shares of Macy’s in a research report on Monday. They issued a “hold” rating for the company. Finally, Telsey Advisory Group reaffirmed a “market perform” rating and set a $21.00 target price on shares of Macy’s in a research report on Wednesday, August 21st. Seven research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $19.50.

Macy’s Stock Up 2.3 %

Shares of Macy’s stock opened at $15.21 on Friday. The stock has a market capitalization of $4.20 billion, a price-to-earnings ratio of 506.83 and a beta of 2.11. Macy’s, Inc. has a twelve month low of $10.54 and a twelve month high of $22.10. The company has a current ratio of 1.48, a quick ratio of 0.34 and a debt-to-equity ratio of 0.70. The business’s 50 day simple moving average is $15.77 and its 200-day simple moving average is $18.00.

Macy’s (NYSE:M) last released its quarterly earnings data on Wednesday, August 21st. The company reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.30 by $0.23. The business had revenue of $4.94 billion for the quarter, compared to analysts’ expectations of $5.06 billion. Macy’s had a net margin of 0.80% and a return on equity of 23.14%. The company’s revenue for the quarter was down 3.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.26 EPS. Equities research analysts forecast that Macy’s, Inc. will post 2.72 earnings per share for the current year.

Macy’s Dividend Announcement

The business also recently disclosed 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 4.57%. The ex-dividend date is Friday, September 13th. Macy’s’s payout ratio is currently 2,300.00%.

Insiders Place Their Bets

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

Macy’s Company 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.