According to Zacks, “Shares of Macy’s have slid and underperformed the industry in the past three months. The stock came under pressure in spite of the company’s better-than-expected first-quarter fiscal 2019 bottom-line results, positive comps and double-digit growth in the digital business. Certainly, year-over-year decline in both net sales and earnings did raise a concern but what really hurt was management’s commentary on ongoing trade war between the United States and China. Macy’s informed that the latest tariff increase will hurt its furniture business to an extent. Nonetheless, it remains optimistic to mitigate the impact of same. However, it added that any further imposition of tariffs will impact both its private and national brands. The company has still not factored in this to its fiscal 2019 guidance, which it has kept intact. We believe that if situation worsens, this could impact the company’s performance going forward.”
Several other analysts also recently weighed in on M. Deutsche Bank boosted their price target on Macy’s from $27.00 to $28.00 and gave the company a hold rating in a research note on Thursday. Goldman Sachs Group upgraded Macy’s from a sell rating to a neutral rating and dropped their price target for the company from $23.00 to $21.00 in a research note on Thursday. Desjardins reissued an average rating and issued a $5.25 price objective on shares of Macy’s in a report on Friday, March 22nd. ValuEngine raised Macy’s from a sell rating to a hold rating in a report on Monday, February 4th. Finally, TheStreet cut Macy’s from a b- rating to a c+ rating in a report on Tuesday, February 5th. Four equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have given a buy rating to the stock. Macy’s currently has an average rating of Hold and an average price target of $28.93.
M stock traded up $0.54 on Thursday, hitting $22.04. 271,243 shares of the company’s stock were exchanged, compared to its average volume of 8,955,288. Macy’s has a 12-month low of $21.08 and a 12-month high of $41.99. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.42 and a quick ratio of 0.42. The company has a market cap of $6.67 billion, a price-to-earnings ratio of 5.27, a price-to-earnings-growth ratio of 0.82 and a beta of 0.41.
Macy’s (NYSE:M) last announced its earnings results on Wednesday, May 15th. The company reported $0.44 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.33 by $0.11. Macy’s had a return on equity of 20.66% and a net margin of 4.43%. The firm had revenue of $5.50 billion for the quarter, compared to the consensus estimate of $5.52 billion. During the same period in the previous year, the business earned $0.48 EPS. The firm’s revenue for the quarter was down .7% on a year-over-year basis. As a group, equities research analysts anticipate that Macy’s will post 3.1 earnings per share for the current year.
In related news, Director Deirdre P. Connelly sold 6,250 shares of the company’s stock in a transaction dated Thursday, April 4th. The stock was sold at an average price of $25.76, for a total value of $161,000.00. Following the completion of the transaction, the director now owns 17,092 shares of the company’s stock, valued at approximately $440,289.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Joyce M. Roche sold 10,000 shares of the company’s stock in a transaction dated Wednesday, March 27th. The stock was sold at an average price of $24.30, for a total value of $243,000.00. Following the completion of the transaction, the director now directly owns 13,647 shares of the company’s stock, valued at approximately $331,622.10. The disclosure for this sale can be found here. Insiders sold a total of 16,921 shares of company stock valued at $421,238 in the last ninety days. 0.55% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in M. Oregon Public Employees Retirement Fund raised its holdings in shares of Macy’s by 2,958.7% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 6,681,203 shares of the company’s stock valued at $224,000 after acquiring an additional 6,462,771 shares during the last quarter. Renaissance Technologies LLC acquired a new position in shares of Macy’s during the first quarter valued at approximately $86,346,000. Norges Bank acquired a new position in shares of Macy’s during the fourth quarter valued at approximately $96,799,000. OppenheimerFunds Inc. raised its holdings in shares of Macy’s by 2,206.5% during the first quarter. OppenheimerFunds Inc. now owns 3,070,872 shares of the company’s stock valued at $73,793,000 after acquiring an additional 2,937,732 shares during the last quarter. Finally, Vanguard Group Inc raised its holdings in shares of Macy’s by 6.5% during the third quarter. Vanguard Group Inc now owns 35,205,128 shares of the company’s stock valued at $1,222,675,000 after acquiring an additional 2,133,597 shares during the last quarter. 90.18% of the stock is owned by 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.
Featured Article: Outstanding Shares, Buying and Selling Stocks
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.