Sowell Financial Services LLC Purchases Shares of 14,285 Macy’s Inc (M)

Sowell Financial Services LLC purchased a new position in Macy’s Inc (NYSE:M) during the third quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 14,285 shares of the company’s stock, valued at approximately $496,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of M. Allianz Asset Management GmbH increased its position in shares of Macy’s by 56.2% during the 3rd quarter. Allianz Asset Management GmbH now owns 2,784,349 shares of the company’s stock valued at $96,700,000 after purchasing an additional 1,002,088 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Macy’s by 137.5% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 37,144 shares of the company’s stock valued at $1,289,000 after purchasing an additional 21,502 shares during the last quarter. United Services Automobile Association increased its position in shares of Macy’s by 10.9% during the 3rd quarter. United Services Automobile Association now owns 370,533 shares of the company’s stock valued at $12,869,000 after purchasing an additional 36,460 shares during the last quarter. AMP Capital Investors Ltd increased its position in shares of Macy’s by 21.2% during the 3rd quarter. AMP Capital Investors Ltd now owns 252,940 shares of the company’s stock valued at $8,749,000 after purchasing an additional 44,291 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Macy’s by 524.0% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 172,492 shares of the company’s stock valued at $5,991,000 after purchasing an additional 144,850 shares during the last quarter. 90.78% of the stock is currently owned by institutional investors.

Shares of Macy’s stock opened at $34.22 on Friday. The firm has a market capitalization of $10.50 billion, a price-to-earnings ratio of 9.08, a price-to-earnings-growth ratio of 0.99 and a beta of 0.62. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.24 and a current ratio of 1.35. Macy’s Inc has a 52 week low of $22.23 and a 52 week high of $41.99.

Macy’s (NYSE:M) last issued its earnings results on Wednesday, November 14th. The company reported $0.27 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.14 by $0.13. Macy’s had a return on equity of 22.33% and a net margin of 6.72%. The business had revenue of $5.40 billion during the quarter, compared to analysts’ expectations of $5.40 billion. During the same period in the prior year, the business earned $0.23 EPS. The business’s revenue for the quarter was up 2.3% compared to the same quarter last year. On average, equities analysts expect that Macy’s Inc will post 4.08 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 2nd. Shareholders of record on Friday, December 14th will be issued a $0.3775 dividend. This represents a $1.51 annualized dividend and a dividend yield of 4.41%. The ex-dividend date is Thursday, December 13th. Macy’s’s dividend payout ratio is 40.05%.

Several equities analysts have recently weighed in on M shares. Standpoint Research downgraded Macy’s from a “buy” rating to a “hold” rating in a research report on Friday, August 10th. Morgan Stanley boosted their target price on Macy’s from $25.00 to $27.00 and gave the company an “underweight” rating in a research report on Thursday, August 16th. Royal Bank of Canada set a $39.00 target price on Macy’s and gave the company a “hold” rating in a research report on Thursday, August 16th. Deutsche Bank boosted their target price on Macy’s from $33.00 to $35.00 and gave the company a “hold” rating in a research report on Thursday, August 16th. Finally, Cowen upped their price objective on Macy’s from $35.00 to $37.00 and gave the company a “market perform” rating in a research report on Thursday, August 16th. Three analysts have rated the stock with a sell rating, twelve have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Hold” and an average price target of $34.91.

In other Macy’s news, President Harry A. Lawton III sold 28,684 shares of the company’s stock in a transaction on Monday, September 10th. The stock was sold at an average price of $36.05, for a total value of $1,034,058.20. Following the completion of the sale, the president now directly owns 54,722 shares in the company, valued at approximately $1,972,728.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director William H. Lenehan bought 3,154 shares of the stock in a transaction on Friday, November 16th. The stock was purchased at an average price of $31.74 per share, with a total value of $100,107.96. Following the completion of the acquisition, the director now directly owns 11,214 shares in the company, valued at approximately $355,932.36. The disclosure for this purchase can be found here. Insiders sold a total of 233,312 shares of company stock valued at $7,817,972 over the last quarter. Company insiders own 2.36% of the company’s stock.

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About Macy’s

Macy's, Inc, an omni-channel retail organization, operates stores, Websites, and mobile applications. The company sells a range of merchandise, such as apparel and accessories for men, women, and children; cosmetics; home furnishings; and other consumer goods. As of April 4, 2018, it operated approximately 690 department stores under the Macy's and Bloomingdale's brands; 160 specialty stores under the Bloomingdale's The Outlet, Bluemercury, and Macy's Backstage brands in the District of Columbia, Guam, and Puerto Rico; and Websites, including macys.com, bloomingdales.com, and bluemercury.com.

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

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