Hexavest Inc. Acquires Shares of 1,680,518 Macy's Inc (M)

Hexavest Inc. acquired a new position in Macy's Inc (NYSE:M) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 1,680,518 shares of the company’s stock, valued at approximately $42,332,000.

Several other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of Macy's by 2.1% in the second quarter. Vanguard Group Inc. now owns 30,612,902 shares of the company’s stock worth $711,444,000 after acquiring an additional 618,535 shares during the period. BlackRock Inc. increased its stake in shares of Macy's by 3.9% in the second quarter. BlackRock Inc. now owns 25,380,303 shares of the company’s stock worth $589,839,000 after acquiring an additional 963,487 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Macy's by 14.8% in the third quarter. Bank of New York Mellon Corp now owns 8,325,701 shares of the company’s stock worth $181,666,000 after acquiring an additional 1,076,502 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Macy's by 30.9% in the third quarter. Dimensional Fund Advisors LP now owns 6,969,989 shares of the company’s stock worth $152,091,000 after acquiring an additional 1,646,858 shares during the period. Finally, Prudential Financial Inc. increased its stake in shares of Macy's by 75.3% in the third quarter. Prudential Financial Inc. now owns 5,013,391 shares of the company’s stock worth $109,392,000 after acquiring an additional 2,153,110 shares during the period. Hedge funds and other institutional investors own 82.04% of the company’s stock.

Shares of Macy's Inc (M) traded up $0.70 during midday trading on Friday, reaching $26.30. 8,853,900 shares of the company were exchanged, compared to its average volume of 17,172,400. Macy's Inc has a 12-month low of $17.41 and a 12-month high of $34.37. The stock has a market capitalization of $8,190.00, a P/E ratio of 11.59, a PEG ratio of 0.79 and a beta of 0.97. The company has a debt-to-equity ratio of 1.49, a current ratio of 1.29 and a quick ratio of 0.19.

Macy's (NYSE:M) last announced its quarterly earnings results on Thursday, November 9th. The company reported $0.23 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.19 by $0.04. The firm had revenue of $5.28 billion for the quarter, compared to the consensus estimate of $5.31 billion. Macy's had a net margin of 2.83% and a return on equity of 21.20%. The firm’s quarterly revenue was down 6.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.17 earnings per share. equities analysts predict that Macy's Inc will post 3.63 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 2nd. Shareholders of record on Friday, December 15th were issued a dividend of $0.3775 per share. This represents a $1.51 annualized dividend and a yield of 5.74%. The ex-dividend date of this dividend was Thursday, December 14th. Macy's’s payout ratio is 66.52%.

M has been the topic of a number of research reports. BMO Capital Markets reiterated a “buy” rating and issued a $36.00 price objective on shares of Macy's in a research note on Thursday, November 2nd. Zacks Investment Research lowered shares of Macy's from a “hold” rating to a “sell” rating in a research note on Wednesday, October 11th. Citigroup lowered shares of Macy's from a “neutral” rating to a “sell” rating and cut their price objective for the stock from $21.00 to $16.00 in a research note on Monday, October 30th. Royal Bank of Canada reiterated a “hold” rating and issued a $23.00 price objective on shares of Macy's in a research note on Monday, September 18th. Finally, Guggenheim reiterated a “buy” rating and issued a $27.00 price objective on shares of Macy's in a research note on Friday, December 15th. Two research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $26.02.

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Macy's Profile

Macy’s, Inc is an omnichannel retail company operating stores, Websites and mobile applications under various brands, such as Macy’s, Bloomingdale’s and Bluemercury. The Company sells a range of merchandise, including apparel and accessories (men’s, women’s and children’s), cosmetics, home furnishings and other consumer goods.

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Institutional Ownership by Quarter for Macy's (NYSE:M)

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