$5.17 Billion in Sales Expected for Macy’s, Inc. (NYSE:M) This Quarter

Equities research analysts expect Macy’s, Inc. (NYSE:M) to post $5.17 billion in sales for the current quarter, Zacks reports. Four analysts have provided estimates for Macy’s’ earnings. The highest sales estimate is $5.24 billion and the lowest is $5.12 billion. Macy’s posted sales of $3.99 billion in the same quarter last year, which would indicate a positive year-over-year growth rate of 29.6%. The company is expected to report its next quarterly earnings results on Thursday, November 18th.

According to Zacks, analysts expect that Macy’s will report full-year sales of $23.82 billion for the current financial year, with estimates ranging from $23.69 billion to $23.95 billion. For the next financial year, analysts anticipate that the company will post sales of $23.64 billion, with estimates ranging from $23.31 billion to $23.91 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that cover Macy’s.

Macy’s (NYSE:M) last announced its earnings results on Wednesday, August 18th. The company reported $1.29 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.22 by $1.07. The firm had revenue of $5.65 billion for the quarter, compared to the consensus estimate of $5 billion. Macy’s had a return on equity of 27.50% and a net margin of 2.45%. The firm’s revenue for the quarter was up 58.7% on a year-over-year basis. During the same period in the previous year, the business earned ($0.81) EPS.

M has been the subject of a number of research reports. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Macy’s from $24.00 to $27.00 and gave the company a “hold” rating in a research report on Monday, August 23rd. Credit Suisse Group upped their price target on shares of Macy’s from $16.00 to $19.00 and gave the stock an “underperform” rating in a research note on Friday, August 20th. Bank of America upped their price objective on shares of Macy’s from $18.00 to $21.00 and gave the company an “underperform” rating in a research note on Friday, August 20th. TheStreet raised shares of Macy’s from a “d” rating to a “c-” rating in a report on Tuesday, May 18th. Finally, Cowen upgraded shares of Macy’s from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $23.00 to $27.00 in a research report on Thursday, September 9th. Four research analysts have rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $23.11.

In other Macy’s news, CEO Jeffrey Gennette sold 77,196 shares of the stock in a transaction dated Monday, July 12th. The stock was sold at an average price of $18.97, for a total value of $1,464,408.12. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Paul Griscom sold 1,350 shares of the firm’s stock in a transaction that occurred on Thursday, June 24th. The shares were sold at an average price of $19.59, for a total value of $26,446.50. Following the transaction, the senior vice president now owns 1,357 shares of the company’s stock, valued at approximately $26,583.63. The disclosure for this sale can be found here. In the last three months, insiders sold 150,951 shares of company stock valued at $2,867,807. 0.74% of the stock is currently owned by company insiders.

A number of large investors have recently bought and sold shares of M. The Manufacturers Life Insurance Company raised its stake in shares of Macy’s by 0.4% in the second quarter. The Manufacturers Life Insurance Company now owns 175,800 shares of the company’s stock valued at $3,333,000 after acquiring an additional 685 shares in the last quarter. Mariner LLC grew its stake in Macy’s by 3.5% in the 2nd quarter. Mariner LLC now owns 25,004 shares of the company’s stock worth $474,000 after acquiring an additional 849 shares during the period. Cigna Investments Inc. New grew its stake in shares of Macy’s by 8.3% during the 1st quarter. Cigna Investments Inc. New now owns 11,213 shares of the company’s stock valued at $181,000 after buying an additional 858 shares during the period. Teza Capital Management LLC lifted its holdings in Macy’s by 8.0% in the 2nd quarter. Teza Capital Management LLC now owns 12,095 shares of the company’s stock worth $229,000 after buying an additional 897 shares in the last quarter. Finally, New York State Common Retirement Fund raised its stake in shares of Macy’s by 0.3% in the 1st quarter. New York State Common Retirement Fund now owns 277,000 shares of the company’s stock valued at $4,485,000 after purchasing an additional 900 shares in the last quarter. Institutional investors own 84.53% of the company’s stock.

NYSE:M traded up $0.30 during trading hours on Friday, reaching $21.22. 109,964 shares of the stock were exchanged, compared to its average volume of 18,401,467. The company has a market capitalization of $6.57 billion, a price-to-earnings ratio of 13.05, a PEG ratio of 0.46 and a beta of 2.11. The company has a quick ratio of 0.49, a current ratio of 1.14 and a debt-to-equity ratio of 1.05. Macy’s has a twelve month low of $5.57 and a twelve month high of $23.76. The business has a 50-day moving average of $19.42 and a two-hundred day moving average of $18.24.

The company also recently announced a quarterly dividend, which will be paid on Friday, October 1st. Investors of record on Wednesday, September 15th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.83%. The ex-dividend date is Tuesday, September 14th.

Macy’s declared that its board has approved a stock buyback plan on Thursday, August 19th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 7.2% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its shares are undervalued.

About Macy’s

Macy’s, Inc engages in the retail of apparel, accessories, cosmetics, home furnishings, and other consumer goods. The firm’s brands include Macy’s, Bloomingdale’s, and Bluemercury. It offers men’s, women’s, and children’s apparel, women’s accessories, intimate apparel, shoes, cosmetics, fragrances, as well as home and miscellaneous products.

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

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