Assenagon Asset Management S.A. Invests $1.41 Million in Macy’s, Inc. (NYSE:M)

Assenagon Asset Management S.A. purchased a new position in Macy’s, Inc. (NYSE:M) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 89,700 shares of the company’s stock, valued at approximately $1,407,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. State of Michigan Retirement System increased its holdings in Macy’s by 2.4% during the 1st quarter. State of Michigan Retirement System now owns 67,270 shares of the company’s stock worth $1,345,000 after purchasing an additional 1,600 shares during the period. Norden Group LLC purchased a new position in Macy’s during the 1st quarter worth $259,000. Retirement Systems of Alabama increased its holdings in Macy’s by 0.3% during the 1st quarter. Retirement Systems of Alabama now owns 500,066 shares of the company’s stock worth $9,996,000 after purchasing an additional 1,454 shares during the period. BNP Paribas Financial Markets increased its holdings in Macy’s by 45.3% during the 1st quarter. BNP Paribas Financial Markets now owns 390,399 shares of the company’s stock worth $7,804,000 after purchasing an additional 121,664 shares during the period. Finally, Fidelis Capital Partners LLC purchased a new position in Macy’s during the 1st quarter worth $42,000. 87.36% of the stock is currently owned by hedge funds and other institutional investors.

Macy’s Stock Performance

Shares of M opened at $15.27 on Friday. The stock has a 50-day moving average of $15.35 and a two-hundred day moving average of $17.20. Macy’s, Inc. has a one year low of $10.59 and a one year high of $22.10. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.34 and a current ratio of 1.48. The stock has a market cap of $4.24 billion, a P/E ratio of 23.86 and a beta of 2.11.

Macy’s (NYSE:M) last released its quarterly earnings data on Wednesday, August 21st. The company reported $0.53 earnings per share for the quarter, beating analysts’ consensus estimates of $0.30 by $0.23. The business had revenue of $4.94 billion during the quarter, compared to analyst estimates of $5.06 billion. Macy’s had a return on equity of 23.14% and a net margin of 0.80%. The company’s revenue was down 3.8% on a year-over-year basis. During the same quarter last year, the business posted $0.26 EPS. As a group, research analysts predict that Macy’s, Inc. will post 2.72 EPS for the current year.

Macy’s Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be paid a $0.1737 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.69 annualized dividend and a dividend yield of 4.55%. Macy’s’s dividend payout ratio is presently 107.81%.

Wall Street Analysts Forecast Growth

M has been the topic of several recent research reports. Evercore ISI dropped their target price on Macy’s from $22.00 to $17.00 and set an “in-line” rating on the stock in a research report on Tuesday, July 16th. Argus raised Macy’s to a “hold” rating in a research report on Thursday, October 10th. Morgan Stanley dropped their target price on Macy’s from $18.00 to $17.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 22nd. StockNews.com initiated coverage on Macy’s in a research report on Saturday. They set a “hold” rating on the stock. Finally, Telsey Advisory Group reaffirmed a “market perform” rating and set a $21.00 target price on shares of Macy’s in a research report on Wednesday, August 21st. Seven research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $20.43.

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.