$5.63 Billion in Sales Expected for Macy’s Inc (M) This Quarter

Wall Street analysts predict that Macy’s Inc (NYSE:M) will report $5.63 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Three analysts have made estimates for Macy’s’ earnings, with the highest sales estimate coming in at $5.76 billion and the lowest estimate coming in at $5.56 billion. Macy’s posted sales of $5.57 billion during the same quarter last year, which suggests a positive year over year growth rate of 1.1%. The firm is scheduled to announce its next quarterly earnings report on Wednesday, August 21st.

According to Zacks, analysts expect that Macy’s will report full year sales of $25.11 billion for the current financial year, with estimates ranging from $24.75 billion to $25.76 billion. For the next year, analysts expect that the company will post sales of $25.05 billion, with estimates ranging from $24.31 billion to $25.83 billion. Zacks’ sales calculations are an average based on a survey of research firms that cover Macy’s.

Macy’s (NYSE:M) last posted its earnings results on Wednesday, May 15th. The company reported $0.44 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.33 by $0.11. Macy’s had a return on equity of 20.66% and a net margin of 4.43%. The firm had revenue of $5.50 billion for the quarter, compared to analyst estimates of $5.52 billion. During the same quarter in the prior year, the company earned $0.48 EPS. Macy’s’s revenue was down .7% on a year-over-year basis.

M has been the topic of several research reports. ValuEngine raised Macy’s from a “sell” rating to a “hold” rating in a research note on Monday, February 4th. OTR Global lowered Macy’s to a “positive” rating in a research report on Wednesday, February 6th. TheStreet lowered Macy’s from a “b-” rating to a “c+” rating in a research report on Tuesday, February 5th. Guggenheim reaffirmed a “buy” rating and issued a $30.00 price target on shares of Macy’s in a research report on Tuesday, February 26th. Finally, Jefferies Financial Group reaffirmed a “hold” rating and issued a $27.00 price target on shares of Macy’s in a research report on Wednesday, February 27th. Four analysts have rated the stock with a sell rating, eleven have given a hold rating and six have assigned a buy rating to the company’s stock. Macy’s currently has an average rating of “Hold” and a consensus target price of $27.17.

M traded down $0.26 during mid-day trading on Tuesday, hitting $21.01. 9,617,046 shares of the stock were exchanged, compared to its average volume of 10,321,518. Macy’s has a 1-year low of $20.86 and a 1-year high of $41.99. The company has a current ratio of 1.42, a quick ratio of 0.32 and a debt-to-equity ratio of 1.19. The firm has a market cap of $6.46 billion, a price-to-earnings ratio of 5.03, a PEG ratio of 0.93 and a beta of 0.41.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be issued a $0.3775 dividend. The ex-dividend date is Thursday, June 13th. This represents a $1.51 dividend on an annualized basis and a dividend yield of 7.19%. Macy’s’s payout ratio is currently 36.12%.

In other Macy’s news, Director Francis S. Blake acquired 10,000 shares of the company’s stock in a transaction dated Wednesday, May 22nd. The shares were acquired at an average price of $21.63 per share, for a total transaction of $216,300.00. Following the acquisition, the director now owns 2,200 shares in the company, valued at approximately $47,586. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Deirdre P. Connelly sold 6,250 shares of the firm’s stock in a transaction that occurred on Thursday, April 4th. The stock was sold at an average price of $25.76, for a total value of $161,000.00. Following the transaction, the director now owns 17,092 shares in the company, valued at approximately $440,289.92. The disclosure for this sale can be found here. In the last quarter, insiders sold 16,921 shares of company stock worth $421,238. Company insiders own 0.55% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc grew its stake in Macy’s by 6.5% during the 3rd quarter. Vanguard Group Inc now owns 35,205,128 shares of the company’s stock worth $1,222,675,000 after buying an additional 2,133,597 shares during the last quarter. BlackRock Inc. grew its stake in Macy’s by 0.4% during the 1st quarter. BlackRock Inc. now owns 30,073,924 shares of the company’s stock worth $722,677,000 after buying an additional 121,302 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Macy’s by 23.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 8,559,577 shares of the company’s stock worth $205,696,000 after buying an additional 1,599,445 shares during the last quarter. Oregon Public Employees Retirement Fund grew its stake in Macy’s by 2,958.7% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 6,681,203 shares of the company’s stock worth $224,000 after buying an additional 6,462,771 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in Macy’s by 7.4% during the 4th quarter. Geode Capital Management LLC now owns 5,150,836 shares of the company’s stock worth $153,359,000 after buying an additional 355,028 shares during the last quarter. Hedge funds and other institutional investors own 89.27% of the company’s stock.

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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