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Paul Griscom, Senior Vice President and Controller at Macy’s, Inc. (NYSE:M), recently sold shares worth $17,659, according to a recent SEC filing. The transactions occurred on March 28 and March 31, with shares sold at prices ranging from $12.6737 to $12.7727. These sales were conducted to cover tax withholding obligations related to the vesting of restricted shares. The stock, currently trading at $12.56, has declined nearly 25% year-to-date and is trading near its 52-week low. According to InvestingPro analysis, Macy’s appears undervalued based on its Fair Value estimate.
In addition to the sales, Griscom acquired 3,032 shares on March 27, which were settled as performance restricted stock units, and 1,500 shares through the exercise of restricted stock units on March 28. These acquisitions did not involve any cash transactions.
Following these transactions, Griscom’s direct ownership of Macy’s common stock stands at 34,996 shares.
In other recent news, Macy’s reported fourth-quarter earnings per share of $1.80, surpassing expectations of $1.54, though this was partly due to one-time adjustments. The company’s revenue reached $8.0 billion, slightly exceeding estimates but falling short of the anticipated $8.4 billion. Despite the earnings beat, several analysts have adjusted their outlooks and price targets for Macy’s, reflecting cautious sentiment about future performance. TD Cowen, Citi, and JPMorgan all lowered their price targets to $14, with TD Cowen and Citi maintaining Hold and Neutral ratings, respectively. Telsey Advisory Group reduced its price target to $15, maintaining a Market Perform rating, while CFRA revised its target down to $13, also holding a neutral stance. Analysts cited concerns over declining comparable sales, with Macy’s projecting a same-store sales decline between 0.5% and 2.0% for fiscal year 2025. Additionally, the company’s FY25 EPS guidance of $2.05 to $2.25 fell short of analysts’ expectations. Macy’s management is taking a cautious approach, acknowledging macroeconomic challenges and focusing on strategic initiatives such as store closures and expansion of luxury segments.
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