Wall Street brokerages forecast that Macy’s Inc (NYSE:M) will post sales of $8.46 billion for the current quarter, Zacks reports. Three analysts have provided estimates for Macy’s’ earnings, with the lowest sales estimate coming in at $8.39 billion and the highest estimate coming in at $8.58 billion. Macy’s reported sales of $8.67 billion during the same quarter last year, which indicates a negative year over year growth rate of 2.4%. The firm is scheduled to report its next earnings results before the market opens on Tuesday, February 26th.
According to Zacks, analysts expect that Macy’s will report full year sales of $24.97 billion for the current financial year, with estimates ranging from $24.91 billion to $25.09 billion. For the next financial year, analysts expect that the firm will report sales of $24.87 billion, with estimates ranging from $24.46 billion to $25.02 billion. Zacks’ sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Macy’s.
Macy’s (NYSE:M) last posted its quarterly earnings data on Wednesday, November 14th. The company reported $0.27 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.14 by $0.13. The business had revenue of $5.40 billion during the quarter, compared to the consensus estimate of $5.40 billion. Macy’s had a return on equity of 22.33% and a net margin of 6.72%. The company’s revenue was up 2.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.23 earnings per share.
A number of research analysts have issued reports on the company. Zacks Investment Research upgraded Macy’s from a “hold” rating to a “buy” rating and set a $37.00 price target for the company in a research report on Wednesday, October 3rd. Canaccord Genuity upgraded Macy’s from an “average” rating to a “buy” rating and set a $5.50 price target for the company in a research report on Friday, November 16th. Deutsche Bank boosted their price target on Macy’s from $35.00 to $38.00 and gave the stock a “hold” rating in a research report on Thursday, November 15th. Bank of America set a $39.00 price target on Macy’s and gave the stock a “hold” rating in a research report on Thursday, November 15th. Finally, Gordon Haskett lowered Macy’s from a “buy” rating to a “hold” rating in a research report on Thursday, January 10th. Five analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have assigned a buy rating to the stock. Macy’s currently has an average rating of “Hold” and an average target price of $33.26.
In other news, Director William H. Lenehan acquired 3,154 shares of the firm’s stock in a transaction on Friday, November 16th. The shares were purchased at an average price of $31.74 per share, for a total transaction of $100,107.96. Following the completion of the transaction, the director now owns 11,214 shares of the company’s stock, valued at $355,932.36. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, President Harry A. Lawton III sold 200,000 shares of the business’s stock in a transaction dated Friday, November 16th. The shares were sold at an average price of $33.09, for a total transaction of $6,618,000.00. Following the completion of the transaction, the president now owns 226,038 shares in the company, valued at approximately $7,479,597.42. The disclosure for this sale can be found here. 2.36% of the stock is owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in the business. Park Avenue Securities LLC raised its stake in shares of Macy’s by 5.5% in the fourth quarter. Park Avenue Securities LLC now owns 8,488 shares of the company’s stock valued at $216,000 after acquiring an additional 443 shares during the period. Private Capital Group LLC boosted its holdings in shares of Macy’s by 110.1% in the 4th quarter. Private Capital Group LLC now owns 1,002 shares of the company’s stock valued at $30,000 after buying an additional 525 shares in the last quarter. Contravisory Investment Management Inc. boosted its holdings in shares of Macy’s by 4.8% in the 4th quarter. Contravisory Investment Management Inc. now owns 11,784 shares of the company’s stock valued at $351,000 after buying an additional 540 shares in the last quarter. Oppenheimer Asset Management Inc. boosted its holdings in shares of Macy’s by 6.2% in the 4th quarter. Oppenheimer Asset Management Inc. now owns 18,743 shares of the company’s stock valued at $558,000 after buying an additional 1,093 shares in the last quarter. Finally, We Are One Seven LLC bought a new stake in shares of Macy’s in the 4th quarter valued at about $35,000. Hedge funds and other institutional investors own 90.65% of the company’s stock.
NYSE:M traded down $0.09 during midday trading on Friday, reaching $25.63. 130,155 shares of the company traded hands, compared to its average volume of 11,306,329. Macy’s has a twelve month low of $22.47 and a twelve month high of $41.99. The firm has a market capitalization of $7.91 billion, a P/E ratio of 6.78, a P/E/G ratio of 0.78 and a beta of 0.67. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.35 and a quick ratio of 0.24.
Macy’s Company Profile
Macy's, Inc, an omni-channel retail organization, operates stores, Websites, and mobile applications. The company sells a range of merchandise, such as apparel and accessories for men, women, and children; cosmetics; home furnishings; and other consumer goods. As of April 4, 2018, it operated approximately 690 department stores under the Macy's and Bloomingdale's brands; 160 specialty stores under the Bloomingdale's The Outlet, Bluemercury, and Macy's Backstage brands in the District of Columbia, Guam, and Puerto Rico; and Websites, including macys.com, bloomingdales.com, and bluemercury.com.
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