Macy's, Inc. (NYSE:M) has reported a recent transaction involving the company's Senior Vice President and Controller, Paul Griscom. According to the latest filing, Griscom sold shares of the retail giant, resulting in a total transaction value of $17,839.
The sale, which took place on March 26, 2024, involved a total of 918 shares of Macy's common stock at a weighted average price of $19.4325. It's noted that these shares were sold at varying prices ranging from $19.315 to $19.55. The transaction was not discretionary, as the shares sold by Griscom were to cover tax withholding obligations upon the vesting of restricted shares.
In addition to the sale, the filing also included the vesting of 3,043 restricted stock units (RSUs) on March 25, 2024, which are equivalent to common stock shares but were acquired at no cost. These vested RSUs are part of a larger grant of 12,172 RSUs that were awarded to Griscom on March 25, 2021, and are set to vest in four equal installments annually from the grant date.
Following these transactions, Griscom's direct ownership in Macy's stands at 24,360 shares of common stock. The company has not made any further comments on these transactions. Investors and interested parties can access full details of the transactions upon request, as noted in the filing's footnotes.
Macy's, headquartered in New York, is a well-known retailer with a significant presence both online and through its department stores across the United States.
InvestingPro Insights
Macy's, Inc. (NYSE:M), a prominent player in the Broadline Retail industry, has been navigating a dynamic market environment. Recent InvestingPro data provides a snapshot of the company's financial health and market performance as of the last twelve months ending Q4 2024. Macy's currently holds a market capitalization of $5.46 billion, reflecting its standing in the industry. Despite a challenging retail landscape, Macy's has reported a gross profit of $9.723 billion, with a robust gross profit margin of 40.74%, showcasing the company's ability to maintain profitability in its operations.
Investors looking at the stock's potential should note that Macy's has maintained dividend payments for an impressive 22 consecutive years, with a dividend yield of 3.64% as of the latest data. This commitment to returning value to shareholders is complemented by a notable dividend growth of 10.29% over the last twelve months. Additionally, the stock has experienced a large price uptick over the last six months, with a total return of 77.2%, signaling strong investor confidence in the company's prospects.
However, it's worth considering the insights from InvestingPro Tips, which indicate that analysts are tempering expectations, as evidenced by 8 analysts revising their earnings downwards for the upcoming period. This suggests that while Macy's has strengths, it also faces headwinds that may impact its financial performance. Moreover, the stock is trading at a high earnings multiple with a P/E ratio of 51.57, which could suggest that the stock is priced optimistically relative to its earnings.
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