Macy's Stock Soars After Crushing Q1 Earnings Forecasts, Lifting Views

Postado Mai 16, 2018

OTR Global upgraded shares of Macy's to a "positive" rating in a research note on Friday, May 4th. Gordon Haskett raised Macy's from a "hold" rating to a "buy" rating and set a $36.00 target price for the company in a research report on Thursday, March 1st. Finally, Deutsche Bank raised their target price on Macy's from $27.00 to $28.00 and gave the stock a "hold" rating in a research report on Monday, February 26th. Two analysts have rated the stock with a sell rating, thirteen have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company's stock.

Shares of Macy's opened at $32.10 on Wednesday, Marketbeat reports.

Shares of M stock traded up $0.55 during mid-day trading on Tuesday, reaching $29.96. The stock had a trading volume of 393,408 shares, compared to its average volume of 10,137,291. The stock had previously closed at $30.72. The company has a market cap of $9.03 billion, a P/E ratio of 8.00, a P/E/G ratio of 0.96 and a beta of 0.73. The company has a quick ratio of 0.45, a current ratio of 1.47 and a debt-to-equity ratio of 1.04.

Macy's (NYSE:M) last announced its earnings results on Tuesday, February 27th. The company reported $2.82 EPS for the quarter, topping analysts' consensus estimates of $2.71 by $0.11.

The retailer once again posted double-digit sales growth from digital sales thanks in part to improvements the company has made to its website and app

Net income attributable to Macy's shareholders rose to $139 million, or 45 cents per share, in the first quarter ended May 5, from $78 million, or 26 cents per share, a year earlier.

During the quarter, Macy's noted that comparable sales on an owned basis were up 3.9% compared to the first quarter of 2017.

The firm also recently declared a quarterly dividend, which was paid on Monday, April 2nd. Stockholders of record on Thursday, March 15th were given a $0.3775 dividend. This represents a $1.51 dividend on an annualized basis and a yield of 5.04%. The ex-dividend date was Wednesday, March 14th. Macy's's dividend payout ratio is 40.05%. The stock was sold at an average price of $29.39, for a total transaction of $1,984,265.85. Following the completion of the sale, the director now owns 54,834 shares of the company's stock, valued at $1,661,470.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Deirdre P. Connelly sold 9,092 shares of Macy's stock in a transaction on Thursday, March 8th. Institutional investors own 89.05% of the company's stock. The disclosure for this purchase can be found here.

The retailer's 4.2 percent rise in same-store sales in the first quarter easily topped Wall Street's 1.4 percent estimate. Kistler Tiffany Companies LLC now owns 8,900 shares of the company's stock worth $224,000 after purchasing an additional 2,120 shares during the period. Prudential Financial Inc. now owns 5,013,391 shares of the company's stock worth $109,392,000 after purchasing an additional 2,153,110 shares during the last quarter. Vestpro Financial Partners Inc. dba CPF Texas bought a new stake in Macy's during the 4th quarter valued at $104,000. Over the last three months, insiders sold 107,392 shares of company stock worth $3,173,164. Contrarius Investment Management Ltd now owns 6,307,867 shares of the company's stock valued at $187,596,000 after buying an additional 154,835 shares during the last quarter. Excluding asset sale gains in the quarter, the company would have earned 42 cents per share which is up from 12 cents earned in the same quarter a year ago. Finally, Schwab Charles Investment Management Inc. lifted its stake in Macy's by 22.6% during the fourth quarter. The fund bought 7,448 shares of the company's stock, valued at approximately $222,000.