Macy's, Inc. (NYSE:M) CEO and Chair-Elect Antony Spring recently engaged in transactions involving the company's common stock, according to a new SEC filing. On March 22, 2024, Spring sold 13,404 shares at prices ranging from $20.325 to $20.61, with a weighted average price of $20.4197, resulting in a total sale value of approximately $273,705.
The transactions occurred shortly after Spring received 39,673 shares on March 21 as a settlement of performance-restricted stock units granted in March 2021, which followed a three-year performance period. This allotment included an additional 3,155 dividend shares accrued during the performance period. On the same date, in a separate action related to tax obligations, Macy's withheld 1,138 shares valued at $20.79 each, totaling around $23,659, to satisfy Spring's tax withholding obligations connected to the vesting of these shares.
Following these transactions, Antony Spring's ownership in Macy's common stock adjusted to 223,286.1058 shares. The sales were made to cover tax withholding obligations upon the vesting of performance-restricted shares and were not discretionary trades by Spring.
Investors and market watchers often monitor insider transactions such as these for insights into executive sentiment and potential future stock performance. Macy's, with a history of retail innovation and presence in the department store sector, continues to be a closely watched company on the New York Stock Exchange.
InvestingPro Insights
Macy's, Inc. (NYSE:M) has recently been under the microscope following insider transactions by CEO Antony Spring. In light of these events, InvestingPro data and tips offer a deeper look into the company's financial health and future prospects. With a market capitalization of $5.41 billion and a price-to-earnings (P/E) ratio of 51.49, Macy's appears to be trading at a high earnings multiple, which is an important consideration for investors assessing the stock's valuation.
Despite the recent insider sales, Macy's has demonstrated a robust financial background, maintaining dividend payments for 22 consecutive years, which could appeal to income-focused investors. The company also experienced a large price uptick over the last six months, with a 85.36% total return, indicating strong market confidence and potential growth momentum. This is reinforced by the InvestingPro tip that the company is expected to be profitable this year, which aligns with the positive sentiment surrounding its stock performance.
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