Macy’s (NYSE:M) Announces Earnings Results

Macy’s (NYSE:MGet Rating) released its quarterly earnings results on Thursday. The company reported $1.08 EPS for the quarter, topping analysts’ consensus estimates of $0.82 by $0.26, MarketWatch Earnings reports. Macy’s had a net margin of 5.84% and a return on equity of 53.59%. The business had revenue of $5.35 billion during the quarter, compared to analysts’ expectations of $5.33 billion. During the same quarter in the previous year, the company earned $0.39 EPS. The business’s quarterly revenue was up 13.6% compared to the same quarter last year.

NYSE M traded up $0.48 during trading on Friday, hitting $23.40. The company had a trading volume of 21,153,240 shares, compared to its average volume of 14,136,132. The company has a current ratio of 1.25, a quick ratio of 0.44 and a debt-to-equity ratio of 0.91. Macy’s has a one year low of $15.68 and a one year high of $37.95. The company has a market cap of $6.67 billion, a price-to-earnings ratio of 5.09, a price-to-earnings-growth ratio of 0.37 and a beta of 1.77. The company’s fifty day moving average is $23.74 and its 200-day moving average is $25.67.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 1st. Shareholders of record on Wednesday, June 15th will be issued a $0.157 dividend. The ex-dividend date of this dividend is Tuesday, June 14th. This represents a $0.63 annualized dividend and a yield of 2.68%. Macy’s’s dividend payout ratio (DPR) is presently 13.70%.

A number of research firms have commented on M. Morgan Stanley raised shares of Macy’s from an “underweight” rating to an “equal weight” rating and boosted their price target for the stock from $20.00 to $22.00 in a research note on Friday. Gordon Haskett upped their price objective on shares of Macy’s from $33.00 to $35.00 and gave the company a “buy” rating in a research note on Wednesday, February 23rd. Evercore ISI raised shares of Macy’s from an “in-line” rating to an “outperform” rating and set a $50.00 price objective for the company in a research note on Wednesday, February 16th. Cowen cut their price objective on shares of Macy’s to $30.00 in a research note on Friday. Finally, OTR Global cut shares of Macy’s to a “positive” rating in a research note on Wednesday, May 11th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, Macy’s presently has an average rating of “Hold” and an average target price of $31.54.

Macy’s declared that its Board of Directors has approved a stock buyback program on Tuesday, February 22nd that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the company to purchase up to 28.9% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.

In other Macy’s news, CEO Antony Spring sold 6,407 shares of the company’s stock in a transaction on Monday, March 28th. The shares were sold at an average price of $25.40, for a total value of $162,737.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Adrian V. Mitchell sold 4,460 shares of the stock in a transaction dated Monday, March 28th. The stock was sold at an average price of $25.40, for a total transaction of $113,284.00. The disclosure for this sale can be found here. Insiders sold a total of 29,465 shares of company stock valued at $759,227 over the last 90 days. Company insiders own 0.58% of the company’s stock.

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew 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 last quarter. Arrowstreet Capital Limited Partnership grew 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 last quarter. Renaissance Technologies LLC grew 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 last quarter. Federated Hermes Inc. grew its position in Macy’s by 29.5% during the 1st quarter. Federated Hermes Inc. now owns 1,170,146 shares of the company’s stock valued at $28,504,000 after purchasing an additional 266,515 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its position in Macy’s by 212.5% during the 4th quarter. The Manufacturers Life Insurance Company now owns 501,838 shares of the company’s stock valued at $13,138,000 after purchasing an additional 341,243 shares during the last quarter. Institutional investors own 85.98% of the company’s stock.

About Macy’s (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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Earnings History for Macy's (NYSE:M)

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