Macy’s Inc (M) Issues FY18 Earnings Guidance
Macy’s Inc (NYSE:M) issued an update on its FY18 earnings guidance on Thursday morning. The company provided EPS guidance of $2.90-3.15 for the period, compared to the Thomson Reuters consensus EPS estimate of $3.12. The company issued revenue guidance of down 3.2-4.3% to ~$24.7-25.0 billion, compared to the consensus revenue estimate of $24.69 billion.
Shares of Macy’s Inc (NYSE:M) opened at 23.03 on Thursday. The company has a market capitalization of $7.01 billion, a PE ratio of 12.42 and a beta of 0.84. Macy’s Inc has a 52 week low of $20.85 and a 52 week high of $45.41. The company has a 50-day moving average price of $22.93 and a 200-day moving average price of $26.98. Macy’s also saw some unusual options trading on Wednesday. Traders acquired 33,975 call options on the company. This is an increase of approximately 489% compared to the typical daily volume of 5,766 call options.
Macy’s (NYSE:M) last posted its earnings results on Thursday, May 11th. The company reported $0.24 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by $0.12. Macy’s had a net margin of 2.26% and a return on equity of 22.37%. The firm had revenue of $5.34 billion during the quarter, compared to the consensus estimate of $5.49 billion. During the same period in the prior year, the company posted $0.40 EPS. The firm’s revenue was down 7.5% compared to the same quarter last year. Analysts predict that Macy’s Inc will post $3.29 earnings per share for the current year.
Several research analysts have recently commented on M shares. Goldman Sachs Group, Inc. (The) decreased their price objective on Macy’s from $28.00 to $25.00 and set a neutral rating on the stock in a research note on Wednesday, June 7th. Vetr raised Macy’s from a buy rating to a strong-buy rating and set a $30.62 price objective on the stock in a research note on Thursday, May 11th. Gordon Haskett started coverage on Macy’s in a research note on Tuesday, May 9th. They issued a hold rating and a $29.00 price objective on the stock. Bank of America Corporation decreased their price objective on Macy’s from $31.00 to $25.00 and set a neutral rating on the stock in a research note on Friday, June 9th. Finally, BidaskClub raised Macy’s from a sell rating to a hold rating in a research note on Wednesday, July 19th. Two investment analysts have rated the stock with a sell rating, nineteen have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of Hold and a consensus target price of $32.11.
In related news, Director William H. Lenehan bought 4,390 shares of the company’s stock in a transaction dated Thursday, June 15th. The stock was purchased at an average price of $22.72 per share, for a total transaction of $99,740.80. Following the acquisition, the director now owns 5,968 shares in the company, valued at $135,592.96. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Jeffrey Gennette bought 13,085 shares of the company’s stock in a transaction dated Monday, June 12th. The stock was bought at an average price of $22.95 per share, with a total value of $300,300.75. Following the acquisition, the insider now owns 89,053 shares in the company, valued at approximately $2,043,766.35. The disclosure for this purchase can be found here. Company insiders own 1.40% of the company’s stock.
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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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