Kovitz Investment Group Partners LLC Cuts Stake in Macy’s Inc (M)

Kovitz Investment Group Partners LLC decreased its position in Macy’s Inc (NYSE:M) by 7.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 90,699 shares of the company’s stock after selling 7,030 shares during the period. Kovitz Investment Group Partners LLC’s holdings in Macy’s were worth $2,108,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the company. NewSquare Capital LLC increased its position in Macy’s by 23,913.0% in the first quarter. NewSquare Capital LLC now owns 25,934 shares of the company’s stock valued at $769,000 after buying an additional 25,826 shares during the last quarter. Everence Capital Management Inc. bought a new stake in shares of Macy’s during the first quarter worth approximately $254,000. Smith Graham & Co. Investment Advisors LP boosted its stake in shares of Macy’s by 48.2% in the first quarter. Smith Graham & Co. Investment Advisors LP now owns 154,560 shares of the company’s stock worth $4,581,000 after buying an additional 50,250 shares during the period. DnB Asset Management AS boosted its stake in shares of Macy’s by 16.8% in the first quarter. DnB Asset Management AS now owns 31,338 shares of the company’s stock worth $929,000 after buying an additional 4,500 shares during the period. Finally, TB Alternative Assets Ltd. bought a new stake in shares of Macy’s during the first quarter worth approximately $5,421,000. 84.21% of the stock is owned by institutional investors and hedge funds.

Macy’s Inc (M) traded down 0.66% during trading on Friday, reaching $19.49. The company had a trading volume of 10,487,634 shares. Macy’s Inc has a 12-month low of $19.35 and a 12-month high of $45.41. The stock has a market cap of $5.94 billion, a P/E ratio of 8.86 and a beta of 0.84. The firm has a 50-day moving average price of $22.46 and a 200 day moving average price of $26.52. Macy’s also was the target of unusually large options trading activity on Wednesday. Investors bought 813 put options on the stock. This is an increase of approximately 166% compared to the average daily volume of 306 put options.

Macy’s (NYSE:M) last announced its earnings results on Thursday, August 10th. The company reported $0.48 EPS for the quarter, topping the consensus estimate of $0.45 by $0.03. The business had revenue of $5.55 billion during the quarter, compared to the consensus estimate of $5.52 billion. Macy’s had a net margin of 2.71% and a return on equity of 21.38%. Macy’s’s revenue was down 5.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.51 EPS. Equities research analysts predict that Macy’s Inc will post $3.38 EPS for the current fiscal year.

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Several equities research analysts have recently issued reports on the company. Vetr upgraded Macy’s from a “buy” rating to a “strong-buy” rating and set a $30.62 price objective on the stock in a report on Thursday, May 11th. Wunderlich restated a “buy” rating and set a $24.00 price objective on shares of Macy’s in a report on Friday, May 5th. Zacks Investment Research upgraded Macy’s from a “sell” rating to a “hold” rating in a report on Tuesday, May 9th. Telsey Advisory Group decreased their price objective on Macy’s from $36.00 to $30.00 and set an “outperform” rating on the stock in a report on Friday, May 12th. Finally, BidaskClub upgraded Macy’s from a “sell” rating to a “hold” rating in a report on Wednesday, July 19th. Three investment analysts have rated the stock with a sell rating, sixteen have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. Macy’s currently has a consensus rating of “Hold” and an average target price of $29.74.

In other Macy’s news, Director William H. Lenehan acquired 4,390 shares of the company’s stock in a transaction on Thursday, June 15th. The stock was acquired at an average price of $22.72 per share, for a total transaction of $99,740.80. Following the purchase, the director now directly owns 5,968 shares of the company’s stock, valued at $135,592.96. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Jeffrey Gennette acquired 13,085 shares of the company’s stock in a transaction on Monday, June 12th. The stock was acquired at an average price of $22.95 per share, with a total value of $300,300.75. Following the purchase, the insider now directly owns 89,053 shares in the company, valued at $2,043,766.35. The disclosure for this purchase can be found here. Insiders own 1.40% of the company’s stock.

Macy’s Company Profile

Macy’s, Inc is an omnichannel retail company operating stores, Websites and mobile applications under various brands, such as Macy’s, Bloomingdale’s and Bluemercury. The Company sells a range of merchandise, including apparel and accessories (men’s, women’s and children’s), cosmetics, home furnishings and other consumer goods.

Institutional Ownership by Quarter for Macy`s (NYSE:M)

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