Macy’s (NYSE:M – Get Rating) updated its second quarter 2022 earnings guidance on Thursday morning. The company provided earnings per share guidance of $0.84-$0.94 for the period, compared to the consensus earnings per share estimate of $0.81. The company issued revenue guidance of $5.48 billion-$5.55 billion, compared to the consensus revenue estimate of $5.49 billion.Macy’s also updated its FY 2022 guidance to $4.53-$4.95 EPS.
M opened at $23.33 on Thursday. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.12 and a quick ratio of 0.23. The stock has a market capitalization of $6.65 billion, a price-to-earnings ratio of 4.44, a price-to-earnings-growth ratio of 0.43 and a beta of 1.77. The business has a 50-day moving average of $23.56 and a two-hundred day moving average of $25.53. Macy’s has a 12 month low of $15.68 and a 12 month high of $37.95.
Macy’s (NYSE:M – Get Rating) last posted its quarterly earnings results on Thursday, May 26th. The company reported $1.08 EPS for the quarter, beating the consensus estimate of $0.82 by $0.26. The company had revenue of $5.35 billion during the quarter, compared to analysts’ expectations of $5.33 billion. Macy’s had a return on equity of 56.91% and a net margin of 6.42%. The firm’s revenue was up 13.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.39 EPS. Equities research analysts anticipate that Macy’s will post 4.58 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, July 1st. Stockholders of record on Wednesday, June 15th will be issued a dividend of $0.157 per share. This represents a $0.63 dividend on an annualized basis and a dividend yield of 2.69%. The ex-dividend date is Tuesday, June 14th. Macy’s’s payout ratio is currently 11.98%.
Macy’s announced that its Board of Directors has initiated a share buyback program on Tuesday, February 22nd that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the company to buy up to 28.9% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.
Several research firms recently commented on M. JPMorgan Chase & Co. reduced their price target on Macy’s from $33.00 to $30.00 in a research report on Monday, May 16th. Deutsche Bank Aktiengesellschaft reduced their price target on Macy’s from $34.00 to $29.00 in a research report on Friday, May 27th. OTR Global lowered Macy’s to a positive rating in a research report on Wednesday, May 11th. StockNews.com assumed coverage on Macy’s in a research report on Thursday, March 31st. They issued a buy rating on the stock. Finally, Evercore ISI raised Macy’s from an in-line rating to an outperform rating and set a $50.00 target price on the stock in a research report on Wednesday, February 16th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Macy’s has a consensus rating of Hold and a consensus target price of $31.54.
In related news, SVP Paul Griscom sold 1,039 shares of the company’s stock in a transaction on Monday, March 28th. The stock was sold at an average price of $25.40, for a total transaction of $26,390.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Adrian V. Mitchell sold 4,460 shares of the company’s stock in a transaction on Monday, March 28th. The stock was sold at an average price of $25.40, for a total value of $113,284.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 29,465 shares of company stock worth $759,227. Corporate insiders own 0.58% of the company’s stock.
Several institutional investors have recently made changes to their positions in M. Estabrook Capital Management lifted its holdings in shares of Macy’s by 77.8% in the first quarter. Estabrook Capital Management now owns 1,600 shares of the company’s stock valued at $39,000 after buying an additional 700 shares during the period. Lazard Asset Management LLC lifted its holdings in shares of Macy’s by 52.3% in the first quarter. Lazard Asset Management LLC now owns 1,995 shares of the company’s stock valued at $48,000 after buying an additional 685 shares during the period. Covestor Ltd lifted its holdings in shares of Macy’s by 263.5% in the first quarter. Covestor Ltd now owns 6,580 shares of the company’s stock valued at $160,000 after buying an additional 4,770 shares during the period. Prelude Capital Management LLC acquired a new stake in shares of Macy’s in the first quarter valued at $230,000. Finally, Beacon Pointe Advisors LLC acquired a new stake in shares of Macy’s in the first quarter valued at $233,000. Institutional investors and hedge funds own 85.98% of the company’s stock.
Macy’s Company Profile (Get Rating)
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 January 29, 2022, it operated 725 department stores in the District of Columbia, Puerto Rico, and Guam under the Macy’s, Macy’s Backstage, Market by Macy’s, Bloomingdale’s, Bloomingdale’s The Outlet, Bloomies, and bluemercury brands.
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