PNC Financial Services Group Inc. Grows Stock Holdings in Macy’s, Inc. (NYSE:M)

PNC Financial Services Group Inc. increased its position in Macy’s, Inc. (NYSE:M) by 6.2% during the first quarter, HoldingsChannel.com reports. The firm owned 25,399 shares of the company’s stock after acquiring an additional 1,491 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Macy’s were worth $319,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the company. State of Alaska Department of Revenue raised its holdings in shares of Macy’s by 126.0% during the first quarter. State of Alaska Department of Revenue now owns 184,511 shares of the company’s stock valued at $2,317,000 after purchasing an additional 102,885 shares during the last quarter. GAMMA Investing LLC grew its position in Macy’s by 1,188.7% in the 1st quarter. GAMMA Investing LLC now owns 44,086 shares of the company’s stock worth $554,000 after purchasing an additional 40,665 shares during the period. Vontobel Holding Ltd. purchased a new stake in Macy’s during the 1st quarter valued at $304,000. Mercer Global Advisors Inc. ADV raised its stake in Macy’s by 33.8% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 14,161 shares of the company’s stock valued at $240,000 after buying an additional 3,579 shares during the last quarter. Finally, LPL Financial LLC lifted its holdings in shares of Macy’s by 7.5% during the 4th quarter. LPL Financial LLC now owns 80,836 shares of the company’s stock valued at $1,369,000 after buying an additional 5,665 shares during the period. Hedge funds and other institutional investors own 87.36% of the company’s stock.

Macy’s Price Performance

Shares of NYSE:M opened at $12.81 on Friday. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.43 and a quick ratio of 0.37. Macy’s, Inc. has a 1-year low of $9.76 and a 1-year high of $18.13. The company has a market capitalization of $3.48 billion, a P/E ratio of 6.50 and a beta of 1.79. The firm’s 50 day simple moving average is $12.18 and its two-hundred day simple moving average is $12.61.

Macy’s (NYSE:M) last released its earnings results on Wednesday, May 28th. The company reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.15 by $0.01. Macy’s had a net margin of 2.45% and a return on equity of 16.34%. The company had revenue of $4.60 billion for the quarter, compared to analysts’ expectations of $4.38 billion. During the same quarter in the previous year, the company earned $0.27 EPS. Macy’s’s revenue for the quarter was down 5.1% on a year-over-year basis. Research analysts expect that Macy’s, Inc. will post 2.39 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

M has been the subject of a number of research reports. Barclays started coverage on Macy’s in a research report on Monday, April 28th. They set a “cautious” rating and a $12.00 price objective for the company. Morgan Stanley reiterated a “negative” rating on shares of Macy’s in a research note on Tuesday, May 6th. The Goldman Sachs Group lowered shares of Macy’s from a “buy” rating to a “neutral” rating and cut their target price for the company from $17.00 to $12.00 in a research report on Tuesday, April 22nd. JPMorgan Chase & Co. lifted their price target on shares of Macy’s from $12.00 to $16.00 and gave the stock a “neutral” rating in a research note on Monday, July 28th. Finally, Citigroup reissued a “neutral” rating and set a $12.00 price objective (up previously from $11.00) on shares of Macy’s in a research report on Thursday, May 29th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $13.22.

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.