Insider Selling

Five of Macy’s Inc Insiders filed Form 144s on a single day

Operating through physical retail stores, websites, and mobile applications, among others, Macy’s Inc (M: US) is one of the longest-running retail titles in America. Their Market Cap is at $4.48 billion while M’s stock price is down by 36.41% year-to-date. While the stock is miles away from the shorting pool, insiders, in contrast, have been selling stocks in large numbers.

Insiders file and promptly Sell stock

Five insiders at Macy’s Inc filed a Form 144 on July 11, 2022. All these were for a value of $17.07 per share and via broker Charles Schwab & Co. Inc. Interestingly, all five insiders sold a portion of their shares the same day, for a risen value of either $17.36 or $17.37:

  • The Board Chairman and CEO, Jeffrey ‘Jeff’ Gennette, filed his third form in 2022 for $2.33 million worth of 136,689 shares. He followed by selling 78,021 shares worth nearly $1.35 million

  • Antony ‘Tony’ Spring - Executive Vice President planned to sell 37,349 shares worth $637,547. He sold 19,678 shares for a higher rate of $17.36 later the same day

  • Macy’s Chief Level Officer, Danielle L. Kirgan, filed a form 144 for 223,479 shares valued at $3.81 million. She later sold $2.04 million worth of shares, numbering 117,752

  • Paul Griscom, the company’s Principal Accounting Officer filed his form for $19,306 worth of shares. Of the 1,131 shares he planned to sell, he later sold 349 for a price of $17.37 

  • Elisa D. Garcia - Chief Legal Officer - plans to sell 31,674 shares worth almost $541,000. She later sold more than half of these: 15,920 shares valued at $276,436 according to a rate of $17.36

Earnings with Positive ratings

On May 26, 2022, Macy’s disclosed the earnings report for 2022’s first quarter. The points to dwell on included that the group’s comparable sales were up by 12.8% and one of the group’s top brands, Bloomingdales, had its comparable sales up by 28.1%. Additionally, the company repurchased shares worth $600 million in its ‘expiry date free’ $2 billion buyback program.

According to some articles and analysts, M stock is still faring well. A June 29 article is quoted as saying, “Macy's bought back 24 million shares, or 8%, of the float in the first quarter, and we don't see this slowing down. M does not have any "material debt maturities" for the next five years, giving the company flexibility to invest in the business and share buybacks.” Furthermore, the retail company’s cash flow and revenue growth percentage are forecasted to rise in the coming three years.

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