Macy’s (NYSE:M – Get Free Report) updated its FY24 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $2.88-3.13 for the period, compared to the consensus estimate of $2.76. The company issued revenue guidance of $22.9-23.2 billion, compared to the consensus revenue estimate of $23.02 billion. Macy’s also updated its FY 2023 guidance to $2.88-$3.13 EPS.
Macy’s Stock Performance
Shares of NYSE M opened at $12.61 on Thursday. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.26 and a quick ratio of 0.27. Macy’s has a 1 year low of $10.54 and a 1 year high of $25.12. The firm has a fifty day moving average price of $11.43 and a 200-day moving average price of $13.85. The stock has a market cap of $3.45 billion, a PE ratio of 4.67, a price-to-earnings-growth ratio of 0.32 and a beta of 1.90.
Macy’s (NYSE:M – Get Free Report) last issued its quarterly earnings results on Tuesday, August 22nd. The company reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.13 by $0.13. Macy’s had a return on equity of 22.46% and a net margin of 3.15%. The business had revenue of $5.15 billion during the quarter, compared to analyst estimates of $5.07 billion. During the same quarter in the prior year, the business posted $1.00 EPS. Macy’s’s revenue for the quarter was down 8.0% compared to the same quarter last year. Equities analysts anticipate that Macy’s will post 2.79 earnings per share for the current fiscal year.
Macy’s Dividend Announcement
Analyst Upgrades and Downgrades
A number of brokerages have issued reports on M. Telsey Advisory Group reaffirmed a market perform rating and set a $14.00 price objective (down from $16.00) on shares of Macy’s in a report on Tuesday, August 22nd. Citigroup reduced their price target on shares of Macy’s from $15.00 to $13.00 and set a neutral rating on the stock in a report on Wednesday, August 23rd. Gordon Haskett downgraded shares of Macy’s from a buy rating to a hold rating and set a $13.00 price objective for the company. in a report on Wednesday, September 27th. StockNews.com began coverage on Macy’s in a research report on Thursday, October 5th. They set a hold rating for the company. Finally, Evercore ISI began coverage on Macy’s in a research report on Tuesday, November 7th. They issued an inline rating and a $13.00 target price on the stock. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, Macy’s has an average rating of Hold and an average target price of $15.27.
Institutional Investors Weigh In On Macy’s
Institutional investors have recently modified their holdings of the stock. Lazard Asset Management LLC lifted its holdings in shares of Macy’s by 45.2% in the 3rd quarter. Lazard Asset Management LLC now owns 18,415 shares of the company’s stock worth $213,000 after acquiring an additional 5,733 shares during the last quarter. Seven Eight Capital LP purchased a new stake in Macy’s in the 1st quarter worth about $212,000. Toroso Investments LLC lifted its stake in Macy’s by 11.2% in the third quarter. Toroso Investments LLC now owns 17,960 shares of the company’s stock worth $209,000 after purchasing an additional 1,813 shares during the last quarter. Amundi lifted its stake in Macy’s by 4,884.7% in the fourth quarter. Amundi now owns 8,474 shares of the company’s stock worth $188,000 after purchasing an additional 8,304 shares during the last quarter. Finally, Belpointe Asset Management LLC boosted its position in shares of Macy’s by 466.4% during the second quarter. Belpointe Asset Management LLC now owns 11,125 shares of the company’s stock valued at $179,000 after buying an additional 9,161 shares during the period. 82.69% of the stock is owned by institutional investors.
Macy’s Company Profile
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.
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