Macy’s Inc (M) Expected to Post Quarterly Sales of $5.33 Billion
Equities analysts expect that Macy’s Inc (NYSE:M) will announce $5.33 billion in sales for the current fiscal quarter, Zacks reports. Four analysts have made estimates for Macy’s’ earnings, with the highest sales estimate coming in at $5.36 billion and the lowest estimate coming in at $5.27 billion. Macy’s reported sales of $5.63 billion during the same quarter last year, which indicates a negative year over year growth rate of 5.3%. The firm is expected to report its next quarterly earnings report on Thursday, November 9th.
According to Zacks, analysts expect that Macy’s will report full-year sales of $5.33 billion for the current fiscal year, with estimates ranging from $24.67 billion to $24.81 billion. For the next fiscal year, analysts expect that the firm will report sales of $23.76 billion per share, with estimates ranging from $23.43 billion to $23.92 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Macy’s.
Macy’s (NYSE:M) last released its earnings results on Thursday, August 10th. The company reported $0.48 earnings per share for the quarter, topping analysts’ consensus estimates of $0.45 by $0.03. Macy’s had a return on equity of 21.38% and a net margin of 2.71%. The business had revenue of $5.55 billion for the quarter, compared to analyst estimates of $5.52 billion. During the same quarter last year, the firm posted $0.51 earnings per share. The business’s revenue was down 5.4% compared to the same quarter last year.
Several equities analysts recently issued reports on M shares. BidaskClub lowered Macy’s from a “hold” rating to a “sell” rating in a research note on Saturday, August 19th. Vetr lowered Macy’s from a “strong-buy” rating to a “buy” rating and set a $26.02 target price on the stock. in a research note on Thursday, July 27th. Zacks Investment Research lowered Macy’s from a “hold” rating to a “sell” rating in a research note on Tuesday, August 8th. BMO Capital Markets reissued an “outperform” rating on shares of Macy’s in a research note on Tuesday, August 15th. Finally, Royal Bank Of Canada set a $23.00 target price on Macy’s and gave the stock a “hold” rating in a research note on Friday, August 11th. Two analysts have rated the stock with a sell rating, seventeen have assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $27.63.
In other news, Director John A. Bryant bought 9,825 shares of the firm’s stock in a transaction that occurred on Wednesday, August 23rd. The stock was purchased at an average cost of $20.32 per share, with a total value of $199,644.00. Following the transaction, the director now directly owns 9,825 shares in the company, valued at $199,644. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Jeffrey Gennette bought 13,085 shares of the firm’s stock in a transaction that occurred on Monday, June 12th. The stock was purchased at an average cost of $22.95 per share, with a total value of $300,300.75. Following the completion of the transaction, the insider now owns 89,053 shares in the company, valued at $2,043,766.35. The disclosure for this purchase can be found here. In the last quarter, insiders bought 27,300 shares of company stock worth $599,686. Company insiders own 1.40% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Vantage Financial Partners Ltd. Inc. purchased a new stake in shares of Macy’s during the second quarter worth about $335,000. Penserra Capital Management LLC boosted its stake in shares of Macy’s by 9.5% in the first quarter. Penserra Capital Management LLC now owns 3,680 shares of the company’s stock worth $109,000 after buying an additional 320 shares during the period. Ropes Wealth Advisors LLC boosted its stake in shares of Macy’s by 63.5% in the first quarter. Ropes Wealth Advisors LLC now owns 4,806 shares of the company’s stock worth $142,000 after buying an additional 1,866 shares during the period. Ffcm LLC boosted its stake in shares of Macy’s by 251.6% in the second quarter. Ffcm LLC now owns 5,052 shares of the company’s stock worth $120,000 after buying an additional 3,615 shares during the period. Finally, First Manhattan Co. boosted its stake in shares of Macy’s by 0.6% in the first quarter. First Manhattan Co. now owns 5,076 shares of the company’s stock worth $188,000 after buying an additional 29 shares during the period. 81.67% of the stock is owned by hedge funds and other institutional investors.
Macy’s (NYSE:M) traded up 3.08% during mid-day trading on Tuesday, reaching $21.41. The company’s stock had a trading volume of 6,952,206 shares. Macy’s has a 12-month low of $19.32 and a 12-month high of $45.41. The stock has a market cap of $6.52 billion, a price-to-earnings ratio of 9.73 and a beta of 0.84. The firm’s 50 day moving average price is $22.01 and its 200 day moving average price is $25.84. Macy’s also was the recipient of unusually large options trading on Wednesday. Traders purchased 813 put options on the stock. This is an increase of approximately 166% compared to the average volume of 306 put options.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 15th will be issued a $0.3775 dividend. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $1.51 dividend on an annualized basis and a dividend yield of 7.05%. Macy’s’s payout ratio is currently 68.64%.
Macy’s Company Profile
Macy’s, Inc is an omnichannel retail company operating stores, Websites and mobile applications under various brands, such as Macy’s, Bloomingdale’s and Bluemercury. The Company sells a range of merchandise, including apparel and accessories (men’s, women’s and children’s), cosmetics, home furnishings and other consumer goods.
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