Monday, 21 May, 2018


What Macy's Got Right in Q1

Macy's department store Macy's (M) Upgraded to Positive by OTR Global
Conrad Doyle | 16 May, 2018, 23:35

Other equities research analysts have also recently issued research reports about the stock. The company's stock has jumped more than 9% today, as of this writing.

Macy's will continue to have a presence on Alibaba's Tmall, but the company said that its e-commerce team in San Francisco will run the China business. Deutsche Bank upped their target price on shares of Macy's from $27.00 to $28.00 and gave the company a hold rating in a research report on Monday, February 26th. Finally, BMO Capital Markets boosted their target price on Macy's from $38.00 to $42.00 and gave the stock an "outperform" rating in a report on Thursday, March 1st.

Analysts on average were expecting earnings of 37 cents per share, and revenue of $5.36 billion. The company has an average rating of Hold and a consensus price target of $26.49.

Shares of NYSE:M traded up $2.82 during midday trading on Wednesday, hitting $32.75. 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 has a 12 month low of $31.41 and a 12 month high of $33.75.

Macy's (NYSE:M) last posted its earnings results on Tuesday, February 27th. The company said that it had $0.48 in earnings per share (EPS) on $5.54 billion in revenue, which compares with consensus estimates from Thomson Reuters of $0.35 in EPS on revenue of $5.39 billion. Macy's had a return on equity of 24.93% and a net margin of 6.23%.

Net sales rose 3.6% to $5.54 billion in the quarter.

While it may be too soon to call a definitive turnaround, particularly in the midst of what CEO Jeff Gennette on Wednesday's earnings call described as "the most competitive retail environment I've ever seen", signs are hopeful for the company, which raised its projections for adjusted earnings per diluted share from $3.75 to $3.95 for the year, again surpassing analyst forecasts.

In other news, Director Deirdre P. Connelly sold 9,092 shares of Macy's stock in a transaction dated Thursday, March 8th. The stock was bought at an average cost of $29.10 per share, with a total value of $291,000.00. Following the completion of the sale, the director now directly owns 16,184 shares in the company, valued at $473,382. Also, Chairman Jeffrey Gennette purchased 10,000 shares of the firm's stock in a transaction dated Thursday, April 12th. The stock was sold at an average price of $29.39, for a total transaction of $1,984,265.85. The disclosure for this sale can be found here.

Shares of Macy's stock opened at $29.63 on Friday.

Several hedge funds have recently added to or reduced their stakes in the stock. Harvest Fund Management Co. Net income almost doubled, to $139 million in Q1 from $78 million in the year-ago period. Finally, Enterprise Financial Services Corp grew its holdings in shares of Macy's by 102.4% in the fourth quarter. American International Group Inc. now owns 23,923,612 shares of the company's stock worth $602,636,000 after purchasing an additional 11,894,858 shares during the last quarter. Today's results answer in the affirmative ... suggesting that Macy's recovery is gaining momentum. LSV Asset Management now owns 3,916,854 shares of the company's stock worth $98,665,000 after purchasing an additional 144,600 shares during the last quarter. While there's no doubt that Macy's has had its struggles in the past, the company is beating expectations now, and now is what investors care about.

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