Macy’s SVP Paul Griscom sells $19,779 in stock

Paul Griscom, Senior Vice President and Controller at Macy’s, Inc. (NYSE:M), recently reported several transactions involving the company’s common stock. According to the SEC filing, Griscom sold a total of 1,476 shares, yielding approximately $19,779. The sales occurred on March 25 and March 26, with share prices ranging from $13.2762 to $13.7357. The transactions come as Macy’s stock trades near its 52-week low, with InvestingPro data showing the shares currently valued at an attractive P/E ratio of 6.3.

Additionally, Griscom acquired 4,181 shares of common stock through the vesting of restricted stock units. These transactions did not involve any cash exchange. Following these transactions, Griscom’s total direct ownership stands at 31,937 shares of the $3.7 billion market cap retailer.

These stock movements are part of routine transactions to cover tax withholding obligations upon the vesting of restricted shares, as noted in the filing. Macy’s currently offers investors a substantial 5.5% dividend yield, and InvestingPro analysis suggests the stock may be undervalued, with 15+ additional exclusive insights available to subscribers.

In other recent news, Macy’s has reported a fourth-quarter earnings per share (EPS) of $1.80, surpassing expectations of $1.54, though this was aided by one-time adjustments. Despite this earnings beat, the company’s comparable store sales saw a decline of 1.1%, missing the anticipated -0.2%. Analysts have been revising their outlooks, with TD Cowen, Citi, and JPMorgan all lowering their price targets to $14, citing concerns over future sales performance and a challenging retail environment. Telsey Advisory Group also reduced its price target to $15, maintaining a Market Perform rating, and noted the company’s mixed results and cautious fiscal year 2025 projections.

Macy’s has provided guidance for fiscal year 2025, forecasting an EPS range of $2.05 to $2.25, which falls short of the Street’s expectation of $2.26. The company anticipates a decline in same-store sales between 0.5% and 2.0%. Additionally, CFRA lowered its price target to $13, reflecting concerns over stagnant sales growth in the department store sector. The firm also highlighted Macy’s strategic decisions to close underperforming stores and focus on top-performing locations as part of its ongoing efforts to adapt to changing consumer habits.

The "Bold New Chapter" strategy announced by Macy’s includes plans to close 150 stores and expand luxury offerings by 20%, aiming to reinvest in high-potential locations. Analysts have expressed cautious optimism about these strategic moves, but they remain concerned about the broader challenges facing the retail sector. Overall, Macy’s is navigating a complex landscape, with analysts advising investors to closely monitor the company’s progress amidst ongoing macroeconomic uncertainties.

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