Macy's, Inc. (NYSE:M) director Jeffrey Gennette recently engaged in a series of transactions involving the company's stock, according to a new SEC filing. On April 1, Gennette sold 30,090 shares of common stock at a weighted average price of $19.6551, netting a total of $591,421. The shares were sold in multiple transactions with prices ranging from $19.465 to $19.83.
This sale was reportedly related to the vesting of restricted shares, as Gennette sold the specified number of shares to cover tax withholding obligations. The sale does not reflect a discretionary trade by Gennette but is a common practice for executives to manage the financial impact of vesting securities.
In a separate transaction on March 31, Gennette also acquired 60,748 shares in the form of restricted stock units (RSUs), representing the equivalent of one share of Macy's common stock for each unit. These RSUs were granted as part of an award vesting in four equal installments beginning on the first anniversary of the grant date, which will be March 31, 2023.
Following these transactions, Gennette's direct ownership in Macy's common stock has adjusted to 1,073,699 shares. The recent activity provides insight into the executive's stake in the company and may be of interest to investors monitoring insider trades.
Macy's, headquartered in New York, operates as a retailer offering a wide range of merchandise, including apparel, accessories, cosmetics, home furnishings, and other consumer goods. The company's stock is publicly traded on the New York Stock Exchange under the ticker symbol "M."
InvestingPro Insights
Investors keeping an eye on Macy's, Inc. (NYSE:M) will find the following insights particularly noteworthy as they consider the company's recent insider trading activity and overall stock performance. Macy's is currently trading at a high earnings multiple with a P/E ratio of 49.9, which suggests that the market has high expectations for the company's future earnings growth. This is particularly interesting given that Macy's is a prominent player in the Broadline Retail industry, and such a valuation could reflect investor confidence in its market position.
Despite recent insider sales, Macy's has shown a considerable price uptick over the last six months, with a 72.05% total return in that period. This could be indicative of underlying market sentiment and the stock's potential for growth. Additionally, the company has a track record of maintaining dividend payments, with a recent dividend yield of 3.56% and a dividend growth of 10.29% over the last twelve months as of Q4 2023.
InvestingPro Tips highlight that Macy's net income is expected to grow this year, which may be a key factor for investors considering the stock's future performance. Moreover, with analysts predicting the company will be profitable this year, and considering its profitability over the last twelve months, the outlook for Macy's could be seen as positive. For those looking to delve deeper into the financial analysis, there are additional InvestingPro Tips available at Investing.com/pro/M. To enhance your research, you can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.