Jefferies Financial Group Weighs in on Macy’s, Inc.’s Q1 2024 Earnings (NYSE:M)

Macy’s, Inc. (NYSE:MGet Rating) – Research analysts at Jefferies Financial Group reduced their Q1 2024 earnings per share (EPS) estimates for Macy’s in a report issued on Wednesday, September 14th. Jefferies Financial Group analyst S. Wissink now anticipates that the company will post earnings per share of $0.74 for the quarter, down from their previous estimate of $0.79. Jefferies Financial Group has a “Buy” rating and a $23.00 price objective on the stock. The consensus estimate for Macy’s’ current full-year earnings is $4.13 per share. Jefferies Financial Group also issued estimates for Macy’s’ Q2 2024 earnings at $0.76 EPS, Q3 2024 earnings at $0.37 EPS, Q4 2024 earnings at $2.09 EPS and FY2024 earnings at $3.96 EPS.

Macy’s (NYSE:MGet Rating) last announced its quarterly earnings data on Tuesday, August 23rd. The company reported $1.00 EPS for the quarter, beating the consensus estimate of $0.85 by $0.15. Macy’s had a return on equity of 51.29% and a net margin of 6.16%. During the same quarter last year, the company earned $1.29 earnings per share.

Other equities analysts have also issued research reports about the company. Citigroup lowered their price target on Macy’s from $23.00 to $21.00 and set a “neutral” rating for the company in a research report on Wednesday, August 24th. Evercore ISI lowered their price target on Macy’s from $35.00 to $30.00 and set an “outperform” rating for the company in a research report on Wednesday, August 24th. Bank of America lowered their price target on Macy’s from $22.00 to $15.00 and set an “underperform” rating for the company in a research report on Thursday, July 7th. TheStreet lowered Macy’s from a “b-” rating to a “c” rating in a research report on Thursday, May 26th. Finally, Morgan Stanley lowered their price target on Macy’s from $22.00 to $21.00 and set an “equal weight” rating for the company in a research report on Wednesday, August 24th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Macy’s currently has an average rating of “Hold” and an average price target of $27.08.

Macy’s Stock Performance

Shares of Macy’s stock opened at $16.71 on Friday. The business has a fifty day simple moving average of $18.00 and a two-hundred day simple moving average of $21.29. The company has a current ratio of 1.17, a quick ratio of 0.19 and a debt-to-equity ratio of 0.85. The firm has a market capitalization of $4.53 billion, a P/E ratio of 3.23, a P/E/G ratio of 0.33 and a beta of 1.68. Macy’s has a 12 month low of $15.85 and a 12 month high of $37.95.

Macy’s Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Shareholders of record on Thursday, September 15th will be paid a dividend of $0.1575 per share. This is an increase from Macy’s’s previous quarterly dividend of $0.16. This represents a $0.63 dividend on an annualized basis and a dividend yield of 3.77%. The ex-dividend date of this dividend is Wednesday, September 14th. Macy’s’s payout ratio is currently 12.19%.

Insider Buying and Selling at Macy’s

In other Macy’s news, SVP Paul Griscom sold 2,868 shares of the business’s stock in a transaction dated Wednesday, August 31st. The stock was sold at an average price of $17.43, for a total transaction of $49,989.24. Following the completion of the sale, the senior vice president now directly owns 4,688 shares in the company, valued at approximately $81,711.84. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CEO Jeffrey Gennette sold 78,021 shares of the business’s stock in a transaction that occurred on Monday, July 11th. The stock was sold at an average price of $17.36, for a total transaction of $1,354,444.56. Following the completion of the transaction, the chief executive officer now directly owns 405,744 shares in the company, valued at approximately $7,043,715.84. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Paul Griscom sold 2,868 shares of the business’s stock in a transaction that occurred on Wednesday, August 31st. The shares were sold at an average price of $17.43, for a total value of $49,989.24. Following the transaction, the senior vice president now owns 4,688 shares of the company’s stock, valued at $81,711.84. The disclosure for this sale can be found here. Insiders sold a total of 100,026 shares of company stock worth $1,736,856 in the last three months. 0.58% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Lindbrook Capital LLC grew its stake in shares of Macy’s by 175.9% during the 1st quarter. Lindbrook Capital LLC now owns 1,029 shares of the company’s stock valued at $25,000 after acquiring an additional 656 shares during the period. Quadrant Capital Group LLC boosted its stake in Macy’s by 64.8% in the 1st quarter. Quadrant Capital Group LLC now owns 1,233 shares of the company’s stock worth $30,000 after purchasing an additional 485 shares during the period. Confluence Wealth Services Inc. bought a new position in Macy’s in the 4th quarter worth approximately $31,000. Prospera Financial Services Inc bought a new position in Macy’s in the 1st quarter worth approximately $33,000. Finally, Monetary Management Group Inc. bought a new position in Macy’s in the 2nd quarter worth approximately $37,000. 85.57% of the stock is currently owned by institutional investors.

About Macy’s

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Macy's, Inc, an omni-channel retail organization, operates stores, Websites, and mobile applications. The company sells a range of merchandise, such as apparel and accessories for men, women, and children; cosmetics; home furnishings; and other consumer goods. As of January 29, 2022, it operated 725 department stores in the District of Columbia, Puerto Rico, and Guam under the Macy's, Macy's Backstage, Market by Macy's, Bloomingdale's, Bloomingdale's The Outlet, Bloomies, and bluemercury brands.

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Earnings History and Estimates for Macy's (NYSE:M)

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