Macy’s (NYSE:M) Announces Earnings Results

Macy’s (NYSE:MGet Rating) posted its earnings results on Thursday. The company reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.19 by $0.33, RTT News reports. The firm had revenue of $5.23 billion during the quarter, compared to analyst estimates of $5.20 billion. Macy’s had a net margin of 6.16% and a return on equity of 51.29%. The business’s revenue was down 3.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.23 EPS. Macy’s updated its FY23 guidance to $4.00-4.20 EPS.

Macy’s Trading Down 8.1 %

Shares of Macy’s stock opened at $19.71 on Thursday. The firm has a market cap of $5.34 billion, a PE ratio of 3.81, a PEG ratio of 0.43 and a beta of 1.74. Macy’s has a 1 year low of $15.10 and a 1 year high of $37.95. The company has a 50 day simple moving average of $18.28 and a two-hundred day simple moving average of $19.22. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.17 and a quick ratio of 0.19.

Macy’s Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 3rd. Shareholders of record on Thursday, December 15th will be given a dividend of $0.1575 per share. The ex-dividend date of this dividend is Wednesday, December 14th. This represents a $0.63 annualized dividend and a yield of 3.20%. Macy’s’s payout ratio is presently 12.19%.

Insiders Place Their Bets

In other Macy’s news, SVP Paul Griscom sold 2,868 shares of Macy’s stock in a transaction that occurred on Wednesday, August 31st. The shares were sold at an average price of $17.43, for a total transaction of $49,989.24. Following the transaction, the senior vice president now directly owns 4,688 shares of the company’s stock, valued at $81,711.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.58% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in M. Arrowstreet Capital Limited Partnership increased its position in Macy’s by 27.1% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 10,106,073 shares of the company’s stock valued at $246,184,000 after purchasing an additional 2,155,936 shares during the period. Renaissance Technologies LLC increased its position in Macy’s by 126.2% during the 1st quarter. Renaissance Technologies LLC now owns 3,796,764 shares of the company’s stock valued at $92,489,000 after purchasing an additional 2,118,174 shares during the period. Vanguard Group Inc. increased its position in Macy’s by 5.7% during the 1st quarter. Vanguard Group Inc. now owns 30,550,118 shares of the company’s stock valued at $744,202,000 after purchasing an additional 1,642,941 shares during the period. Prudential Financial Inc. increased its position in Macy’s by 383.9% during the 2nd quarter. Prudential Financial Inc. now owns 765,365 shares of the company’s stock valued at $14,022,000 after purchasing an additional 607,200 shares during the period. Finally, UBS Group AG increased its position in Macy’s by 140.4% during the 1st quarter. UBS Group AG now owns 164,994 shares of the company’s stock valued at $4,020,000 after purchasing an additional 573,655 shares during the period. 85.57% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently commented on M. Citigroup lowered their target price on shares of Macy’s from $23.00 to $21.00 and set a “neutral” rating for the company in a report on Wednesday, August 24th. OTR Global upgraded shares of Macy’s from a “mixed” rating to a “positive” rating in a report on Wednesday, November 9th. Telsey Advisory Group decreased their price objective on shares of Macy’s from $28.00 to $25.00 and set a “market perform” rating for the company in a report on Wednesday, August 24th. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Macy’s from $29.00 to $25.00 in a report on Tuesday, August 16th. Finally, Evercore ISI cut their target price on shares of Macy’s from $35.00 to $30.00 and set an “outperform” rating for the company in a research report on Wednesday, August 24th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $27.08.

Macy’s Company Profile

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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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Earnings History for Macy's (NYSE:M)

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