Macy’s (NYSE:M) Shares Gap Down After Earnings Miss

Macy’s, Inc. (NYSE:M)’s stock price gapped down prior to trading on Wednesday following a weaker than expected earnings announcement. The stock had previously closed at $16.72, but opened at $14.90. Macy’s shares last traded at $15.00, with a volume of 7,870,901 shares changing hands.

The company reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.03). The business had revenue of $4.74 billion during the quarter, compared to analysts’ expectations of $4.74 billion. Macy’s had a return on equity of 23.14% and a net margin of 0.80%. Macy’s’s revenue for the quarter was down 2.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.21 EPS.

Macy’s Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be paid a $0.1737 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.69 annualized dividend and a dividend yield of 4.19%. Macy’s’s payout ratio is 107.81%.

Analyst Upgrades and Downgrades

M has been the subject of several recent research reports. Argus upgraded shares of Macy’s to a “hold” rating in a research note on Thursday, October 10th. Telsey Advisory Group reaffirmed a “market perform” rating and set a $17.00 price objective on shares of Macy’s in a research note on Wednesday. Morgan Stanley reduced their price objective on shares of Macy’s from $18.00 to $17.00 and set an “equal weight” rating for the company in a research note on Thursday, August 22nd. Finally, StockNews.com raised shares of Macy’s from a “hold” rating to a “buy” rating in a research note on Wednesday, November 27th. Six investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, Macy’s presently has a consensus rating of “Hold” and a consensus target price of $19.86.

Hedge Funds Weigh In On Macy’s

A number of hedge funds and other institutional investors have recently bought and sold shares of M. Quest Partners LLC bought a new stake in shares of Macy’s in the 3rd quarter worth approximately $35,000. Venturi Wealth Management LLC lifted its holdings in shares of Macy’s by 282.7% in the 3rd quarter. Venturi Wealth Management LLC now owns 2,281 shares of the company’s stock worth $36,000 after acquiring an additional 1,685 shares during the last quarter. Future Financial Wealth Managment LLC bought a new stake in shares of Macy’s in the 3rd quarter worth approximately $39,000. Abich Financial Wealth Management LLC bought a new stake in shares of Macy’s in the 2nd quarter worth approximately $57,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Macy’s in the 2nd quarter worth approximately $62,000. Hedge funds and other institutional investors own 87.36% of the company’s stock.

Macy’s Trading Down 0.9 %

The stock has a market capitalization of $4.60 billion, a P/E ratio of 25.90 and a beta of 2.11. The company has a current ratio of 1.48, a quick ratio of 0.34 and a debt-to-equity ratio of 0.70. The stock’s fifty day moving average price is $15.76 and its two-hundred day moving average price is $16.53.

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.