Summit Investment Advisors Inc. Has $941,000 Position in Macy’s, Inc. (NYSE:M)

Summit Investment Advisors Inc. lessened its stake in shares of Macy’s, Inc. (NYSE:M) by 2.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 55,557 shares of the company’s stock after selling 1,152 shares during the period. Summit Investment Advisors Inc.’s holdings in Macy’s were worth $941,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Virtu Financial LLC acquired a new stake in Macy’s in the 3rd quarter valued at approximately $594,000. HB Wealth Management LLC boosted its position in shares of Macy’s by 724.1% in the fourth quarter. HB Wealth Management LLC now owns 103,584 shares of the company’s stock valued at $1,754,000 after acquiring an additional 91,015 shares during the period. Retirement Systems of Alabama grew its stake in shares of Macy’s by 57.9% in the third quarter. Retirement Systems of Alabama now owns 782,391 shares of the company’s stock worth $12,276,000 after acquiring an additional 286,879 shares during the last quarter. SG Americas Securities LLC increased its position in Macy’s by 1,076.9% during the fourth quarter. SG Americas Securities LLC now owns 178,778 shares of the company’s stock worth $3,027,000 after acquiring an additional 163,587 shares during the period. Finally, State of Alaska Department of Revenue raised its stake in Macy’s by 155.8% during the 4th quarter. State of Alaska Department of Revenue now owns 81,626 shares of the company’s stock valued at $1,381,000 after purchasing an additional 49,715 shares during the last quarter. Institutional investors own 87.36% of the company’s stock.

Insider Activity at Macy’s

In related news, EVP Tracy M. Preston sold 2,780 shares of the firm’s stock in a transaction dated Monday, March 31st. The stock was sold at an average price of $12.68, for a total value of $35,250.40. Following the transaction, the executive vice president now owns 4,723 shares in the company, valued at $59,887.64. This trade represents a 37.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Antony Spring sold 20,868 shares of the business’s stock in a transaction dated Monday, March 31st. The stock was sold at an average price of $12.68, for a total value of $264,606.24. Following the sale, the chief executive officer now directly owns 321,244 shares of the company’s stock, valued at $4,073,373.92. This represents a 6.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 41,751 shares of company stock valued at $537,790 over the last ninety days. 2.77% of the stock is owned by insiders.

Macy’s Trading Up 1.0 %

Shares of M stock opened at $11.13 on Friday. The company has a quick ratio of 0.17, a current ratio of 1.26 and a debt-to-equity ratio of 0.67. The company has a market capitalization of $3.10 billion, a P/E ratio of 18.86 and a beta of 1.73. Macy’s, Inc. has a 12-month low of $9.76 and a 12-month high of $20.70. The firm has a 50-day moving average price of $13.26 and a 200 day moving average price of $14.87.

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

Macy’s Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th were paid a $0.1824 dividend. The ex-dividend date of this dividend was Friday, March 14th. This is a positive change from Macy’s’s previous quarterly dividend of $0.17. This represents a $0.73 dividend on an annualized basis and a dividend yield of 6.56%. Macy’s’s dividend payout ratio (DPR) is 35.44%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. New Street Research set a $13.00 price objective on shares of Macy’s in a report on Thursday, March 6th. Telsey Advisory Group restated a “market perform” rating and set a $15.00 price target on shares of Macy’s in a research note on Wednesday, April 2nd. Benchmark upgraded Macy’s to a “strong-buy” rating in a research report on Monday, February 3rd. StockNews.com upgraded Macy’s from a “hold” rating to a “buy” rating in a research report on Friday, February 14th. Finally, UBS Group reduced their target price on Macy’s from $9.00 to $8.00 and set a “sell” rating for the company in a research report on Friday, March 7th. One analyst has rated the stock with a sell rating, ten have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $14.90.

Macy’s Company 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.