Macy’s, Inc. (NYSE:M) Position Raised by West Tower Group LLC

West Tower Group LLC lifted its holdings in shares of Macy’s, Inc. (NYSE:M) by 56.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 73,645 shares of the company’s stock after buying an additional 26,659 shares during the period. Macy’s makes up 2.8% of West Tower Group LLC’s portfolio, making the stock its 6th biggest position. West Tower Group LLC’s holdings in Macy’s were worth $1,247,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the business. Xponance Inc. boosted its position in shares of Macy’s by 6.4% during the fourth quarter. Xponance Inc. now owns 38,544 shares of the company’s stock valued at $653,000 after buying an additional 2,316 shares during the last quarter. Corient Private Wealth LLC boosted its position in Macy’s by 6.2% in the fourth quarter. Corient Private Wealth LLC now owns 129,570 shares of the company’s stock worth $2,193,000 after purchasing an additional 7,617 shares during the last quarter. Royce & Associates LP boosted its position in Macy’s by 1.8% in the fourth quarter. Royce & Associates LP now owns 1,445,000 shares of the company’s stock worth $24,464,000 after purchasing an additional 25,000 shares during the last quarter. Commonwealth Equity Services LLC boosted its position in Macy’s by 2.6% in the fourth quarter. Commonwealth Equity Services LLC now owns 45,105 shares of the company’s stock worth $764,000 after purchasing an additional 1,122 shares during the last quarter. Finally, Vestcor Inc purchased a new position in Macy’s in the fourth quarter worth about $115,000. 87.36% of the stock is owned by hedge funds and other institutional investors.

Macy’s Stock Down 1.8 %

Shares of M opened at $13.57 on Wednesday. The business’s 50 day moving average is $14.61 and its 200 day moving average is $15.37. The company has a market capitalization of $3.77 billion, a PE ratio of 22.99 and a beta of 2.07. Macy’s, Inc. has a 12-month low of $12.60 and a 12-month high of $22.10. The company has a current ratio of 1.26, a quick ratio of 0.17 and a debt-to-equity ratio of 0.67.

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

Macy’s Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be paid a $0.1824 dividend. This is an increase from Macy’s’s previous quarterly dividend of $0.17. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.73 dividend on an annualized basis and a yield of 5.38%. Macy’s’s payout ratio is presently 35.44%.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Morgan Stanley set a $14.00 target price on Macy’s in a research report on Monday, March 10th. UBS Group dropped their target price on Macy’s from $9.00 to $8.00 and set a “sell” rating on the stock in a research report on Friday, March 7th. Guggenheim reaffirmed a “neutral” rating on shares of Macy’s in a research report on Thursday, December 12th. Cowen reaffirmed a “hold” rating on shares of Macy’s in a research report on Friday, March 7th. Finally, Telsey Advisory Group set a $15.00 price objective on Macy’s in a research report 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 assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $15.30.

Macy’s 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.