$5.33 Billion in Sales Expected for Macy’s Inc (M) This Quarter
Equities analysts expect that Macy’s Inc (NYSE:M) will post sales of $5.33 billion for the current fiscal quarter, Zacks reports. Four analysts have provided estimates for Macy’s’ earnings. The lowest sales estimate is $5.27 billion and the highest is $5.36 billion. Macy’s reported sales of $5.63 billion in the same quarter last year, which would suggest a negative year over year growth rate of 5.3%. The firm is expected to announce its next earnings results on Thursday, November 9th.
According to Zacks, analysts expect that Macy’s will report full-year sales of $5.33 billion for the current year, with estimates ranging from $24.67 billion to $24.81 billion. For the next fiscal year, analysts expect that the business will report sales of $23.76 billion per share, with estimates ranging from $23.43 billion to $23.92 billion. Zacks’ sales calculations are an average based on a survey of research analysts that cover Macy’s.
Macy’s (NYSE:M) last announced its quarterly earnings results on Thursday, August 10th. The company reported $0.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.45 by $0.03. The business had revenue of $5.55 billion for the quarter, compared to analyst estimates of $5.52 billion. Macy’s had a net margin of 2.71% and a return on equity of 21.38%. The company’s revenue was down 5.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.51 EPS.
Several equities research analysts have recently weighed in on M shares. ValuEngine downgraded shares of Macy’s from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Telsey Advisory Group reduced their price target on shares of Macy’s from $30.00 to $25.00 and set an “outperform” rating on the stock in a research note on Wednesday, June 7th. Goldman Sachs Group, Inc. (The) reduced their price target on shares of Macy’s from $28.00 to $25.00 and set a “neutral” rating on the stock in a research note on Wednesday, June 7th. Jefferies Group LLC reduced their price target on shares of Macy’s from $27.00 to $24.00 and set a “hold” rating on the stock in a research note on Friday, June 9th. Finally, Citigroup Inc. reduced their price target on shares of Macy’s from $23.00 to $21.00 and set a “neutral” rating on the stock in a research note on Friday, June 9th. Two research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $27.63.
Shares of Macy’s (NYSE:M) opened at 22.58 on Friday. Macy’s has a 52 week low of $19.32 and a 52 week high of $45.41. The stock’s 50 day moving average is $21.64 and its 200-day moving average is $25.07. The company has a market cap of $6.88 billion, a price-to-earnings ratio of 10.26 and a beta of 0.83.
The company also recently declared 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. This represents a $1.51 dividend on an annualized basis and a dividend yield of 6.69%. The ex-dividend date of this dividend is Thursday, September 14th. Macy’s’s dividend payout ratio is currently 68.64%.
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In other news, Director John A. Bryant purchased 9,825 shares of the stock in a transaction dated Wednesday, August 23rd. The shares were acquired at an average cost of $20.32 per share, for a total transaction of $199,644.00. Following the acquisition, the director now owns 9,825 shares of the company’s stock, valued at $199,644. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.40% of the stock is currently owned by company insiders.
Several large investors have recently added to or reduced their stakes in M. BlackRock Inc. boosted its holdings in shares of Macy’s by 2,606.3% in the 1st 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 in the last quarter. Levin Capital Strategies L.P. bought a new stake in shares of Macy’s in the 1st quarter valued at about $73,163,000. Discovery Capital Management LLC CT boosted its holdings in shares of Macy’s by 239.0% in the 2nd quarter. Discovery Capital Management LLC CT now owns 2,871,297 shares of the company’s stock valued at $66,729,000 after buying an additional 2,024,297 shares in the last quarter. Morgan Stanley boosted its holdings in shares of Macy’s by 50.0% in the 1st 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 in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Macy’s by 26.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 5,323,131 shares of the company’s stock valued at $123,703,000 after buying an additional 1,117,903 shares in the last quarter. Institutional investors and hedge funds own 81.71% of the company’s stock.
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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