JPMorgan Chase & Co. Sells 28,482 Shares of Macy’s, Inc. (NYSE:M)

JPMorgan Chase & Co. lowered its position in shares of Macy’s, Inc. (NYSE:M) by 3.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 927,990 shares of the company’s stock after selling 28,482 shares during the period. JPMorgan Chase & Co.’s holdings in Macy’s were worth $14,560,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Federated Hermes Inc. grew its stake in shares of Macy’s by 2.5% during the second quarter. Federated Hermes Inc. now owns 44,337 shares of the company’s stock valued at $851,000 after buying an additional 1,095 shares during the last quarter. Affinity Capital Advisors LLC grew its position in Macy’s by 11.5% during the 3rd quarter. Affinity Capital Advisors LLC now owns 12,116 shares of the company’s stock worth $190,000 after acquiring an additional 1,248 shares during the last quarter. KBC Group NV increased its stake in Macy’s by 19.9% in the 3rd quarter. KBC Group NV now owns 7,952 shares of the company’s stock worth $125,000 after purchasing an additional 1,319 shares during the period. Arizona State Retirement System lifted its position in Macy’s by 1.9% in the second quarter. Arizona State Retirement System now owns 76,784 shares of the company’s stock valued at $1,474,000 after purchasing an additional 1,462 shares during the last quarter. Finally, Jamison Private Wealth Management Inc. boosted its stake in shares of Macy’s by 12.7% during the third quarter. Jamison Private Wealth Management Inc. now owns 14,026 shares of the company’s stock valued at $220,000 after purchasing an additional 1,580 shares during the period. 87.36% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. JPMorgan Chase & Co. lowered their price target on shares of Macy’s from $21.00 to $20.00 and set an “overweight” rating for the company in a report on Wednesday. StockNews.com downgraded shares of Macy’s from a “buy” rating to a “hold” rating in a research note on Thursday, December 26th. Morgan Stanley cut their target price on Macy’s from $17.00 to $16.00 and set an “equal weight” rating on the stock in a research note on Thursday, December 12th. UBS Group lowered their price target on Macy’s from $10.00 to $9.00 and set a “sell” rating for the company in a research report on Thursday, December 12th. Finally, Guggenheim reiterated a “neutral” rating on shares of Macy’s in a research report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, Macy’s presently has an average rating of “Hold” and an average target price of $17.78.

Macy’s Trading Down 0.9 %

M opened at $15.89 on Friday. The company has a quick ratio of 0.34, a current ratio of 1.26 and a debt-to-equity ratio of 0.67. Macy’s, Inc. has a 52 week low of $14.06 and a 52 week high of $22.10. The stock has a market cap of $4.41 billion, a PE ratio of 26.93 and a beta of 2.07. The business has a 50 day moving average of $16.18 and a 200-day moving average of $16.22.

Macy’s (NYSE:M) last posted its quarterly earnings data on Wednesday, December 11th. The company reported $0.04 EPS for the quarter, missing the consensus estimate of $0.07 by ($0.03). Macy’s had a return on equity of 21.99% and a net margin of 0.73%. The business had revenue of $4.74 billion for the quarter, compared to the consensus estimate of $4.74 billion. During the same period in the previous year, the firm earned $0.21 EPS. The company’s revenue was down 2.4% on a year-over-year basis. Equities research analysts predict that Macy’s, Inc. will post 2.4 earnings per share for the current fiscal year.

Macy’s Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Friday, December 13th were given a dividend of $0.1737 per share. This represents a $0.69 annualized dividend and a yield of 4.37%. The ex-dividend date of this dividend was Friday, December 13th. Macy’s’s dividend payout ratio (DPR) is 116.95%.

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.