Macy’s Inc (M) Shares Gap Up After Better-Than-Expected Earnings
Macy’s Inc (NYSE:M)’s share price gapped up prior to trading on Friday following a stronger than expected earnings report. The stock had previously closed at $20.99, but opened at $19.50. Macy’s shares last traded at $19.81, with a volume of 15845554 shares traded.
The company reported $0.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.19 by $0.04. Macy’s had a return on equity of 21.06% and a net margin of 2.83%. The business had revenue of $5.28 billion during the quarter, compared to the consensus estimate of $5.31 billion. During the same quarter in the prior year, the company earned $0.17 earnings per share. The firm’s quarterly revenue was down 6.1% compared to the same quarter last year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Friday, December 15th will be paid a $0.3775 dividend. The ex-dividend date is Thursday, December 14th. This represents a $1.51 dividend on an annualized basis and a dividend yield of 7.56%. Macy’s’s dividend payout ratio is currently 66.52%.
Several equities research analysts recently commented on the company. Susquehanna Bancshares Inc set a $38.00 price objective on Macy’s and gave the company a “buy” rating in a research report on Friday, October 20th. Royal Bank of Canada set a $21.00 price objective on Macy’s and gave the company a “sector perform” rating in a research report on Friday, October 20th. Zacks Investment Research cut Macy’s from a “hold” rating to a “sell” rating in a research report on Wednesday, October 11th. Citigroup Inc. cut Macy’s from a “neutral” rating to a “sell” rating and dropped their price objective for the company from $21.00 to $16.00 in a research report on Monday, October 30th. Finally, BidaskClub raised Macy’s from a “sell” rating to a “hold” rating in a research report on Wednesday, July 19th. Three investment analysts have rated the stock with a sell rating, thirteen have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $26.31.
In other news, Director John A. Bryant purchased 9,825 shares of the business’s stock in a transaction on Wednesday, August 23rd. The stock was acquired at an average price of $20.32 per share, for a total transaction of $199,644.00. Following the acquisition, the director now directly owns 9,825 shares of the company’s stock, valued at approximately $199,644. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.40% of the company’s stock.
Institutional investors have recently made changes to their positions in the company. Ffcm LLC boosted its holdings in Macy’s by 251.6% during the 2nd quarter. Ffcm LLC now owns 5,052 shares of the company’s stock valued at $120,000 after acquiring an additional 3,615 shares during the period. Penserra Capital Management LLC boosted its holdings in Macy’s by 51.1% during the 2nd quarter. Penserra Capital Management LLC now owns 5,560 shares of the company’s stock valued at $129,000 after acquiring an additional 1,880 shares during the period. Financial Architects Inc boosted its holdings in Macy’s by 254.5% during the 2nd quarter. Financial Architects Inc now owns 5,850 shares of the company’s stock valued at $136,000 after acquiring an additional 4,200 shares during the period. Edge Wealth Management LLC purchased a new position in Macy’s during the 2nd quarter valued at $142,000. Finally, Kistler Tiffany Companies LLC purchased a new position in Macy’s during the 3rd quarter valued at $148,000. Hedge funds and other institutional investors own 81.96% of the company’s stock.
The company has a debt-to-equity ratio of 1.44, a quick ratio of 0.34 and a current ratio of 1.42. The firm has a market capitalization of $5,938.90, a price-to-earnings ratio of 6.57, a PEG ratio of 0.66 and a beta of 0.86.
Macy’s, Inc is an omnichannel retail company operating stores, Websites and mobile applications under various brands, such as Macy’s, Bloomingdale’s and Bluemercury. The Company sells a range of merchandise, including apparel and accessories (men’s, women’s and children’s), cosmetics, home furnishings and other consumer goods.
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