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.
Net income climbed 61% to 23.3bn yuan (US$3.7bn) in the three months ended March, the Shenzhen-based company said on Wednesday. Tencent has been on a shopping spree, expanding into different sectors including e-commerce and automobiles.
And in 2016, a vape pen user in NY suffered third-degree burns after the pen exploded in his trousers , NBC 4 NY reported. Bill Pellan, director of Investigations at the Pinellas County Medical Examiner's Office , confirmed the report to WFTS .
Imagine being able to square off with other players' teams of Pokemon after you've caught them in the wild in Pokemon GO . According to the rumor, Pokemon for the Nintendo Switch will be called Pokemon Let's Go Pikachu and Let's Go Eevee .
After the All-Star center was sent careening to the floor, Smart quickly got in the face of Smith in defense of his teammate. We know he can make shots, but just communication defensive-wise."Smith explained: "We were slow on our coverages".
She is expected to be confirmed by the full Senate as soon as next week, although that vote likely also will be close . As Director of the CIA, Gina Haspel will be the first operations officer in more than five decades to lead the Agency.
Iswari Paudel of Himalayan Guides Nepal , the company assigned to fix the ropes, confirmed that the team has scaled the mountain. However, an informed source from Everest Base Camp told The Kathmandu Post that Phurba Tashi may climb Everest again.
The traditional college football powers have only met three times on their home fields with the last coming in Austin in 1922. Alabama and Texas announced a home-and-home series Wednesday that will feature games during the 2022 and 2023 seasons.
Courtney Love , Cobain's widow, and daughter Frances Bean Cobain both filed testimonies to keep the photos from being published. She has since made a decision to hand over the guitar as a way of settling the divorce proceedings quickly without a trial.
Han Solo Movie Sequel has 'So Many Possibilities'
The other strike against the film is that for a not insignificant amount of its running time, the visuals are surprisingly bad. He's basically trapped in amber, and when he makes a significant decision, we're left scratching our heads as to why.
New study links body clock to mood disorders
Our internal body clocks regulate every biological process in our bodies such as eating, our blood pressure, and sleeping. Long-term night-shift work has previously been associated with an increased risk of cancer, heart disease and obesity.
Lachlan Murdoch to serve as chairman, CEO of New Fox
Fox's film and entertainment franchises, which include " The Simpsons ", "X-Men" and "Avatar", will be owned by Disney. The rest of its major Hollywood assets are in line to be sold to Disney in a $52.4 billion all-stock deal.
Bills to retire Thurman Thomas' number
The Buffalo Bills will be retiring their third jersey number in franchise history this season, and frankly it seems long overdue. The 40th overall pick of the 1988 draft out of Oklahoma State, Thomas became an integral part of the Bills' offense immediately.
Russian company attacks Mueller indictment as baseless
He has pleaded not guilty to all of the charges, none of which are directly related to work he performed for Trump's campaign. Ellis, said he believed prosecutors were using the charges against Manafort to try to get him to turn against Trump.
Europe still buying Iranian oil amid sanctions threat
Military tensions between Iran and Israel have already mounted, and oil prices are rising on the uncertainty. Bolton struck a hawkish tone with his comments in an interview with CNN's " State of the Union " program.
Mohoric sprints to stage 10 Giro d'Italia win
Mohoric thanked his team, which is centered around Domenico Pozzovivo in fourth overall, for letting him go for the victory. Whenever you crash the body is going to take a bit of an impact and I'm not pedalling the same as I normally do.