In a surprising turn of events, Victory Capital Management Inc. has significantly increased its holdings in Macy’s, Inc. by 42.3%, according to the company’s most recent Form 13F filing with the Securities & Exchange Commission. This bold move indicates a strong belief in the future prospects of Macy’s and highlights their desire to capitalize on potential opportunities within the company.
With this significant increase in holdings, Victory Capital Management Inc. now owns approximately 2,107,829 shares of Macy’s stock, after purchasing an additional 626,211 shares during the first quarter. The value of their stake is estimated to be around $36,866,000 as per their most recent SEC filing. It is notable that Victory Capital Management Inc. owned about 0.77% of Macy’s worth at the time of its filing.
Macy’s recently released its quarterly earnings data on June 1st, further adding to the intrigue surrounding this investment decision by Victory Capital Management Inc. The company reported earnings per share of $0.56 for the quarter, surpassing market expectations by $0.11 per share. This positive result indicates that Macy’s is performing better than anticipated and may have potential for further growth.
However, it is important to note that Macy’s revenue for the quarter stood at $4.98 billion, slightly lower than analysts’ consensus estimate of $5.01 billion. Despite this shortfall, it is still commendable that Macy’s managed to maintain a net margin of 4.31% and return on equity of 28.86%. Although there was a decrease in revenue compared to the same quarter last year (down by 6.8%), it is essential to take into account the ongoing challenges faced by retailers due to changing consumer behavior and market dynamics.
In light of these figures and developments, industry experts predict that Macy’s will post earnings per share of 2.94 for the current fiscal year. This forecast paints a positive picture for the company and suggests that it may continue on a path of growth and profitability.
In related news, senior vice president Paul Griscom has recently made significant transactions involving Macy’s stock. On June 16th, Griscom sold 8,044 shares at an average price of $15.90, amounting to a total transaction value of $127,899.60. Subsequently, he now holds 11,061 shares worth $175,869.90. These activities were disclosed in filings with the SEC and can be accessed through the provided link.
Furthermore, CEO Antony Spring also engaged in selling Macy’s stock on July 10th. He sold 19,026 shares at an average price of $15.97 per share, resulting in a total transaction value of $303,845.22. Following this sale, Spring currently possesses 198,155 shares of the company worth approximately $3,164
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Analysis of Macy’s Inc: Ownership Changes, Stock Performance, and Investor Sentiment
Macy’s Inc, the American department store chain, has seen a number of changes in its ownership and stock value. Hedge funds such as Raymond James Financial Services Advisors Inc. and Webster Bank N.A have modified their holdings of the company. Raymond James Financial Services Advisors increased its stake in shares of Macy’s by 1.6% in the fourth quarter, now owning 46,490 shares worth $960,000. Similarly, Webster Bank N.A saw its stake in Macy’s rise by an astonishing 2,613.0% during the first quarter.
Other institutional investors and hedge funds that have shown interest in Macy’s include Profund Advisors LLC and Strs Ohio. Profund Advisors LLC acquired a new position in Macy’s during the fourth quarter valued at around $210,000. On the other hand, Strs Ohio grew its stake in Macy’s by 19.8% in the first quarter, now owning 45,355 shares valued at $793,000.
Integrated Wealth Concepts LLC also made a significant acquisition of Macy’s shares during the fourth quarter. The firm increased its holdings by an impressive 278.8%, adding another 47,766 shares to its portfolio.
With regards to the latest trading activities on Friday July 28th, Macy’s stock opened at $16.25 per share with a market capitalization of $4.43 billion. The company currently boasts a favorable P/E ratio of 4.31 and a PEG ratio of 0.46 indicating attractive valuation metrics for investors looking for opportunities.
The company has experienced fluctuations in its stock price over recent months with a fifty-day moving average price of $15.56 and a two-hundred-day moving average price of $18.26 indicating short-term volatility while taking into account long-term performance trends.
Macy’s financials appear stable with a current ratio of 1.22 and quick ratio of 0.26, suggesting that the company can meet its short-term obligations efficiently. Moreover, Macy’s maintains a debt-to-equity ratio of 0.72 which indicates a healthy balance between utilizing leverage and maintaining financial stability.
Macy’s, Inc. has seen its share price fluctuate over the past year, ranging from a low of $12.80 to a high of $25.12, reflecting market dynamics and investors’ sentiment towards the retail sector during these uncertain times.
In terms of recent insider trading activity, SVP Paul Griscom sold 8,044 shares of Macy’s stock in June at an average price of $15.90 per share, resulting in a total transaction value of approximately $127,899.60. Similarly, CEO Antony Spring sold 19,026 shares on July 10th at an average price of $15.97 per share for a total transaction value of $303,845.22.
Despite insider selling activities, institutional investors still have faith in Macy’s with approximately 81.29% of the company’s stock currently owned by these entities.
As for dividends, Macy’s recently announced a quarterly dividend which was paid out to stockholders on July 3rd. Stockholders who were recorded as owning shares on June 15th received a dividend payment of $0.165 per share indicating an annualized dividend yield of 4.06%. The dividend payout ratio for Macy’s stands at 17.51%.
Financial analysts and brokerage firms have mixed views on Macy’s stock performance. Deutsche Bank Aktiengesellschaft lowered their target price from $20 to $18 and UBS Group dropped their target price to $12 from $12.75.
StockNews.com initiated coverage on Macy’s with a “hold” rating while JPMorgan Chase & Co dropped their price target from $26 to $23 in light of recent developments.
In summary, Macy’s has experienced changes in ownership as hedge funds and institutional investors have adjusted their holdings. The stock has shown volatility over the past year but offers attractive valuation metrics for potential investors. Recent insider selling activities should be viewed with caution, although a majority of the stock is owned by institutional investors. Dividend payments appear to be relatively strong, and while financial analysts hold mixed views on the stock’s performance, it is clear that Macy’s remains an important player in the retail industry.
