Starboard Value Lp buys $122.5 Million stake in Macy's (M)

Macy's (M) : Starboard Value Lp scooped up 615,134 additional shares in Macy's during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 13, 2016. The investment management firm now holds a total of 3,924,944 shares of Macy's which is valued at $122.5 Million.Macy's makes up approximately 5.23% of Starboard Value Lp’s portfolio.

Other Hedge Funds, Including , Cleararc Capital Inc reduced its stake in M by selling 113 shares or 1.47% in the most recent quarter. The Hedge Fund company now holds 7,588 shares of M which is valued at $236,897. Macy's makes up approx 0.05% of Cleararc Capital Inc’s portfolio.Signaturefd boosted its stake in M in the latest quarter, The investment management firm added 193 additional shares and now holds a total of 1,802 shares of Macy's which is valued at $56,258. Macy's makes up approx 0.01% of Signaturefd’s portfolio.Keybank National Associationoh reduced its stake in M by selling 6,003 shares or 5.87% in the most recent quarter. The Hedge Fund company now holds 96,343 shares of M which is valued at $3 Million. Macy's makes up approx 0.02% of Keybank National Associationoh’s portfolio.Cornerstone Capital Management Holdings. reduced its stake in M by selling 29,769 shares or 22.21% in the most recent quarter. The Hedge Fund company now holds 104,273 shares of M which is valued at $3.3 Million. Macy's makes up approx 0.03% of Cornerstone Capital Management Holdings.’s portfolio.Fdo Partners reduced its stake in M by selling 16,313 shares or 39.65% in the most recent quarter. The Hedge Fund company now holds 24,834 shares of M which is valued at $775,317. Macy's makes up approx 0.50% of Fdo Partners’s portfolio.

Macy's opened for trading at $31.33 and hit $32 on the upside on Wednesday, eventually ending the session at $31.81, with a gain of 1.99% or 0.62 points. The heightened volatility saw the trading volume jump to 67,29,254 shares. Company has a market cap of $9,879 M.

On the company’s financial health, Macy's reported $0.40 EPS for the quarter, beating the analyst consensus estimate by $ 0.02 according to the earnings call on May 11, 2016. Analyst had a consensus of $0.38. The company had revenue of $5771.00 million for the quarter, compared to analysts expectations of $5943.19 million. The company’s revenue was down -7.4 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.56 EPS.

Investors should note that on May 11, 2016, Macy's announced a cash dividend of $0.3775. The company’s management has announced Jun 13, 2016 as the ex-dividend date and fixed the record date on Jun 15, 2016. The payable date has been fixed on Jul 1, 2016.

Many Wall Street Analysts have commented on Macy's. Shares were Reiterated by Telsey Advisory Group on May 12, 2016 to “Market Perform” and Lowered the Price Target to $ 36 from a previous price target of $44 .Shares were Reiterated by RBC Capital Mkts on May 12, 2016 to “Sector Perform” and Lowered the Price Target to $ 35 from a previous price target of $42 .Macy's was Downgraded by Northcoast to ” Neutral” on May 12, 2016.

Macy’s Inc. is an omnichannel retail company operating stores Websites (macys.com bloomingdales.com and bluemercury.com) and mobile. As of January 31 2015 the operations of the Company included 823 stores with an area of approximately 147400000 square feet in 45 states of the United States the District of Columbia Guam and Puerto Rico. Of these 823 stores 447 were owned 267 were leased and 109 stores were operated under arrangements where the Company owned the building and leased the land. The Company operates its stores under the names of Macy’s Bloomingdale’s Bloomingdale’s Outlet and Bluemercury. The Company operates 13 Bloomingdale’s outlet stores. Bloomingdale’s in Dubai the United Arab Emirates is operated under a license agreement with Al Tayer Insignia a company of Al Tayer Group LLC.

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