Macy’s, Inc. Forecasted to Post FY2024 Earnings of $3.96 Per Share (NYSE:M)

Macy’s, Inc. (NYSE:M – Get Rating) – Research analysts at Telsey Advisory Group reduced their FY2024 earnings estimates for shares of Macy’s in a research note issued to investors on Friday, March 3rd. Telsey Advisory Group analyst D. Telsey now expects that the company will post earnings per share of $3.96 for the year, down from their prior forecast of $4.05. Telsey Advisory Group has a “Market Perform” rating and a $25.00 price target on the stock. The consensus estimate for Macy’s’ current full-year earnings is $3.78 per share. Telsey Advisory Group also issued estimates for Macy’s’ FY2025 earnings at $4.18 EPS.

Macy’s (NYSE:M – Get Rating) last announced its quarterly earnings results on Thursday, March 2nd. The company reported $1.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.57 by $0.31. The firm had revenue of $8.26 billion during the quarter, compared to analyst estimates of $8.27 billion. Macy’s had a return on equity of 35.06% and a net margin of 4.82%. Macy’s’s quarterly revenue was down 4.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.45 earnings per share.

Several other analysts have also recently issued reports on M. Deutsche Bank Aktiengesellschaft dropped their target price on Macy’s from $23.00 to $22.00 in a research report on Tuesday, January 10th. StockNews.com downgraded shares of Macy’s from a “buy” rating to a “hold” rating in a research report on Friday, December 30th. Morgan Stanley raised their price objective on Macy’s from $21.00 to $23.00 and gave the stock an “equal weight” rating in a research report on Friday. JPMorgan Chase & Co. upped their target price on Macy’s from $26.00 to $28.00 and gave the company a “neutral” rating in a research report on Friday. Finally, Credit Suisse Group increased their price target on Macy’s from $19.00 to $20.00 and gave the company an “underperform” rating in a research note on Friday. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $24.27.

Macy’s Trading Down 0.2 %

NYSE M opened at $22.66 on Monday. The company’s 50-day simple moving average is $22.13 and its two-hundred day simple moving average is $20.37. Macy’s has a one year low of $15.10 and a one year high of $28.06. The company has a market capitalization of $6.14 billion, a price-to-earnings ratio of 5.41, a price-to-earnings-growth ratio of 0.47 and a beta of 1.83. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.14 and a current ratio of 1.20.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Robeco Institutional Asset Management B.V. lifted its stake in Macy’s by 26.3% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 117,821 shares of the company’s stock valued at $1,846,000 after buying an additional 24,570 shares in the last quarter. M&T Bank Corp purchased a new position in shares of Macy’s in the second quarter valued at approximately $286,000. Hussman Strategic Advisors Inc. boosted its stake in shares of Macy’s by 60.0% in the second quarter. Hussman Strategic Advisors Inc. now owns 208,000 shares of the company’s stock worth $3,811,000 after acquiring an additional 78,000 shares during the last quarter. Integrated Wealth Concepts LLC purchased a new stake in shares of Macy’s during the second quarter worth approximately $1,298,000. Finally, Banco Bilbao Vizcaya Argentaria S.A. lifted its holdings in Macy’s by 35.8% in the 2nd quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 17,242 shares of the company’s stock valued at $318,000 after purchasing an additional 4,550 shares in the last quarter. Institutional investors and hedge funds own 80.19% of the company’s stock.

Macy’s Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 3rd. Shareholders of record on Wednesday, March 15th will be given a $0.1654 dividend. This represents a $0.66 annualized dividend and a yield of 2.92%. The ex-dividend date of this dividend is Tuesday, March 14th. This is a positive change from Macy’s’s previous quarterly dividend of $0.16. Macy’s’s dividend payout ratio is currently 15.04%.

Macy’s Company Profile

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Macy’s, Inc engages in the retail of apparel, accessories, cosmetics, home furnishings, and other consumer goods. The firm’s brands include Macy’s, Bloomingdale’s, and Bluemercury. It offers men’s, women’s, and children’s apparel, women’s accessories, intimate apparel, shoes, cosmetics, fragrances, as well as home and miscellaneous products.