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In recent transactions filed with the U.S. Securities and Exchange Commission, Antony Spring, Chairman and CEO of Macy’s, Inc. (NYSE:M), sold shares worth approximately $323,126. The sales occurred over two days, with shares sold on March 28 and March 31 at weighted average prices ranging from $12.6799 to $12.7722. These transactions come as Macy’s stock trades near its 52-week low of $12.48, with InvestingPro analysis indicating the stock is currently undervalued.
On March 28, Spring sold 4,582 shares, and on March 31, he sold an additional 20,868 shares. These transactions were made to cover tax withholding obligations upon the vesting of performance restricted shares and were not discretionary. The stock currently trades at an attractive P/E ratio of 6.08 and offers a substantial dividend yield of 5.81%.
In addition to these sales, Spring acquired 53,151 shares through the conversion of restricted stock units, which do not involve any cash transaction. This acquisition reflects the vesting of restricted stock units granted in the previous year. Following these transactions, Spring’s direct ownership amounts to 321,244.1058 shares. For deeper insights into Macy’s valuation metrics and 16 additional key ProTips, access the comprehensive research report available on InvestingPro.
In other recent news, Macy’s reported fourth-quarter earnings per share (EPS) of $1.80, surpassing expectations of $1.54. Despite this beat, Macy’s experienced a 1.1% decline in owned comparable sales, falling short of the expected -0.2%. The company has provided a cautious fiscal year 2025 outlook, with EPS guidance ranging from $2.05 to $2.25, below the Street’s expectation of $2.26, and anticipates same-store sales to decline between 0.5% and 2.0%. Analysts have adjusted their positions on Macy’s, with TD Cowen, Citi, and JPMorgan all reducing their price targets to $14, while Telsey Advisory Group set a target of $15. CFRA lowered its price target to $13, citing long-term challenges in the department store sector.
Macy’s management has outlined a "Bold New Chapter" strategy, which includes closing 150 stores and expanding luxury outlets by 20%. The company aims to enhance its omni-channel shopping experience and expects to generate $600 million to $750 million from asset monetization over the next three years. Analysts, including those from TD Cowen and Citi, have noted that Macy’s strategic decisions to modernize its operations and focus on high-performing locations are prudent given current macroeconomic uncertainties. However, the company continues to face challenges from changing consumer habits and competitive pressures in the retail sector.
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