Macy’s (NYSE:M) Chairman and Chief Executive Officer Antony Spring sold 27,451 shares of the company's common stock on March 30, 2026, for approximately $486,799, according to a Form 4 filing with the Securities and Exchange Commission. The transaction occurred at prices in the range of $17.5450 to $17.8850 per share.
The filing also shows activity earlier that week: on March 28, 2026, Spring exercised options to acquire 53,152 shares of Macy’s common stock. The newly issued shares were received through the conversion of restricted stock units, with each unit representing one share of common stock.
These filings provide a clear record of insider activity with precise timing and pricing - the share sale on March 30 and the option exercise two days prior. The conversion of restricted stock units into shares as part of the option exercise is noted explicitly in the SEC filing.
Separately, Macy’s reported fourth-quarter results for 2025 that beat consensus estimates on key metrics. Adjusted diluted earnings per share came in at $1.67, exceeding the forecast of $1.56. Revenue for the quarter reached $7.6 billion, above estimates of $7.46 billion.
Analyst responses to the quarter and the company’s initial fiscal 2026 guidance were mixed. TD Cowen lowered its price target to $20 from $21 and kept a Hold rating, citing margin concerns despite acknowledging the earnings beat. Telsey reduced its price target to $20 from $25 and retained a Market Perform rating, pointing to macroeconomic uncertainties while noting stronger-than-expected sales and margins. Evercore ISI trimmed its target to $19 from $21 and maintained an In Line rating, reflecting valuation concerns alongside recognition of positive sales and margin results. Jefferies sustained a Buy rating with a $22 price target, highlighting the fourth-quarter beat but noting that Macy’s initial guidance for fiscal 2026 fell short of Wall Street estimates.
Together, the insider transactions and the quarterly results present contemporaneous data points for investors assessing Macy’s valuation and near-term outlook. For readers seeking additional context on valuation and insider activity, InvestingPro is noted as offering further ProTips and a Fair Value analysis.
While the SEC filing documents the precise share counts, prices, and dates of Spring’s transactions, the filing does not explain his reasons for the exercise or sale. The company’s reported quarter and the range of analyst reactions indicate differing perspectives on margin durability, valuation, and the implications of guidance for fiscal 2026.
Investors and market observers should view the Form 4 disclosure as a factual record of the transactions and interpret the broader significance in light of the company’s reported results and the mixed analyst assessments.