State of New Jersey Common Pension Fund D Sells 35,019 Shares of Macy’s, Inc. (NYSE:M)

State of New Jersey Common Pension Fund D decreased its position in shares of Macy’s, Inc. (NYSE:M) by 17.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 167,280 shares of the company’s stock after selling 35,019 shares during the quarter. State of New Jersey Common Pension Fund D owned approximately 0.06% of Macy’s worth $3,366,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. grew its position in shares of Macy’s by 7.8% during the 3rd quarter. Vanguard Group Inc. now owns 36,381,604 shares of the company’s stock worth $422,390,000 after buying an additional 2,645,577 shares in the last quarter. Newport Trust Company LLC boosted its position in Macy’s by 0.6% during the third quarter. Newport Trust Company LLC now owns 7,810,216 shares of the company’s stock valued at $90,677,000 after purchasing an additional 45,159 shares in the last quarter. AQR Capital Management LLC boosted its position in Macy’s by 48.9% during the third quarter. AQR Capital Management LLC now owns 5,272,297 shares of the company’s stock valued at $61,211,000 after purchasing an additional 1,730,307 shares in the last quarter. American Century Companies Inc. boosted its position in Macy’s by 20.8% during the third quarter. American Century Companies Inc. now owns 3,287,930 shares of the company’s stock valued at $38,173,000 after purchasing an additional 565,269 shares in the last quarter. Finally, Deutsche Bank AG boosted its position in Macy’s by 260.8% during the third quarter. Deutsche Bank AG now owns 2,547,529 shares of the company’s stock valued at $29,577,000 after purchasing an additional 1,841,432 shares in the last quarter. Institutional investors own 87.36% of the company’s stock.

Insider Buying and Selling

In other Macy’s news, CFO Adrian V. Mitchell sold 13,249 shares of the company’s stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $20.42, for a total transaction of $270,544.58. Following the completion of the transaction, the chief financial officer now directly owns 99,098 shares in the company, valued at $2,023,581.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Macy’s news, CEO Antony Spring sold 14,859 shares of the company’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $19.63, for a total transaction of $291,682.17. Following the completion of the transaction, the chief executive officer now directly owns 248,897 shares in the company, valued at $4,885,848.11. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Adrian V. Mitchell sold 13,249 shares of the stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $20.42, for a total transaction of $270,544.58. Following the completion of the sale, the chief financial officer now owns 99,098 shares of the company’s stock, valued at $2,023,581.16. The disclosure for this sale can be found here. Over the last three months, insiders have sold 218,424 shares of company stock valued at $4,405,507. Corporate insiders own 1.52% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. The Goldman Sachs Group raised their price objective on Macy’s from $16.00 to $22.00 and gave the company a “buy” rating in a research report on Wednesday, February 28th. Citigroup raised Macy’s from a “sell” rating to a “neutral” rating and raised their price objective for the company from $14.00 to $18.00 in a research report on Friday, February 2nd. Morgan Stanley decreased their price target on Macy’s from $21.00 to $20.00 and set an “equal weight” rating for the company in a research note on Wednesday, February 28th. Telsey Advisory Group reiterated a “market perform” rating and issued a $21.00 price target on shares of Macy’s in a research note on Thursday, March 28th. Finally, TD Cowen cut Macy’s from an “outperform” rating to a “market perform” rating and decreased their price target for the company from $23.00 to $20.00 in a research note on Thursday, February 29th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, Macy’s currently has an average rating of “Hold” and a consensus price target of $17.45.

Macy’s Trading Up 0.5 %

Shares of NYSE:M opened at $18.44 on Friday. Macy’s, Inc. has a 52-week low of $10.54 and a 52-week high of $22.10. The stock has a market cap of $5.07 billion, a price-to-earnings ratio of 49.84 and a beta of 2.15. The business has a 50-day moving average price of $19.63 and a 200-day moving average price of $17.48. The company has a quick ratio of 0.39, a current ratio of 1.37 and a debt-to-equity ratio of 0.72.

Macy’s (NYSE:M) last posted its earnings results on Tuesday, February 27th. The company reported $2.45 earnings per share for the quarter, beating the consensus estimate of $1.98 by $0.47. Macy’s had a net margin of 0.45% and a return on equity of 23.34%. The firm had revenue of $8.12 billion during the quarter, compared to analyst estimates of $8.07 billion. During the same period in the previous year, the firm earned $1.88 EPS. The business’s quarterly revenue was down 1.7% on a year-over-year basis. Equities analysts predict that Macy’s, Inc. will post 2.57 EPS for the current year.

Macy’s Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 15th were issued a dividend of $0.1737 per share. The ex-dividend date of this dividend was Thursday, March 14th. This is an increase from Macy’s’s previous quarterly dividend of $0.17. This represents a $0.69 dividend on an annualized basis and a yield of 3.77%. Macy’s’s dividend payout ratio is 186.49%.

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.