Macy's, Inc. (NYSE:M) executive Danielle L. Kirgan, who serves as the company's EVP, Chief Transformation & HR, recently engaged in transactions involving the company's stock, according to a new SEC filing. On March 25, Kirgan sold 3,274 shares of Macy's common stock at an average price of $20.28 per share, totaling approximately $66,396.
The sold shares were part of a transaction related to the vesting of restricted stock units (RSUs). The filing noted that the sale was not a discretionary transaction by Kirgan but was conducted to cover tax withholding obligations upon the vesting of the restricted shares. The sales occurred at prices ranging from $20.225 to $20.335. Following this transaction, Kirgan's direct ownership in Macy's common stock stands at 311,820 shares.
Additionally, on March 24, Kirgan acquired 8,539 shares of Macy's common stock, coinciding with the vesting of RSUs granted on March 24, 2022. These units are set to vest in four equal installments beginning on the first anniversary of the grant date. Each RSU represents the equivalent of one share of Macy's common stock, and this acquisition did not involve any monetary transaction, as it was part of the scheduled vesting process.
Investors often monitor insider transactions as they can provide insights into executives' perspectives on the company's future performance. The recent activities by a Macy's executive may be of particular interest to those following the retail sector and the company's stock performance.
Macy's, with its headquarters on West 34th Street in New York, is a well-known retailer operating department stores across the United States. The company has a storied history and has undergone various name changes and restructurings over the years, adapting to the evolving retail landscape.
InvestingPro Insights
In light of the recent insider transactions at Macy's, Inc. (NYSE:M), it's interesting to note the company's current financial health and market performance through key metrics from InvestingPro. Macy's is currently trading at a high earnings multiple with a P/E ratio of 50.73, which is significantly higher than the adjusted P/E ratio for the last twelve months as of Q4 2024, which stands at 5.46. This discrepancy suggests that investors may be expecting higher earnings growth in the future, aligning with the InvestingPro Tip that net income is expected to grow this year.
Despite some negative revenue growth over the last twelve months, with a decrease of -6.22%, Macy's has shown a large price uptick over the last six months, boasting a total return of 84.16%. This could reflect investor confidence and a potential turnaround in the company's financial trajectory, which is further supported by the dividend yield of 3.54% as of the latest data, indicating that Macy's has maintained dividend payments for 22 consecutive years.
For investors looking for more insights and detailed analysis, there are additional InvestingPro Tips available that could shed light on the future performance of Macy's. These tips include observations such as analysts predicting the company will be profitable this year and the stock's prominent position within the Broadline Retail industry. For those interested in a deeper dive into Macy's financials and stock performance, consider using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro. There are 8 more tips waiting to be explored, which could provide valuable guidance in your investment decisions.
With the next earnings date set for May 15, 2024, and a fair value estimation by analysts at 21 USD, closely monitoring Macy's financial reports and market fluctuations can be crucial for investors. The InvestingPro platform offers a comprehensive view of these dynamics, helping users make informed decisions backed by real-time data and expert analysis.
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