Macy’s, Inc. Expected to Earn FY2024 Earnings of $2.80 Per Share (NYSE:M)

Posted by Defense World Staff on Sep 8th, 2023

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Macy’s, Inc. (NYSE:M – Free Report) – Investment analysts at Zacks Research reduced their FY2024 earnings per share estimates for Macy’s in a report released on Tuesday, September 5th. Zacks Research analyst S. Singh now expects that the company will earn $2.80 per share for the year, down from their previous estimate of $2.90. The consensus estimate for Macy’s’ current full-year earnings is $2.83 per share. Zacks Research also issued estimates for Macy’s’ Q4 2024 earnings at $1.97 EPS, Q2 2025 earnings at $0.24 EPS, Q4 2025 earnings at $2.08 EPS and Q2 2026 earnings at $0.27 EPS.

A number of other research firms have also issued reports on M. Citigroup decreased their price objective on Macy’s from $15.00 to $13.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 23rd. UBS Group cut their price objective on Macy’s from $12.00 to $10.00 and set a “sell” rating for the company in a report on Wednesday, August 23rd. Morgan Stanley dropped their target price on Macy’s from $23.00 to $15.00 and set an “equal weight” rating for the company in a report on Monday, August 7th. JPMorgan Chase & Co. dropped their target price on Macy’s from $26.00 to $23.00 in a report on Friday, June 2nd. Finally, StockNews.com began coverage on Macy’s in a report on Thursday, August 17th. They issued a “hold” rating for the company. 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 presently has a consensus rating of “Hold” and an average price target of $16.64.

View Our Latest Analysis on Macy’s

Macy’s Stock Performance

Shares of M opened at $11.62 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 $11.56 and a 1 year high of $25.12. The firm has a market cap of $3.18 billion, a PE ratio of 4.30, a PEG ratio of 0.35 and a beta of 1.88. The stock’s fifty day moving average price is $14.97 and its two-hundred day moving average price is $16.38.

Macy’s (NYSE:M – Get Free Report) last announced its earnings results on Tuesday, August 22nd. The company reported $0.26 earnings per share (EPS) 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 company had revenue of $5.15 billion for the quarter, compared to analysts’ expectations of $5.07 billion. During the same quarter in the previous year, the firm earned $1.00 earnings per share. Macy’s’s quarterly revenue was down 8.0% on a year-over-year basis.

Institutional Investors Weigh In On Macy’s

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Virginia Retirement Systems ET AL purchased a new position in Macy’s during the second quarter worth about $798,000. Osaic Holdings Inc. raised its stake in shares of Macy’s by 61.7% in the 2nd quarter. Osaic Holdings Inc. now owns 42,490 shares of the company’s stock valued at $682,000 after acquiring an additional 16,218 shares during the period. Teachers Retirement System of The State of Kentucky grew its holdings in Macy’s by 10.2% during the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 47,836 shares of the company’s stock valued at $768,000 after purchasing an additional 4,442 shares in the last quarter. GTS Securities LLC acquired a new stake in Macy’s during the 2nd quarter valued at $659,000. Finally, Alliancebernstein L.P. grew its holdings in Macy’s by 0.6% during the 2nd quarter. Alliancebernstein L.P. now owns 409,796 shares of the company’s stock worth $6,577,000 after acquiring an additional 2,524 shares in the last quarter. 82.69% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Macy’s

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

Macy’s Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 15th will be given a dividend of $0.1654 per share. This represents a $0.66 annualized dividend and a dividend yield of 5.70%. The ex-dividend date is Thursday, September 14th. This is a positive change from Macy’s’s previous quarterly dividend of $0.17. Macy’s’s payout ratio is 24.44%.

About Macy’s

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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.