Macy’s shares outpaced the stock market much of Wednesday afternoon after an activist investor suggested it split its e-commerce business into a separate company the way Saks Fifth Avenue did earlier this year.
Several news reports described remarks from Scott Ostfeld, partner and co-portfolio manager of Jana Strategic Investments, speaking at the 13D Monitor Active-Passive Investor Summit Wednesday, in which he reportedly said that Macy’s stock price could double if it made such a move. Macy’s e-commerce operation alone could be worth $14 billion, compared to its current $6.9 billion valuation, Reuters reported Ostfeld as also saying.
Jana Partners is known for its activist investment. The firm declined to comment for this story and didn’t immediately respond when asked whether it has a stake in Macy’s.Retail Dive