AIA Group Ltd Makes New $298,000 Investment in Macy’s, Inc. (NYSE:M)

AIA Group Ltd purchased a new stake in shares of Macy’s, Inc. (NYSE:M) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 17,591 shares of the company’s stock, valued at approximately $298,000.

A number of other hedge funds have also modified their holdings of the company. Norges Bank purchased a new position in Macy’s in the 4th quarter worth approximately $96,689,000. American Century Companies Inc. raised its position in shares of Macy’s by 12.2% during the fourth quarter. American Century Companies Inc. now owns 7,137,132 shares of the company’s stock valued at $120,832,000 after buying an additional 774,693 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Macy’s by 14.5% in the fourth quarter. Bank of New York Mellon Corp now owns 3,314,572 shares of the company’s stock worth $56,116,000 after buying an additional 419,261 shares in the last quarter. Allianz Asset Management GmbH boosted its position in shares of Macy’s by 13.3% during the fourth quarter. Allianz Asset Management GmbH now owns 3,512,142 shares of the company’s stock worth $59,461,000 after acquiring an additional 411,412 shares during the last quarter. Finally, Lind Value II ApS purchased a new position in Macy’s during the fourth quarter valued at $6,733,000. 87.36% of the stock is currently owned by institutional investors.

Macy’s Stock Up 2.4 %

NYSE M opened at $12.87 on Wednesday. The business’s fifty day simple moving average is $14.32 and its 200-day simple moving average is $15.25. Macy’s, Inc. has a 52 week low of $12.48 and a 52 week high of $20.70. The company has a quick ratio of 0.17, a current ratio of 1.26 and a debt-to-equity ratio of 0.67. The firm has a market cap of $3.57 billion, a PE ratio of 21.81 and a beta of 2.07.

Macy’s (NYSE:M) last issued its quarterly earnings data on Thursday, March 6th. The company reported $1.80 EPS for the quarter, topping the consensus estimate of $1.55 by $0.25. Macy’s had a net margin of 0.73% and a return on equity of 21.99%. The firm had revenue of $7.77 billion for the quarter, compared to analyst estimates of $7.76 billion. As a group, equities analysts anticipate that Macy’s, Inc. will post 2.39 earnings per share for the current year.

Macy’s Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th were paid a $0.1824 dividend. The ex-dividend date was Friday, March 14th. This is a boost from Macy’s’s previous quarterly dividend of $0.17. This represents a $0.73 dividend on an annualized basis and a dividend yield of 5.67%. Macy’s’s payout ratio is presently 35.44%.

Analysts Set New Price Targets

Several analysts have commented on the stock. Guggenheim reiterated a “neutral” rating on shares of Macy’s in a research note on Thursday, December 12th. UBS Group lowered their target price on Macy’s from $9.00 to $8.00 and set a “sell” rating for the company in a research report on Friday, March 7th. Telsey Advisory Group set a $15.00 price objective on Macy’s in a research note on Friday, March 7th. Morgan Stanley set a $14.00 price objective on shares of Macy’s in a research note on Monday, March 10th. Finally, Citigroup lowered their target price on shares of Macy’s from $16.00 to $14.00 and set a “neutral” rating for the company in a research note on Friday, March 7th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $15.30.

Insider Activity at Macy’s

In related news, EVP Adrian V. Mitchell sold 3,489 shares of Macy’s stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $13.74, for a total value of $47,938.86. Following the completion of the transaction, the executive vice president now directly owns 116,165 shares in the company, valued at approximately $1,596,107.10. This trade represents a 2.92 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Antony Spring sold 20,868 shares of the business’s stock in a transaction on Monday, March 31st. The stock was sold at an average price of $12.68, for a total value of $264,606.24. Following the transaction, the chief executive officer now directly owns 321,244 shares of the company’s stock, valued at $4,073,373.92. The trade was a 6.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 41,751 shares of company stock worth $537,790. 2.77% of the stock is currently owned by company insiders.

Macy’s Company Profile

Macy’s, Inc engages in the retail of apparel, accessories, cosmetics, home furnishings, and other consumer goods. The firm’s brands include Macy’s, Bloomingdale’s, and Bluemercury. It offers men’s, women’s, and children’s apparel, women’s accessories, intimate apparel, shoes, cosmetics, fragrances, as well as home and miscellaneous products.