Retirement Systems of Alabama Increases Position in Macy’s, Inc. (NYSE:M)

Retirement Systems of Alabama lifted its holdings in shares of Macy’s, Inc. (NYSE:M) by 0.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 500,066 shares of the company’s stock after acquiring an additional 1,454 shares during the quarter. Retirement Systems of Alabama owned 0.18% of Macy’s worth $9,996,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of M. Norges Bank purchased a new position in Macy’s in the fourth quarter valued at about $62,529,000. Vanguard Group Inc. lifted its stake in Macy’s by 7.8% in the third quarter. Vanguard Group Inc. now owns 36,381,604 shares of the company’s stock valued at $422,390,000 after purchasing an additional 2,645,577 shares during the last quarter. Deutsche Bank AG grew its holdings 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 during the period. Dimensional Fund Advisors LP increased its position in Macy’s by 15.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 12,398,149 shares of the company’s stock worth $249,456,000 after buying an additional 1,685,986 shares during the last quarter. Finally, Crestline Management LP purchased a new stake in Macy’s in the fourth quarter worth $32,192,000. 87.36% of the stock is currently owned by institutional investors.

Macy’s Trading Up 9.5 %

Shares of M stock traded up $1.71 on Friday, hitting $19.64. 17,228,996 shares of the company’s stock traded hands, compared to its average volume of 6,712,288. The stock has a market capitalization of $5.43 billion, a price-to-earnings ratio of 650.00 and a beta of 2.18. The company’s fifty day simple moving average is $19.02 and its 200 day simple moving average is $19.25. Macy’s, Inc. has a one year low of $10.54 and a one year high of $22.10. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.35 and a current ratio of 1.38.

Macy’s (NYSE:M) last announced its quarterly earnings results on Tuesday, May 21st. The company reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of $0.15 by $0.12. The business had revenue of $4.85 billion for the quarter, compared to analysts’ expectations of $4.82 billion. Macy’s had a return on equity of 21.40% and a net margin of 0.05%. The business’s quarterly revenue was down 2.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.56 EPS. Equities analysts forecast that Macy’s, Inc. will post 2.79 EPS for the current year.

Macy’s Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 1st. Stockholders of record on Friday, June 14th were given a $0.1737 dividend. The ex-dividend date of this dividend was Friday, June 14th. This represents a $0.69 dividend on an annualized basis and a dividend yield of 3.54%. Macy’s’s dividend payout ratio is currently 2,300.00%.

Analyst Upgrades and Downgrades

M has been the subject of several recent research reports. TD Cowen lifted their target price on shares of Macy’s from $20.00 to $21.00 and gave the stock a “hold” rating in a research note on Wednesday, May 22nd. JPMorgan Chase & Co. boosted their target price on shares of Macy’s from $25.00 to $27.00 and gave the company an “overweight” rating in a report on Wednesday, May 22nd. Telsey Advisory Group reaffirmed a “market perform” rating and issued a $21.00 price target on shares of Macy’s in a report on Tuesday, May 21st. Finally, StockNews.com initiated coverage on Macy’s in a research note on Friday. They set a “hold” rating on the stock. 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. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $17.70.

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.