Macy’s (NYSE:M) Shares Gap Up on Strong Earnings

Shares of Macy’s, Inc. (NYSE:MGet Free Report) gapped up prior to trading on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $19.10, but opened at $19.60. Macy’s shares last traded at $19.08, with a volume of 4,298,785 shares trading hands.

The company reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.15 by $0.12. The firm had revenue of $4.85 billion during the quarter, compared to analysts’ expectations of $4.82 billion. Macy’s had a net margin of 0.05% and a return on equity of 21.40%. The company’s revenue was down 2.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.56 EPS.

Macy’s Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be paid a dividend of $0.1737 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.69 dividend on an annualized basis and a yield of 3.45%. Macy’s’s payout ratio is 2,300.00%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on M. JPMorgan Chase & Co. upped their price target on shares of Macy’s from $25.00 to $27.00 and gave the company an “overweight” rating in a research note on Wednesday. Telsey Advisory Group reaffirmed a “market perform” rating and issued a $21.00 price objective on shares of Macy’s in a report on Tuesday. The Goldman Sachs Group upped their price objective on shares of Macy’s from $16.00 to $22.00 and gave the company a “buy” rating in a report on Wednesday, February 28th. TD Cowen upped their price objective on shares of Macy’s from $20.00 to $21.00 and gave the company a “hold” rating in a report on Wednesday. Finally, StockNews.com began coverage on shares of Macy’s in a report on Saturday, May 18th. They issued a “hold” rating on the stock. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $17.73.

Read Our Latest Stock Analysis on Macy’s

Insider Buying and Selling

In other Macy’s news, CFO Adrian V. Mitchell sold 13,249 shares of the stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $20.42, for a total transaction of $270,544.58. Following the transaction, the chief financial officer now directly owns 99,098 shares of the company’s stock, valued at $2,023,581.16. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, CEO Antony Spring sold 14,859 shares of the firm’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $19.63, for a total transaction of $291,682.17. Following the completion of the sale, the chief executive officer now directly owns 248,897 shares in the company, valued at $4,885,848.11. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Adrian V. Mitchell sold 13,249 shares of the firm’s stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $20.42, for a total transaction of $270,544.58. Following the sale, the chief financial officer now owns 99,098 shares of the company’s stock, valued at $2,023,581.16. The disclosure for this sale can be found here. Over the last three months, insiders have sold 218,424 shares of company stock valued at $4,405,507. Corporate insiders own 2.77% of the company’s stock.

Institutional Investors Weigh In On Macy’s

Institutional investors have recently made changes to their positions in the stock. Glassman Wealth Services boosted its stake in shares of Macy’s by 154.5% in the fourth quarter. Glassman Wealth Services now owns 1,224 shares of the company’s stock valued at $25,000 after purchasing an additional 743 shares during the period. Lindbrook Capital LLC boosted its stake in shares of Macy’s by 253.1% in the fourth quarter. Lindbrook Capital LLC now owns 1,317 shares of the company’s stock valued at $26,000 after purchasing an additional 944 shares during the period. Riverview Trust Co purchased a new position in shares of Macy’s in the first quarter valued at approximately $27,000. Fifth Third Bancorp boosted its stake in shares of Macy’s by 221.4% in the third quarter. Fifth Third Bancorp now owns 3,506 shares of the company’s stock valued at $41,000 after purchasing an additional 2,415 shares during the period. Finally, Fidelis Capital Partners LLC purchased a new position in shares of Macy’s in the first quarter valued at approximately $42,000. 87.36% of the stock is currently owned by institutional investors and hedge funds.

Macy’s Trading Up 0.2 %

The company’s 50 day moving average price is $19.50 and its 200 day moving average price is $18.49. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.38 and a quick ratio of 0.39. The firm has a market cap of $5.54 billion, a PE ratio of 670.67 and a beta of 2.16.

Macy’s Company Profile

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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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