Brokerages Anticipate Macy’s Inc (M) Will Post Earnings of $0.45 Per Share
Equities research analysts expect Macy’s Inc (NYSE:M) to post $0.45 earnings per share for the current quarter, Zacks reports. Four analysts have made estimates for Macy’s’ earnings, with estimates ranging from $0.39 to $0.52. Macy’s posted earnings per share of $0.54 in the same quarter last year, which would indicate a negative year over year growth rate of 16.7%. The business is scheduled to issue its next quarterly earnings report on Thursday, August 10th.
On average, analysts expect that Macy’s will report full year earnings of $3.18 per share for the current year, with EPS estimates ranging from $2.94 to $3.37. For the next financial year, analysts forecast that the company will post earnings of $2.68 per share, with EPS estimates ranging from $2.30 to $3.09. Zacks’ EPS calculations are a mean average based on a survey of analysts that that provide coverage for Macy’s.
Macy’s (NYSE:M) last posted its quarterly earnings results on Thursday, May 11th. The company reported $0.24 EPS for the quarter, missing the consensus estimate of $0.36 by $0.12. The company had revenue of $5.34 billion during the quarter, compared to analyst estimates of $5.49 billion. Macy’s had a net margin of 2.26% and a return on equity of 22.37%. Macy’s’s revenue for the quarter was down 7.5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.40 EPS.
A number of equities analysts recently commented on the stock. Goldman Sachs Group, Inc. (The) decreased their price objective on shares of Macy’s from $28.00 to $25.00 and set a “neutral” rating for the company in a research note on Wednesday, June 7th. Vetr raised shares of Macy’s from a “buy” rating to a “strong-buy” rating and set a $30.62 price objective for the company in a research note on Thursday, May 11th. Gordon Haskett assumed coverage on shares of Macy’s in a research note on Tuesday, May 9th. They issued a “hold” rating and a $29.00 price objective for the company. Bank of America Corporation decreased their price objective on shares of Macy’s from $31.00 to $25.00 and set a “neutral” rating for the company in a research note on Friday, June 9th. Finally, Zacks Investment Research lowered shares of Macy’s from a “hold” rating to a “sell” rating in a research note on Tuesday, April 25th. One investment analyst has rated the stock with a sell rating, seventeen have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $31.89.
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Shares of Macy’s (NYSE M) opened at 22.27 on Monday. The stock has a market cap of $6.78 billion, a price-to-earnings ratio of 12.01 and a beta of 0.77. Macy’s has a 52 week low of $21.51 and a 52 week high of $45.41. The stock’s 50 day moving average price is $24.24 and its 200 day moving average price is $30.08.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 3rd. Investors of record on Thursday, June 15th will be paid a $0.3775 dividend. This represents a $1.51 annualized dividend and a dividend yield of 6.78%. The ex-dividend date of this dividend is Tuesday, June 13th. Macy’s’s payout ratio is presently 81.62%.
In other Macy’s news, insider Jeffrey Gennette acquired 13,085 shares of Macy’s stock in a transaction that occurred on Monday, June 12th. The stock was acquired at an average price of $22.95 per share, with a total value of $300,300.75. Following the purchase, the insider now owns 89,053 shares in the company, valued at $2,043,766.35. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Felicia Williams sold 1,697 shares of Macy’s stock in a transaction on Wednesday, March 29th. The shares were sold at an average price of $28.55, for a total transaction of $48,449.35. Following the completion of the sale, the executive vice president now directly owns 1,697 shares of the company’s stock, valued at approximately $48,449.35. The disclosure for this sale can be found here. 1.40% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in M. BlackRock Inc. increased its position in shares of Macy’s by 2,606.3% in the first quarter. BlackRock Inc. now owns 24,416,816 shares of the company’s stock valued at $723,716,000 after buying an additional 23,514,600 shares during the period. Norges Bank purchased a new position in shares of Macy’s during the fourth quarter valued at approximately $136,099,000. Levin Capital Strategies L.P. purchased a new position in shares of Macy’s during the first quarter valued at approximately $73,163,000. Morgan Stanley increased its position in shares of Macy’s by 50.0% in the first quarter. Morgan Stanley now owns 3,772,472 shares of the company’s stock valued at $111,817,000 after buying an additional 1,258,024 shares during the period. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main purchased a new position in shares of Macy’s during the fourth quarter valued at approximately $42,867,000. Hedge funds and other institutional investors own 84.94% of the company’s stock.
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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