Macy’s, Inc. (NYSE:M) Expected to Post Quarterly Sales of $5.17 Billion

Equities research analysts expect Macy’s, Inc. (NYSE:M) to announce sales of $5.17 billion for the current fiscal quarter, according to Zacks. Four analysts have made estimates for Macy’s’ earnings. The lowest sales estimate is $5.12 billion and the highest is $5.24 billion. Macy’s posted sales of $3.99 billion during the same quarter last year, which would indicate a positive year over year growth rate of 29.6%. The business is scheduled to report its next earnings report on Thursday, November 18th.

According to Zacks, analysts expect that Macy’s will report full year sales of $23.82 billion for the current financial year, with estimates ranging from $23.69 billion to $23.95 billion. For the next fiscal year, analysts forecast that the firm will report sales of $23.64 billion, with estimates ranging from $23.31 billion to $23.91 billion. Zacks’ sales averages are an average based on a survey of research firms that cover Macy’s.

Macy’s (NYSE:M) last issued its quarterly earnings data on Wednesday, August 18th. The company reported $1.29 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.22 by $1.07. The business had revenue of $5.65 billion during the quarter, compared to analysts’ expectations of $5 billion. Macy’s had a net margin of 2.45% and a return on equity of 27.50%. The company’s revenue was up 58.7% on a year-over-year basis. During the same period last year, the company posted ($0.81) EPS.

M has been the topic of several analyst reports. Deutsche Bank Aktiengesellschaft increased their price target on shares of Macy’s from $24.00 to $27.00 and gave the stock a “hold” rating in a research note on Monday, August 23rd. Telsey Advisory Group lifted their price target on shares of Macy’s from $20.00 to $21.00 and gave the company a “market perform” rating in a research note on Monday, August 16th. JPMorgan Chase & Co. upgraded shares of Macy’s from an “underweight” rating to a “neutral” rating and upped their price objective for the company from $19.00 to $25.00 in a report on Friday, August 20th. Morgan Stanley upped their price objective on Macy’s from $17.00 to $21.00 and gave the company an “underweight” rating in a research note on Friday, August 20th. Finally, Cowen upgraded Macy’s from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $23.00 to $27.00 in a research note on Thursday, September 9th. Four investment analysts have rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $23.11.

In other news, EVP Danielle L. Kirgan sold 70,856 shares of the company’s stock in a transaction on Monday, July 12th. The stock was sold at an average price of $18.97, for a total transaction of $1,344,138.32. Following the transaction, the executive vice president now directly owns 58,273 shares of the company’s stock, valued at $1,105,438.81. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Paul Griscom sold 1,350 shares of the stock in a transaction dated Thursday, June 24th. The stock was sold at an average price of $19.59, for a total value of $26,446.50. Following the sale, the senior vice president now owns 1,357 shares of the company’s stock, valued at approximately $26,583.63. The disclosure for this sale can be found here. Insiders sold 150,951 shares of company stock valued at $2,867,807 in the last ninety days. 0.74% of the stock is currently owned by insiders.

A number of hedge funds have recently made changes to their positions in M. IFP Advisors Inc raised its holdings in Macy’s by 165.6% in the 2nd quarter. IFP Advisors Inc now owns 1,604 shares of the company’s stock worth $29,000 after purchasing an additional 1,000 shares during the period. Parallel Advisors LLC grew its holdings in shares of Macy’s by 101.9% during the second quarter. Parallel Advisors LLC now owns 2,429 shares of the company’s stock worth $46,000 after purchasing an additional 1,226 shares during the last quarter. Eaton Vance Management purchased a new position in shares of Macy’s during the first quarter worth about $51,000. Wealthcare Advisory Partners LLC acquired a new stake in Macy’s in the first quarter valued at about $53,000. Finally, Exchange Traded Concepts LLC lifted its position in Macy’s by 217.5% in the second quarter. Exchange Traded Concepts LLC now owns 3,372 shares of the company’s stock valued at $64,000 after purchasing an additional 2,310 shares during the period. Hedge funds and other institutional investors own 84.53% of the company’s stock.

NYSE M traded up $0.30 on Friday, hitting $21.22. The stock had a trading volume of 109,964 shares, compared to its average volume of 18,401,467. The company’s 50-day moving average is $19.42 and its two-hundred day moving average is $18.24. The stock has a market cap of $6.57 billion, a price-to-earnings ratio of 13.05, a P/E/G ratio of 0.46 and a beta of 2.11. Macy’s has a one year low of $5.57 and a one year high of $23.76. The company has a quick ratio of 0.49, a current ratio of 1.14 and a debt-to-equity ratio of 1.05.

Macy’s declared that its board has approved a share repurchase program on Thursday, August 19th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to reacquire up to 7.2% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 1st. Stockholders of record on Wednesday, September 15th will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.83%. The ex-dividend date of this dividend is Tuesday, September 14th.

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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Earnings History and Estimates for Macy`s (NYSE:M)

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