Macy’s, Inc. Expected to Post FY2024 Earnings of $3.08 Per Share (NYSE:M)

Macy’s, Inc. (NYSE:M) – Research analysts at Telsey Advisory Group boosted their FY2024 earnings per share estimates for shares of Macy’s in a report released on Friday, November 17th. Telsey Advisory Group analyst D. Telsey now anticipates that the company will post earnings of $3.08 per share for the year, up from their previous forecast of $2.90. Telsey Advisory Group currently has a “Market Perform” rating and a $15.00 target price on the stock. The consensus estimate for Macy’s’ current full-year earnings is $2.78 per share. Telsey Advisory Group also issued estimates for Macy’s’ Q4 2024 earnings at $2.02 EPS, Q1 2025 earnings at $0.63 EPS, Q2 2025 earnings at $0.29 EPS, Q4 2025 earnings at $2.01 EPS and FY2025 earnings at $3.10 EPS.

Macy’s (NYSE:M) last released its quarterly earnings results on Thursday, November 16th. The company reported $0.21 EPS for the quarter. The firm had revenue of $4.86 billion for the quarter, compared to analyst estimates of $4.78 billion. Macy’s had a net margin of 3.15% and a return on equity of 22.46%. The business’s revenue for the quarter was down 7.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.52 EPS.

Other analysts have also issued research reports about the company. The Goldman Sachs Group cut their target price on Macy’s from $23.00 to $17.00 and set a “buy” rating on the stock in a research report on Wednesday, August 23rd. Gordon Haskett lowered Macy’s from a “buy” rating to a “hold” rating and set a $13.00 target price on the stock. in a research report on Wednesday, September 27th. Bank of America cut their target price on Macy’s from $13.00 to $12.00 and set an “underperform” rating on the stock in a research report on Wednesday, August 23rd. Evercore ISI began coverage on Macy’s in a research report on Tuesday, November 7th. They set an “inline” rating and a $13.00 price objective on the stock. Finally, JPMorgan Chase & Co. upped their price objective on Macy’s from $16.00 to $19.00 and gave the stock an “overweight” rating in a research report on Friday. Three analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $15.00.

Macy’s Stock Up 3.6 %

Shares of NYSE M opened at $14.97 on Monday. The firm has a market cap of $4.09 billion, a price-to-earnings ratio of 5.54, a PEG ratio of 0.38 and a beta of 1.90. The company has a quick ratio of 0.27, a current ratio of 1.26 and a debt-to-equity ratio of 0.71. Macy’s has a 52-week low of $10.54 and a 52-week high of $25.12. The business’s 50 day moving average is $11.59 and its two-hundred day moving average is $13.81.

Macy’s Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 2nd. Shareholders of record on Friday, December 15th will be paid a $0.1654 dividend. The ex-dividend date is Thursday, December 14th. This represents a $0.66 annualized dividend and a yield of 4.42%. Macy’s’s dividend payout ratio is presently 24.44%.

Institutional Investors Weigh In On Macy’s

Institutional investors and hedge funds have recently made changes to their positions in the business. Point72 Asset Management L.P. raised its holdings in Macy’s by 1,054.0% during the second quarter. Point72 Asset Management L.P. now owns 10,846,841 shares of the company’s stock worth $174,092,000 after purchasing an additional 9,906,912 shares in the last quarter. Holocene Advisors LP raised its holdings in Macy’s by 171.1% during the second quarter. Holocene Advisors LP now owns 5,582,759 shares of the company’s stock worth $89,603,000 after purchasing an additional 3,523,368 shares in the last quarter. Schonfeld Strategic Advisors LLC increased its holdings in Macy’s by 196.2% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 3,453,241 shares of the company’s stock valued at $71,309,000 after buying an additional 2,287,287 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in Macy’s by 27.1% in the first quarter. Arrowstreet Capital Limited Partnership now owns 10,106,073 shares of the company’s stock valued at $246,184,000 after buying an additional 2,155,936 shares in the last quarter. Finally, Renaissance Technologies LLC increased its holdings in Macy’s by 126.2% in the first quarter. Renaissance Technologies LLC now owns 3,796,764 shares of the company’s stock valued at $92,489,000 after buying an additional 2,118,174 shares in the last quarter. 82.69% of the stock is owned by hedge funds and other institutional investors.

About Macy’s

Macy's, Inc, an omni-channel retail organization, operates stores, websites, and mobile applications in the United States. The company sells a range of merchandise, such as apparel and accessories for men, women, and kids; cosmetics; home furnishings; and other consumer goods under the Macy's, Bloomingdale's, and bluemercury brands.