Dimensional Fund Advisors LP Purchases 1,379,476 Shares of Macy’s, Inc. (NYSE:M)

Dimensional Fund Advisors LP raised its position in Macy’s, Inc. (NYSE:M) by 9.8% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 15,489,334 shares of the company’s stock after acquiring an additional 1,379,476 shares during the period. Dimensional Fund Advisors LP owned approximately 0.06% of Macy’s worth $297,385,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in M. Norges Bank bought a new stake in shares of Macy’s in the fourth quarter valued at $62,529,000. Crestline Management LP purchased a new position in shares of Macy’s in the fourth quarter valued at $32,192,000. Invenomic Capital Management LP purchased a new position in shares of Macy’s in the fourth quarter valued at $19,372,000. Hsbc Holdings PLC grew its position in shares of Macy’s by 1,044.1% in the fourth quarter. Hsbc Holdings PLC now owns 906,708 shares of the company’s stock valued at $18,331,000 after purchasing an additional 827,456 shares in the last quarter. Finally, American Century Companies Inc. grew its position in shares of Macy’s by 18.9% in the second quarter. American Century Companies Inc. now owns 4,704,854 shares of the company’s stock valued at $90,333,000 after purchasing an additional 747,542 shares in the last quarter. 87.36% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on M. JPMorgan Chase & Co. lifted their price target on Macy’s from $25.00 to $27.00 and gave the company an “overweight” rating in a research report on Wednesday, May 22nd. StockNews.com began coverage on Macy’s in a research report on Sunday. They issued a “hold” rating for the company. TD Cowen lifted their price target on Macy’s from $20.00 to $21.00 and gave the company a “hold” rating in a research report on Wednesday, May 22nd. Telsey Advisory Group reiterated a “market perform” rating and issued a $21.00 price target on shares of Macy’s in a research report on Wednesday, August 21st. Finally, Evercore ISI reduced their target price on Macy’s from $22.00 to $17.00 and set an “in-line” rating for the company in a research report on Tuesday, July 16th. Seven analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $19.50.

Macy’s Price Performance

Macy’s stock opened at $15.03 on Wednesday. The company has a quick ratio of 0.34, a current ratio of 1.48 and a debt-to-equity ratio of 0.70. The business has a 50-day simple moving average of $16.21 and a 200 day simple moving average of $18.25. Macy’s, Inc. has a 52 week low of $10.54 and a 52 week high of $22.10. The stock has a market cap of $4.15 billion, a price-to-earnings ratio of 501.00 and a beta of 2.11.

Macy’s (NYSE:M) last issued its quarterly earnings results on Wednesday, August 21st. The company reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.30 by $0.23. Macy’s had a return on equity of 23.14% and a net margin of 0.80%. The firm had revenue of $4.94 billion during the quarter, compared to analyst estimates of $5.06 billion. During the same quarter in the previous year, the company posted $0.26 earnings per share. The company’s revenue was down 3.8% compared to the same quarter last year. On average, research analysts forecast that Macy’s, Inc. will post 2.72 earnings per share for the current fiscal year.

Macy’s Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be paid a dividend of $0.1737 per share. This represents a $0.69 annualized dividend and a yield of 4.62%. The ex-dividend date is Friday, September 13th. Macy’s’s dividend payout ratio (DPR) is currently 2,300.00%.

Insiders Place Their Bets

In other Macy’s news, CEO Antony Spring sold 18,981 shares of Macy’s stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $18.96, for a total transaction of $359,879.76. Following the completion of the sale, the chief executive officer now owns 267,265 shares of the company’s stock, valued at $5,067,344.40. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CEO Antony Spring sold 18,981 shares of the business’s stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $18.96, for a total value of $359,879.76. Following the completion of the sale, the chief executive officer now owns 267,265 shares of the company’s stock, valued at approximately $5,067,344.40. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Danielle L. Kirgan sold 24,147 shares of the business’s stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $18.96, for a total value of $457,827.12. Following the completion of the sale, the executive vice president now directly owns 348,000 shares of the company’s stock, valued at approximately $6,598,080. The disclosure for this sale can be found here. Insiders sold a total of 44,665 shares of company stock valued at $842,372 over the last 90 days. Insiders own 2.77% of the company’s stock.

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.