Zacks: Brokerages Anticipate Macy’s, Inc. (NYSE:M) Will Announce Earnings of $1.90 Per Share

Equities research analysts predict that Macy’s, Inc. (NYSE:M) will post earnings per share of $1.90 for the current fiscal quarter, according to Zacks Investment Research. Four analysts have provided estimates for Macy’s’ earnings, with the lowest EPS estimate coming in at $1.78 and the highest estimate coming in at $2.12. Macy’s posted earnings of $0.80 per share in the same quarter last year, which indicates a positive year over year growth rate of 137.5%. The business is expected to report its next quarterly earnings results on Tuesday, February 22nd.

On average, analysts expect that Macy’s will report full year earnings of $4.80 per share for the current year, with EPS estimates ranging from $4.68 to $5.01. For the next year, analysts expect that the firm will report earnings of $3.91 per share, with EPS estimates ranging from $3.15 to $4.80. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of research firms that follow Macy’s.

Macy’s (NYSE:M) last issued its quarterly earnings results on Thursday, November 18th. The company reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.92. The business had revenue of $5.44 billion for the quarter, compared to the consensus estimate of $5.23 billion. Macy’s had a return on equity of 41.33% and a net margin of 3.75%. Macy’s’s revenue for the quarter was up 36.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.19) earnings per share.

A number of analysts have weighed in on the company. Zacks Investment Research cut Macy’s from a “strong-buy” rating to a “hold” rating and set a $32.00 price target for the company. in a research report on Wednesday, November 10th. Bank of America boosted their price target on Macy’s from $21.00 to $25.00 and gave the company an “underperform” rating in a research note on Friday, November 19th. JPMorgan Chase & Co. upgraded Macy’s from an “underweight” rating to a “neutral” rating and boosted their price target for the company from $19.00 to $25.00 in a research note on Friday, August 20th. Jefferies Financial Group upped their price objective on Macy’s from $23.00 to $27.00 and gave the company a “buy” rating in a research note on Friday, August 20th. Finally, Telsey Advisory Group increased their price target on Macy’s from $33.00 to $40.00 and gave the stock a “market perform” rating in a research report on Friday, November 19th. Four research analysts have rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $33.00.

M opened at $32.14 on Friday. Macy’s has a 1 year low of $9.95 and a 1 year high of $37.95. The stock has a fifty day moving average price of $26.87 and a 200 day moving average price of $21.75. The stock has a market cap of $9.95 billion, a price-to-earnings ratio of 12.08, a PEG ratio of 0.59 and a beta of 2.08. The company has a current ratio of 1.14, a quick ratio of 0.22 and a debt-to-equity ratio of 1.10.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, January 3rd. Stockholders of record on Wednesday, December 15th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.87%. The ex-dividend date is Tuesday, December 14th. Macy’s’s payout ratio is 22.56%.

Macy’s declared that its Board of Directors has authorized a stock buyback plan on Thursday, August 19th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to buy up to 7.2% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

In related news, CFO Adrian V. Mitchell sold 2,397 shares of the firm’s stock in a transaction dated Wednesday, November 24th. The shares were sold at an average price of $31.82, for a total value of $76,272.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Paul Griscom sold 1,216 shares of the firm’s stock in a transaction that occurred on Tuesday, September 7th. The stock was sold at an average price of $21.79, for a total transaction of $26,496.64. The disclosure for this sale can be found here. Insiders sold a total of 5,765 shares of company stock valued at $158,965 in the last 90 days. 0.74% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Allianz Asset Management GmbH lifted its holdings in shares of Macy’s by 859.1% during the third quarter. Allianz Asset Management GmbH now owns 4,111,570 shares of the company’s stock worth $92,921,000 after purchasing an additional 3,682,893 shares during the period. Renaissance Technologies LLC raised its holdings in shares of Macy’s by 204.4% during the second quarter. Renaissance Technologies LLC now owns 4,018,764 shares of the company’s stock valued at $76,196,000 after purchasing an additional 2,698,600 shares during the period. Arrowstreet Capital Limited Partnership raised its holdings in shares of Macy’s by 32.7% during the third quarter. Arrowstreet Capital Limited Partnership now owns 10,572,628 shares of the company’s stock valued at $238,941,000 after purchasing an additional 2,602,984 shares during the period. Melvin Capital Management LP bought a new stake in shares of Macy’s during the second quarter worth about $47,400,000. Finally, Contrarius Investment Management Ltd increased its position in shares of Macy’s by 24.6% during the third quarter. Contrarius Investment Management Ltd now owns 6,358,755 shares of the company’s stock worth $143,708,000 after acquiring an additional 1,255,064 shares in the last quarter. 85.22% of the stock is currently owned by hedge funds and other institutional investors.

About Macy’s

Macy’s, Inc engages in the retail of apparel, accessories, cosmetics, home furnishings, and other consumer goods. The firm’s brands include Macy’s, Bloomingdale’s, and Bluemercury. It offers men’s, women’s, and children’s apparel, women’s accessories, intimate apparel, shoes, cosmetics, fragrances, as well as home and miscellaneous products.

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