Macy’s (NYSE: M) Issues Q2 2022 Earnings Guidance

Macy’s (NYSE: M – Get Rating) issued an update on its second quarter 2022 earnings guidance on Thursday morning. The company provided EPS guidance of $ 0.84- $ 0.94 for the period, compared to the consensus EPS estimate of $ 0.81. The company issued revenue guidance of $ 5.48 billion- $ 5.55 billion, compared to the consensus revenue estimate of $ 5.49 billion. Macy’s also updated its FY 2022 guidance to $ 4.53- $ 4.95 EPS.

Shares of Macy’s stock opened at $ 19.54 on Thursday. The company has a quick ratio of 0.23, a current ratio of 1.12 and a debt-to-equity ratio of 0.91. Macy’s has a twelve month low of $ 15.68 and a twelve month high of $ 37.95. The stock has a market cap of $ 5.27 billion, a price-to-earnings ratio of 3.71, a P / E / G ratio of 0.36 and a beta of 1.77. The company’s fifty day moving average is $ 22.71 and its 200 day moving average is $ 24.58.

Macy’s (NYSE: M – Get Rating) last released its earnings results on Thursday, May 26th. The company reported $ 1.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $ 0.82 by $ 0.26. The business had revenue of $ 5.35 billion for the quarter, compared to analyst estimates of $ 5.33 billion. Macy’s had a net margin of 6.42% and a return on equity of 56.91%. Macy’s revenue for the quarter was up 13.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $ 0.39 earnings per share. As a group, equities analysts anticipate that Macy’s will post 4.65 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, July 1st. Investors of record on Wednesday, June 15th will be issued a $ 0.157 dividend. The ex-dividend date is Tuesday, June 14th. This represents a $ 0.63 annualized dividend and a yield of 3.21%. Macy’s payout ratio is 11.98%.

Several equities analysts recently issued reports on M shares. Credit Suisse Group dropped their target price on shares of Macy’s from $ 32.00 to $ 25.00 and set an underperform rating on the stock in a report on Wednesday, February 23rd. Jefferies Financial Group dropped their price objective on shares of Macy’s from $ 45.00 to $ 40.00 and set a buy rating on the stock in a report on Wednesday, February 23rd. 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 report on Wednesday, February 23rd. Cowen dropped their price objective on shares of Macy’s to $ 30.00 in a report on Friday, May 27th. Finally, Citigroup dropped their objective price on shares of Macy’s from $ 25.00 to $ 23.00 and set a neutral rating on the stock in a report on Friday, May 27th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, Macy’s has a consensus rating of Hold and an average price target of $ 31.83.

In other Macy’s news, EVP Danielle L. Kirgan sold 10,222 shares of the firm’s stock in a transaction on Friday, March 25th. The stock was sold at an average price of $ 26.35, for a total value of $ 269,349.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Adrian V. Mitchell sold 4,460 shares of the firm’s stock in a transaction on Monday, March 28th. The stock was sold at an average price of $ 25.40, for a total value of $ 113,284.00. The disclosure for this sale can be found here. Insiders have sold 28,340 shares of company stock worth $ 729,547 over the last quarter. 0.58% of the stock is currently owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in the business. Estabrook Capital Management grew its position in shares of Macy’s by 77.8% in the first quarter. Estabrook Capital Management now owns 1,600 shares of the company’s stock valued at $ 39,000 after purchasing an additional 700 shares in the last quarter. Lazard Asset Management LLC grew its position in shares of Macy’s by 52.3% in the first quarter. Lazard Asset Management LLC now owns 1,995 shares of the company’s stock valued at $ 48,000 after purchasing an additional 685 shares in the last quarter. Covestor Ltd grew its position in shares of Macy’s by 263.5% in the first quarter. Covestor Ltd now owns 6,580 shares of the company’s stock valued at $ 160,000 after purchasing an additional 4,770 shares in the last quarter. Prelude Capital Management LLC purchased a new position in shares of Macy’s in the first quarter valued at $ 230,000. Finally, Beacon Pointe Advisors LLC purchased a new position in shares of Macy’s in the first quarter valued at $ 233,000. 85.98% of the stock is owned by institutional investors and hedge funds.

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 and Estimates for Macy's (NYSE: M)

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