Macy's, Inc. (NYSE:M) has reported a recent transaction involving the company's Senior Vice President and Controller, Paul Griscom, who sold shares in the company. The transaction, dated September 5, 2024, involved the sale of 1,201 shares of Macy's common stock at an average price of $15.23 per share, resulting in a total sale value of $18,291.
The sale was executed in multiple transactions with prices ranging from $15.21 to $15.23. This disposal was reported to cover tax withholding obligations upon the vesting of restricted shares and was not a discretionary sale by Griscom. Following this transaction, Griscom's direct ownership in the company stands at 29,232 shares of common stock.
In addition to the sale, it was disclosed that on September 4, 2024, Griscom acquired 4,085 shares through the vesting of restricted stock units. Each restricted stock unit represents the equivalent of one share of Macy's common stock. The acquisition of these shares did not involve a monetary transaction, and the shares were obtained at a price of $0 as part of a pre-determined vesting schedule based on a grant made on September 4, 2020. The grant initially awarded 16,339 restricted stock units, set to vest in four equal installments starting on the first anniversary of the grant date.
Investors and followers of Macy's, Inc. can stay informed about insider transactions such as these, which are routinely disclosed through regulatory filings. These transactions provide insights into the actions of company executives and their confidence in the firm's prospects.
In other recent news, Macy's Inc. (NYSE:M) has been active in the financial landscape, initiating a tender offer to repurchase up to $220 million of its outstanding notes. The company also announced a regular quarterly dividend of 17.37 cents per share, continuing its tradition of providing returns to investors. In terms of earnings, Macy's reported a mixed financial picture in its second quarter 2024 results. Despite a 1% sales gain at top-performing stores and a strong gross margin expansion, the company saw a 3.8% decline in net sales and a 3.3% decrease in overall comps. However, its luxury segments, Bloomingdale's and Bluemercury, reported better-than-expected sales. Macy's also plans to close approximately 55 stores this year, shifting its focus towards more profitable locations. The company expects full-year net sales to range between $22.1 billion and $22.4 billion, with adjusted diluted EPS for the third quarter projected to range from a loss of $0.04 to earnings of $0.01. Looking forward, Macy's intends to open 100 more stores in the shoe and handbag categories, expressing optimism about its holiday assortment's potential to capture a larger market share in Q4. These recent developments highlight Macy's strategy for navigating the current retail challenges.
InvestingPro Insights
Amid recent insider transactions at Macy's, Inc. (NYSE:M), it's important for investors to consider the broader financial context of the company. According to the latest data from InvestingPro, Macy's has a market capitalization of $4.24 billion and a price-to-earnings (P/E) ratio of 22.32, which offers a glimpse into the company's valuation relative to its earnings. Interestingly, the adjusted P/E ratio for the last twelve months as of Q2 2025 stands at a much lower 4.35, suggesting a potentially more favorable investment profile when considering normalized earnings.
The company's dividend yield as of the previous year was 4.54%, which is notable for income-seeking investors. This is backed by Macy's commitment to maintaining dividend payments for 22 consecutive years, a testament to its financial stability and shareholder-friendly policies. This InvestingPro Tip highlights the company's track record of returning value to its shareholders, even in the face of stock price volatility.
Moreover, Macy's is recognized as a prominent player in the Broadline Retail industry, which is a key point for investors considering the company's competitive position in the market. With analysts predicting profitability for the current year and the company's history of being profitable over the last twelve months, Macy's financial health appears to be on solid ground.
For investors seeking more detailed analysis and additional InvestingPro Tips, there are currently 7 more tips available on InvestingPro, which can be accessed by visiting: https://www.investing.com/pro/M. These insights can provide a deeper understanding of Macy's financials and future prospects, aiding in informed investment decisions.
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