Contrarius Investment Management Ltd Increases Stake in Macy’s Inc (M)

Contrarius Investment Management Ltd grew its position in Macy’s Inc (NYSE:M) by 827.4% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,575,547 shares of the company’s stock after purchasing an additional 1,405,656 shares during the period. Macy’s makes up 2.0% of Contrarius Investment Management Ltd’s holdings, making the stock its 16th largest position. Contrarius Investment Management Ltd owned approximately 0.52% of Macy’s worth $34,378,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the company. Wayne Hummer Investments L.L.C. acquired a new position in shares of Macy’s in the third quarter valued at about $236,000. Commonwealth Equity Services Inc boosted its stake in shares of Macy’s by 7.4% in the third quarter. Commonwealth Equity Services Inc now owns 54,425 shares of the company’s stock worth $1,187,000 after buying an additional 3,750 shares during the last quarter. Advisors Asset Management Inc. boosted its stake in shares of Macy’s by 877.5% in the third quarter. Advisors Asset Management Inc. now owns 132,334 shares of the company’s stock worth $2,888,000 after buying an additional 118,796 shares during the last quarter. Commerce Bank boosted its stake in shares of Macy’s by 19.6% in the third quarter. Commerce Bank now owns 84,140 shares of the company’s stock worth $1,836,000 after buying an additional 13,772 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. purchased a new stake in shares of Macy’s in the third quarter worth about $239,000. 83.17% of the stock is currently owned by institutional investors and hedge funds.

Macy’s Inc (NYSE M) traded up $0.27 during midday trading on Friday, hitting $20.25. The stock had a trading volume of 11,564,700 shares, compared to its average volume of 9,805,876. The stock has a market capitalization of $6,190.00, a P/E ratio of 6.73, a PEG ratio of 0.69 and a beta of 0.86. Macy’s Inc has a 1-year low of $17.41 and a 1-year high of $45.41. The company has a debt-to-equity ratio of 1.49, a quick ratio of 0.19 and a current ratio of 1.29.

Macy’s (NYSE:M) last posted its quarterly earnings results on Thursday, November 9th. The company reported $0.23 EPS for the quarter, beating the consensus estimate of $0.19 by $0.04. Macy’s had a return on equity of 21.20% and a net margin of 2.83%. The firm had revenue of $5.28 billion during the quarter, compared to analysts’ expectations of $5.31 billion. During the same quarter last year, the firm earned $0.17 earnings per share. The business’s revenue for the quarter was down 6.1% on a year-over-year basis. research analysts forecast that Macy’s Inc will post 3.39 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 2nd. Investors of record on Friday, December 15th will be issued a $0.3775 dividend. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $1.51 annualized dividend and a dividend yield of 7.46%. Macy’s’s dividend payout ratio is presently 66.52%.

In related news, Director John A. Bryant purchased 9,825 shares of the business’s stock in a transaction that occurred on Wednesday, August 23rd. The stock was purchased at an average price of $20.32 per share, with a total value of $199,644.00. Following the completion of the acquisition, the director now owns 9,825 shares in the company, valued at $199,644. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.40% of the stock is currently owned by company insiders.

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M has been the topic of a number of recent research reports. BMO Capital Markets restated a “buy” rating and issued a $36.00 target price on shares of Macy’s in a research note on Thursday, November 2nd. Zacks Investment Research downgraded Macy’s from a “hold” rating to a “sell” rating in a research note on Wednesday, October 11th. BidaskClub downgraded Macy’s from a “hold” rating to a “sell” rating in a research note on Saturday, August 19th. Vetr downgraded Macy’s from a “strong-buy” rating to a “buy” rating and set a $26.02 target price on the stock. in a research note on Thursday, July 27th. Finally, Citigroup Inc. downgraded Macy’s from a “neutral” rating to a “sell” rating and lowered their target price for the stock from $21.00 to $16.00 in a research note on Monday, October 30th. Three investment analysts have rated the stock with a sell rating, thirteen have given a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Hold” and an average target price of $25.37.

About Macy’s

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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