Macy’s (M) Reaches New 1-Year High and Low on Strong Earnings

Macy’s Inc. (NYSE:M) shares hit a new 52-week high and low during mid-day trading on Wednesday after the company announced better than expected quarterly earnings. The stock traded as low as $33.03 and last traded at $32.99, with a volume of 2090575 shares. The stock had previously closed at $32.39.

The company reported $0.48 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.12. Macy’s had a return on equity of 24.93% and a net margin of 6.23%. The firm had revenue of $5.54 billion for the quarter, compared to analysts’ expectations of $5.39 billion. During the same quarter last year, the firm posted $0.24 EPS. The company’s revenue was up 3.6% compared to the same quarter last year.

Several research firms have weighed in on M. Telsey Advisory Group raised their price target on Macy’s from $31.00 to $35.00 and gave the company a “market perform” rating in a report on Thursday. Royal Bank of Canada set a $35.00 price target on Macy’s and gave the company a “hold” rating in a report on Thursday. Guggenheim reaffirmed a “buy” rating and issued a $36.00 price target on shares of Macy’s in a report on Wednesday. Zacks Investment Research cut Macy’s from a “buy” rating to a “hold” rating in a report on Tuesday, May 8th. Finally, OTR Global raised Macy’s to a “positive” rating in a report on Friday, May 4th. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company. Macy’s has an average rating of “Hold” and a consensus price target of $28.02.

In related news, Director Marna C. Whittington sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, March 2nd. The stock was sold at an average price of $30.30, for a total transaction of $606,000.00. Following the transaction, the director now directly owns 54,834 shares in the company, valued at approximately $1,661,470.20. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Karen M. Hoguet sold 67,515 shares of the firm’s stock in a transaction that occurred on Thursday, March 1st. The stock was sold at an average price of $29.39, for a total value of $1,984,265.85. Following the transaction, the chief financial officer now owns 67,515 shares in the company, valued at $1,984,265.85. The disclosure for this sale can be found here. Insiders have sold a total of 107,392 shares of company stock worth $3,173,164 over the last quarter. Corporate insiders own 2.36% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of M. MetLife Investment Advisors LLC bought a new stake in shares of Macy’s in the 4th quarter worth approximately $2,374,000. California Public Employees Retirement System grew its position in shares of Macy’s by 34.6% in the 4th quarter. California Public Employees Retirement System now owns 1,209,734 shares of the company’s stock worth $30,473,000 after buying an additional 311,230 shares during the last quarter. American International Group Inc. grew its position in shares of Macy’s by 98.9% in the 4th quarter. American International Group Inc. now owns 23,923,612 shares of the company’s stock worth $602,636,000 after buying an additional 11,894,858 shares during the last quarter. Vantage Financial Partners Ltd. Inc. bought a new stake in shares of Macy’s in the 4th quarter worth approximately $422,000. Finally, California State Teachers Retirement System grew its position in shares of Macy’s by 7.7% in the 4th quarter. California State Teachers Retirement System now owns 599,936 shares of the company’s stock worth $15,112,000 after buying an additional 42,796 shares during the last quarter. Institutional investors and hedge funds own 89.05% of the company’s stock.

The stock has a market capitalization of $9.12 billion, a price-to-earnings ratio of 8.98, a P/E/G ratio of 0.97 and a beta of 0.73. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.47 and a quick ratio of 0.45.

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.

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.



Leave a Reply