Macy’s (NYSE:M) Posts Quarterly Earnings Results, Beats Estimates By $0.11 EPS

Macy’s (NYSE:M) posted its quarterly earnings data on Wednesday. The company reported $0.13 EPS for the quarter, topping the consensus estimate of $0.02 by $0.11, FiscalAI reports. Macy’s had a return on equity of 14.22% and a net margin of 2.84%.The firm had revenue of $4.89 billion for the quarter, compared to the consensus estimate of $4.61 billion.

Macy’s Stock Down 0.5%

Shares of M opened at $21.70 on Wednesday. The business’s 50 day moving average is $19.30 and its 200 day moving average is $20.51. The company has a market capitalization of $5.72 billion, a PE ratio of 9.35 and a beta of 1.48. Macy’s has a 12-month low of $10.54 and a 12-month high of $24.41. The company has a current ratio of 1.49, a quick ratio of 0.50 and a debt-to-equity ratio of 0.50.

Macy’s Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Monday, June 15th will be paid a dividend of $0.1915 per share. This represents a $0.77 annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend is Monday, June 15th. Macy’s’s dividend payout ratio (DPR) is 33.19%.

Insiders Place Their Bets

In other Macy’s news, EVP Danielle L. Kirgan sold 10,010 shares of the firm’s stock in a transaction that occurred on Monday, April 6th. The stock was sold at an average price of $17.92, for a total transaction of $179,379.20. Following the completion of the transaction, the executive vice president owned 108,008 shares in the company, valued at $1,935,503.36. This trade represents a 8.48% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Olivier Bron sold 7,228 shares of the firm’s stock in a transaction that occurred on Monday, April 6th. The shares were sold at an average price of $17.92, for a total value of $129,525.76. Following the transaction, the chief executive officer owned 21,590 shares of the company’s stock, valued at $386,892.80. This represents a 25.08% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 94,967 shares of company stock worth $1,705,276 over the last quarter. Company insiders own 1.05% of the company’s stock.

Hedge Funds Weigh In On Macy’s

Several institutional investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP grew its holdings in Macy’s by 3.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 16,145,972 shares of the company’s stock valued at $356,020,000 after buying an additional 494,280 shares in the last quarter. State Street Corp grew its holdings in Macy’s by 0.5% during the 2nd quarter. State Street Corp now owns 9,420,372 shares of the company’s stock valued at $111,547,000 after buying an additional 45,997 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in Macy’s by 39.9% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 5,950,950 shares of the company’s stock valued at $106,701,000 after buying an additional 1,697,412 shares in the last quarter. Invesco Ltd. grew its holdings in Macy’s by 160.5% during the 2nd quarter. Invesco Ltd. now owns 4,283,107 shares of the company’s stock valued at $49,941,000 after buying an additional 2,639,132 shares in the last quarter. Finally, AQR Capital Management LLC boosted its holdings in shares of Macy’s by 42.7% in the 4th quarter. AQR Capital Management LLC now owns 4,000,339 shares of the company’s stock worth $87,687,000 after purchasing an additional 1,197,785 shares during the period. Hedge funds and other institutional investors own 87.36% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently commented on M shares. TD Cowen decreased their price objective on Macy’s from $21.00 to $20.00 and set a “hold” rating on the stock in a research note on Thursday, March 19th. Zacks Research raised Macy’s from a “strong sell” rating to a “hold” rating in a research note on Monday, April 13th. Wall Street Zen downgraded Macy’s from a “buy” rating to a “hold” rating in a research note on Sunday, April 26th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $22.00 price objective on shares of Macy’s in a research note on Wednesday, March 18th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Macy’s in a research note on Friday, March 27th. One investment analyst has rated the stock with a Buy rating, eleven have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Reduce” and a consensus price target of $18.90.

Macy’s Company Profile

Macy’s, Inc is a leading American omnichannel retailer operating under the Macy’s brand, as well as specialty divisions Bloomingdale’s and Bluemercury. The company’s retail portfolio encompasses full-line department stores, fashion-focused specialty outlets and a high-end beauty chain, offering consumers a wide array of apparel, footwear, accessories, cosmetics and home furnishings. Through its integrated network of physical stores and digital platforms, Macy’s seeks to deliver a seamless shopping experience that blends in-store service with online convenience.

The company’s product assortment spans men’s, women’s and children’s clothing, beauty and personal care products, housewares and home décor.