16,840 Shares in Macy’s, Inc. (NYSE:M) Bought by Range Financial Group LLC

Range Financial Group LLC bought a new stake in shares of Macy’s, Inc. (NYSE:M) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 16,840 shares of the company’s stock, valued at approximately $285,000.

Several other hedge funds have also bought and sold shares of M. Charles Schwab Investment Management Inc. lifted its position in shares of Macy’s by 4.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,661,876 shares of the company’s stock valued at $41,765,000 after acquiring an additional 118,626 shares in the last quarter. FMR LLC raised its stake in Macy’s by 4.4% during the 3rd quarter. FMR LLC now owns 4,691,591 shares of the company’s stock valued at $73,611,000 after purchasing an additional 195,880 shares during the period. Virtu Financial LLC bought a new stake in Macy’s during the 3rd quarter valued at approximately $594,000. Alerus Financial NA purchased a new position in Macy’s in the 3rd quarter worth approximately $2,144,000. Finally, Retirement Systems of Alabama boosted its stake in Macy’s by 57.9% in the 3rd quarter. Retirement Systems of Alabama now owns 782,391 shares of the company’s stock worth $12,276,000 after purchasing an additional 286,879 shares during the period. Institutional investors own 87.36% of the company’s stock.

Macy’s Price Performance

NYSE:M opened at $16.37 on Wednesday. The firm has a market capitalization of $4.54 billion, a price-to-earnings ratio of 27.75 and a beta of 2.07. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.26 and a quick ratio of 0.34. The business has a 50 day simple moving average of $16.15 and a 200-day simple moving average of $16.23. Macy’s, Inc. has a 1 year low of $14.06 and a 1 year high of $22.10.

Macy’s (NYSE:M) last issued its quarterly earnings results on Wednesday, December 11th. The company reported $0.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.03). Macy’s had a return on equity of 21.99% and a net margin of 0.73%. The company had revenue of $4.74 billion during the quarter, compared to the consensus estimate of $4.74 billion. During the same quarter in the prior year, the business earned $0.21 earnings per share. The firm’s quarterly revenue was down 2.4% compared to the same quarter last year. Equities analysts forecast that Macy’s, Inc. will post 2.4 EPS for the current year.

Macy’s Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Friday, December 13th were issued a dividend of $0.1737 per share. The ex-dividend date was Friday, December 13th. This represents a $0.69 annualized dividend and a yield of 4.24%. Macy’s’s payout ratio is 116.95%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on M shares. Argus raised shares of Macy’s to a “hold” rating in a report on Thursday, October 10th. Telsey Advisory Group reiterated a “market perform” rating and issued a $17.00 price target on shares of Macy’s in a research note on Wednesday, December 11th. StockNews.com lowered Macy’s from a “buy” rating to a “hold” rating in a research report on Thursday, December 26th. Guggenheim reiterated a “neutral” rating on shares of Macy’s in a research report on Thursday, December 12th. Finally, Gordon Haskett upgraded Macy’s from a “hold” rating to a “buy” rating and set a $20.00 price target for the company in a report on Monday, December 16th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $18.56.

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.