Zacks Research Comments on Macy’s, Inc.’s Q3 2024 Earnings (NYSE:M)

Macy’s, Inc. (NYSE:M) – Equities researchers at Zacks Research cut their Q3 2024 EPS estimates for Macy’s in a research report issued on Tuesday, September 5th. Zacks Research analyst S. Singh now anticipates that the company will post earnings per share of $0.01 for the quarter, down from their previous forecast of $0.30. The consensus estimate for Macy’s’ current full-year earnings is $2.81 per share. Zacks Research also issued estimates for Macy’s’ Q1 2025 earnings at $0.34 EPS, Q3 2025 earnings at $0.06 EPS, FY2025 earnings at $2.73 EPS, Q1 2026 earnings at $0.39 EPS and FY2026 earnings at $2.96 EPS.

Several other brokerages also recently weighed in on M. UBS Group dropped their target price on Macy’s from $12.00 to $10.00 and set a “sell” rating on the stock in a research note on Wednesday, August 23rd. StockNews.com began coverage on shares of Macy’s in a research note on Thursday, August 17th. They issued a “hold” rating for the company. Bank of America dropped their target price on shares of Macy’s from $13.00 to $12.00 and set an “underperform” rating on the stock in a research report on Wednesday, August 23rd. Gordon Haskett upgraded shares of Macy’s from a “hold” rating to a “buy” rating and set a $18.00 price objective for the company in a research note on Thursday, June 1st. Finally, Telsey Advisory Group reissued a “market perform” rating and issued a $14.00 target price (down from $16.00) on shares of Macy’s in a research report on Tuesday, August 22nd. Three investment analysts have rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, Macy’s currently has a consensus rating of “Hold” and a consensus target price of $16.64.

Macy’s Stock Up 0.3 %

Shares of M traded up $0.03 during trading hours on Friday, hitting $11.65. The company had a trading volume of 2,814,029 shares, compared to its average volume of 10,963,465. Macy’s has a one year low of $11.46 and a one year high of $25.12. The company’s fifty day moving average price is $14.97 and its two-hundred day moving average price is $16.38. The company has a market capitalization of $3.19 billion, a PE ratio of 4.30, a price-to-earnings-growth ratio of 0.35 and a beta of 1.88. The company has a current ratio of 1.26, a quick ratio of 0.27 and a debt-to-equity ratio of 0.71.

Macy’s (NYSE:M) last released its quarterly earnings data on Tuesday, August 22nd. The company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.13. Macy’s had a return on equity of 22.46% and a net margin of 3.15%. The firm had revenue of $5.15 billion during the quarter, compared to the consensus estimate of $5.07 billion. During the same period in the previous year, the company posted $1.00 earnings per share. The firm’s quarterly revenue was down 8.0% on a year-over-year basis.

Macy’s Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 15th will be issued a $0.1654 dividend. This is a positive change from Macy’s’s previous quarterly dividend of $0.17. This represents a $0.66 annualized dividend and a yield of 5.68%. The ex-dividend date is Thursday, September 14th. Macy’s’s payout ratio is 24.44%.

Insiders Place Their Bets

In other news, SVP Paul Griscom sold 8,044 shares of the firm’s stock in a transaction on Friday, June 16th. The stock was sold at an average price of $15.90, for a total transaction of $127,899.60. Following the completion of the transaction, the senior vice president now directly owns 11,061 shares in the company, valued at $175,869.90. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, CEO Antony Spring sold 19,026 shares of the business’s stock in a transaction dated Monday, July 10th. The stock was sold at an average price of $15.97, for a total transaction of $303,845.22. Following the completion of the transaction, the chief executive officer now directly owns 198,155 shares of the company’s stock, valued at $3,164,535.35. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Paul Griscom sold 8,044 shares of the firm’s stock in a transaction that occurred on Friday, June 16th. The shares were sold at an average price of $15.90, for a total transaction of $127,899.60. Following the completion of the sale, the senior vice president now directly owns 11,061 shares in the company, valued at approximately $175,869.90. The disclosure for this sale can be found here. Insiders sold a total of 52,822 shares of company stock valued at $838,453 over the last 90 days. 1.52% of the stock is owned by company insiders.

Institutional Investors Weigh In On Macy’s

A number of institutional investors and hedge funds have recently bought and sold shares 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 worth $744,202,000 after purchasing an additional 1,642,941 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Macy’s by 15.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 12,037,380 shares of the company’s stock valued at $193,201,000 after purchasing an additional 1,605,605 shares during the last quarter. State Street Corp increased its holdings in shares of Macy’s by 10.3% in the second quarter. State Street Corp now owns 11,241,180 shares of the company’s stock valued at $182,203,000 after purchasing an additional 1,050,825 shares during the period. Point72 Asset Management L.P. raised its stake in shares of 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 during the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its position in Macy’s by 27.1% in the 1st 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 during 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.