Brave Asset Management Inc. Sells 9,500 Shares of Macy’s, Inc. (NYSE:M)

Brave Asset Management Inc. trimmed its holdings in Macy’s, Inc. (NYSE:M) by 45.7% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 11,300 shares of the company’s stock after selling 9,500 shares during the quarter. Brave Asset Management Inc.’s holdings in Macy’s were worth $227,000 at the end of the most recent reporting period.

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% in the 3rd 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 period. State Street Corp grew its position in shares of Macy’s by 10.3% in the 2nd quarter. State Street Corp now owns 11,241,180 shares of the company’s stock valued at $182,203,000 after purchasing an additional 1,050,825 shares during the period. Point72 Asset Management L.P. grew its position in shares of Macy’s by 1,054.0% in the 2nd quarter. Point72 Asset Management L.P. now owns 10,846,841 shares of the company’s stock valued at $174,092,000 after purchasing an additional 9,906,912 shares during the period. Arrowstreet Capital Limited Partnership grew its position in shares of Macy’s by 27.1% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 10,106,073 shares of the company’s stock valued at $246,184,000 after purchasing an additional 2,155,936 shares during the period. Finally, Newport Trust Company LLC grew its position in shares of Macy’s by 0.6% in the 3rd 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 during the period. 87.36% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on M shares. The Goldman Sachs Group boosted 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 upped their price target for the stock from $14.00 to $18.00 in a research report on Friday, February 2nd. Morgan Stanley reduced their price target on Macy’s from $21.00 to $20.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 28th. Telsey Advisory Group reaffirmed a “market perform” rating and set a $21.00 price target on shares of Macy’s in a research report on Thursday. Finally, TD Cowen downgraded Macy’s from an “outperform” rating to a “market perform” rating and reduced their price target for the stock from $23.00 to $20.00 in a research report on Thursday, February 29th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $17.45.

Macy’s Price Performance

NYSE:M traded up $0.13 during trading hours on Thursday, hitting $19.98. The company’s stock had a trading volume of 8,341,862 shares, compared to its average volume of 8,466,055. The stock has a fifty day simple moving average of $19.47 and a 200-day simple moving average of $16.32. The company has a market capitalization of $5.48 billion, a P/E ratio of 54.00 and a beta of 2.14. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.37 and a quick ratio of 0.39. Macy’s, Inc. has a twelve month low of $10.54 and a twelve month high of $22.10.

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

Macy’s Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, April 1st. Shareholders of record on Friday, March 15th will be given a $0.1737 dividend. The ex-dividend date is Thursday, March 14th. This is an increase from Macy’s’s previous quarterly dividend of $0.17. This represents a $0.69 annualized dividend and a yield of 3.48%. Macy’s’s dividend payout ratio (DPR) is currently 186.49%.

Insider Buying and Selling at Macy’s

In other news, SVP Paul Griscom sold 2,969 shares of the firm’s stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $20.43, for a total transaction of $60,656.67. Following the completion of the transaction, the senior vice president now directly owns 21,436 shares in the company, valued at $437,937.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, SVP Paul Griscom sold 2,969 shares of the firm’s stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $20.43, for a total transaction of $60,656.67. Following the completion of the transaction, the senior vice president now directly owns 21,436 shares in the company, valued at $437,937.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Danielle L. Kirgan sold 3,274 shares of the firm’s stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $20.28, for a total value of $66,396.72. Following the transaction, the executive vice president now owns 311,820 shares of the company’s stock, valued at $6,323,709.60. The disclosure for this sale can be found here. Over the last three months, insiders sold 152,994 shares of company stock worth $3,120,008. 1.52% of the stock is currently owned by insiders.

Macy’s 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.