Macy’s Inc (NYSE:M) Expected to Announce Quarterly Sales of $3.84 Billion

Equities research analysts expect Macy’s Inc (NYSE:M) to report $3.84 billion in sales for the current fiscal quarter, according to Zacks. Four analysts have issued estimates for Macy’s’ earnings, with the highest sales estimate coming in at $3.89 billion and the lowest estimate coming in at $3.77 billion. Macy’s reported sales of $5.17 billion in the same quarter last year, which would suggest a negative year-over-year growth rate of 25.7%. The business is scheduled to issue its next quarterly earnings results on Thursday, November 19th.

On average, analysts expect that Macy’s will report full year sales of $16.68 billion for the current year, with estimates ranging from $16.43 billion to $16.98 billion. For the next year, analysts forecast that the firm will report sales of $20.75 billion, with estimates ranging from $19.76 billion to $21.43 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Macy’s.

Macy’s (NYSE:M) last issued its quarterly earnings results on Wednesday, September 2nd. The company reported ($0.81) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($1.77) by $0.96. The company had revenue of $3.56 billion for the quarter, compared to analysts’ expectations of $3.51 billion. Macy’s had a negative return on equity of 4.56% and a negative net margin of 18.27%. The firm’s revenue for the quarter was down 35.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.28 earnings per share.

M has been the subject of several research reports. Credit Suisse Group initiated coverage on shares of Macy’s in a report on Friday, September 4th. They set a “sell” rating and a $6.00 price objective for the company. TheStreet cut shares of Macy’s from a “c” rating to a “d” rating in a report on Friday, July 10th. Bank of America restated an “underperform” rating and set a $4.50 target price (down from $5.00) on shares of Macy’s in a research report on Friday, May 22nd. UBS Group lowered shares of Macy’s from a “neutral” rating to a “sell” rating and cut their target price for the company from $6.00 to $3.00 in a research report on Wednesday, July 22nd. Finally, Deutsche Bank boosted their target price on shares of Macy’s from $6.00 to $7.00 and gave the company a “hold” rating in a research report on Thursday, September 3rd. Nine research analysts have rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the stock. Macy’s has a consensus rating of “Hold” and an average price target of $8.73.

Several institutional investors and hedge funds have recently made changes to their positions in M. Two Sigma Advisers LP grew its holdings in shares of Macy’s by 5,366.1% in the first quarter. Two Sigma Advisers LP now owns 3,771,582 shares of the company’s stock worth $18,518,000 after purchasing an additional 3,702,582 shares during the last quarter. State Street Corp increased its position in shares of Macy’s by 18.2% during the first quarter. State Street Corp now owns 16,675,661 shares of the company’s stock worth $87,840,000 after acquiring an additional 2,570,853 shares during the period. Principal Financial Group Inc. raised its stake in shares of Macy’s by 419.6% during the second quarter. Principal Financial Group Inc. now owns 2,363,628 shares of the company’s stock valued at $16,262,000 after acquiring an additional 1,908,743 shares in the last quarter. Capital World Investors bought a new stake in shares of Macy’s during the first quarter valued at approximately $9,329,000. Finally, SG Americas Securities LLC raised its stake in shares of Macy’s by 2,879.1% during the second quarter. SG Americas Securities LLC now owns 1,831,641 shares of the company’s stock valued at $12,602,000 after acquiring an additional 1,770,157 shares in the last quarter. 83.68% of the stock is currently owned by institutional investors and hedge funds.

Shares of NYSE M traded up $0.11 during trading on Friday, reaching $6.98. The company had a trading volume of 20,677,291 shares, compared to its average volume of 30,839,551. Macy’s has a 12-month low of $4.38 and a 12-month high of $18.57. The stock has a market cap of $2.17 billion, a PE ratio of -0.59 and a beta of 1.53. The business’s 50-day moving average is $6.82 and its 200 day moving average is $6.84. The company has a quick ratio of 0.42, a current ratio of 1.16 and a debt-to-equity ratio of 2.09.

Macy’s Company Profile

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.

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

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