Equities research analysts predict that Macy’s Inc (NYSE:M) will post $5.63 billion in sales for the current quarter, according to Zacks. Three analysts have provided estimates for Macy’s’ earnings, with the lowest sales estimate coming in at $5.56 billion and the highest estimate coming in at $5.76 billion. Macy’s reported sales of $5.57 billion in the same quarter last year, which indicates a positive year over year growth rate of 1.1%. The company is scheduled to issue its next quarterly earnings results on Wednesday, August 21st.
On average, analysts expect that Macy’s will report full-year sales of $25.11 billion for the current year, with estimates ranging from $24.75 billion to $25.76 billion. For the next financial year, analysts forecast that the business will report sales of $25.05 billion, with estimates ranging from $24.31 billion to $25.83 billion. Zacks’ sales averages are an average based on a survey of research analysts that that provide coverage for Macy’s.
Macy’s (NYSE:M) last announced its quarterly earnings data on Wednesday, May 15th. The company reported $0.44 EPS for the quarter, topping the Zacks’ consensus estimate of $0.33 by $0.11. The company had revenue of $5.50 billion during the quarter, compared to the consensus estimate of $5.52 billion. Macy’s had a net margin of 4.43% and a return on equity of 20.66%. Macy’s’s quarterly revenue was down .7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.48 EPS.
A number of equities analysts have commented on the stock. Jefferies Financial Group restated a “hold” rating and set a $27.00 price objective on shares of Macy’s in a research report on Wednesday, February 27th. ValuEngine downgraded shares of Macy’s from a “sell” rating to a “strong sell” rating in a research report on Thursday, February 28th. Guggenheim restated a “buy” rating and set a $30.00 price objective on shares of Macy’s in a research report on Tuesday, February 26th. Zacks Investment Research downgraded shares of Macy’s from a “hold” rating to a “strong sell” rating in a research report on Friday, March 1st. Finally, Standpoint Research upgraded shares of Macy’s from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. Four analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $26.58.
Shares of Macy’s stock opened at $21.45 on Thursday. The firm has a market cap of $6.71 billion, a price-to-earnings ratio of 5.13, a PEG ratio of 0.87 and a beta of 0.50. The company has a quick ratio of 0.32, a current ratio of 1.42 and a debt-to-equity ratio of 1.19. Macy’s has a one year low of $20.02 and a one year high of $41.99.
The business also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be paid a dividend of $0.3775 per share. The ex-dividend date is Thursday, June 13th. This represents a $1.51 dividend on an annualized basis and a dividend yield of 7.04%. Macy’s’s dividend payout ratio (DPR) is presently 36.12%.
In related news, Director Joyce M. Roche sold 10,000 shares of the stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $24.30, for a total value of $243,000.00. Following the sale, the director now directly owns 13,647 shares of the company’s stock, valued at approximately $331,622.10. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, President Harry A. Lawton III acquired 5,000 shares of the stock in a transaction that occurred on Thursday, May 23rd. The stock was acquired at an average cost of $21.37 per share, for a total transaction of $106,850.00. Following the completion of the purchase, the president now owns 31,038 shares in the company, valued at approximately $663,282.06. The disclosure for this purchase can be found here. Over the last ninety days, insiders have bought 20,000 shares of company stock worth $432,950 and have sold 16,921 shares worth $421,238. Corporate insiders own 0.55% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Securian Asset Management Inc grew its stake in Macy’s by 1.3% in the 4th quarter. Securian Asset Management Inc now owns 31,365 shares of the company’s stock valued at $934,000 after acquiring an additional 403 shares during the last quarter. Edmond DE Rothschild Holding S.A. lifted its holdings in Macy’s by 3.4% in the 1st quarter. Edmond DE Rothschild Holding S.A. now owns 14,428 shares of the company’s stock valued at $347,000 after purchasing an additional 473 shares in the last quarter. Sumitomo Mitsui Asset Management Company LTD lifted its holdings in Macy’s by 2.3% in the 1st quarter. Sumitomo Mitsui Asset Management Company LTD now owns 21,440 shares of the company’s stock valued at $515,000 after purchasing an additional 487 shares in the last quarter. Destination Wealth Management lifted its holdings in Macy’s by 27.1% in the 1st quarter. Destination Wealth Management now owns 2,344 shares of the company’s stock valued at $56,000 after purchasing an additional 500 shares in the last quarter. Finally, Mason Street Advisors LLC lifted its holdings in Macy’s by 1.2% in the 1st quarter. Mason Street Advisors LLC now owns 43,868 shares of the company’s stock valued at $1,054,000 after purchasing an additional 520 shares in the last quarter. 87.84% of the stock is currently owned by hedge funds and other institutional investors.
Macy's, Inc, an omnichannel retail organization, operates stores, Websites, and mobile applications. The company sells a range of merchandise, including apparel and accessories for men, women, and children; cosmetics; home furnishings; and other consumer goods. As of April 1, 2019, it operated approximately 680 department stores under the Macy's and Bloomingdale's names; and 190 specialty stores, such as Bloomingdale's The Outlet, Bluemercury, Macy's Backstage, and STORY in 43 states, the District of Columbia, Guam, and Puerto Rico.
Read More: How to start trading in the forex market?
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Macy's Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Macy's and related companies with MarketBeat.com's FREE daily email newsletter.