Macy’s (NYSE:M) Releases FY 2022 Earnings Guidance

Macy’s (NYSE:MGet Rating) issued an update on its FY 2022 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $4.00-$4.20 for the period, compared to the consensus earnings per share estimate of $4.51. The company issued revenue guidance of $24.34 billion-$24.58 billion, compared to the consensus revenue estimate of $24.36 billion.

Macy’s Trading Down 1.5 %

NYSE:M traded down $0.24 during trading hours on Friday, reaching $15.55. The company’s stock had a trading volume of 453,496 shares, compared to its average volume of 10,951,987. The firm has a market capitalization of $4.21 billion, a price-to-earnings ratio of 3.03, a PEG ratio of 0.33 and a beta of 1.68. The firm has a 50-day simple moving average of $17.98 and a 200-day simple moving average of $21.07. Macy’s has a 1 year low of $15.73 and a 1 year high of $37.95. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.19 and a current ratio of 1.17.

Macy’s (NYSE:MGet Rating) last released its quarterly earnings data on Tuesday, August 23rd. The company reported $1.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.85 by $0.15. Macy’s had a net margin of 6.16% and a return on equity of 51.29%. During the same period in the previous year, the business earned $1.29 EPS. Research analysts expect that Macy’s will post 4.13 EPS for the current fiscal year.

Macy’s Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Investors of record on Thursday, September 15th will be given a dividend of $0.1575 per share. The ex-dividend date is Wednesday, September 14th. This represents a $0.63 annualized dividend and a dividend yield of 4.05%. This is a boost from Macy’s’s previous quarterly dividend of $0.16. Macy’s’s payout ratio is currently 12.19%.

Analysts Set New Price Targets

M has been the topic of a number of research analyst reports. Bank of America lowered their price objective on shares of Macy’s from $22.00 to $15.00 and set an underperform rating on the stock in a research report on Thursday, July 7th. Cowen reduced their target price on shares of Macy’s to $30.00 in a report on Friday, May 27th. StockNews.com cut shares of Macy’s from a buy rating to a hold rating in a research note on Wednesday, August 31st. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Macy’s from $29.00 to $25.00 in a research note on Tuesday, August 16th. Finally, Morgan Stanley reduced their price objective on shares of Macy’s from $22.00 to $21.00 and set an equal weight rating for the company in a research note on Wednesday, August 24th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Hold and an average price target of $27.08.

Insider Buying and Selling at Macy’s

In other news, SVP Paul Griscom sold 2,868 shares of Macy’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 transaction of $49,989.24. Following the completion of the transaction, the senior vice president now directly owns 4,688 shares of the company’s stock, valued at approximately $81,711.84. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, EVP C Elisa D. Garcia sold 15,920 shares of the business’s stock in a transaction on Monday, July 11th. The shares were sold at an average price of $17.36, for a total value of $276,371.20. Following the completion of the sale, the executive vice president now owns 85,541 shares of the company’s stock, valued at approximately $1,484,991.76. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Paul Griscom sold 2,868 shares of the company’s stock in a transaction on Wednesday, August 31st. The stock was sold at an average price of $17.43, for a total transaction of $49,989.24. Following the sale, the senior vice president now directly owns 4,688 shares of the company’s stock, valued at approximately $81,711.84. The disclosure for this sale can be found here. In the last ninety days, insiders sold 100,026 shares of company stock worth $1,736,856. Company insiders own 0.58% of the company’s stock.

Institutional Investors Weigh In On Macy’s

Large investors have recently modified their holdings of the business. Gabelli Funds LLC boosted its position in shares of Macy’s by 0.4% during the 1st quarter. Gabelli Funds LLC now owns 129,000 shares of the company’s stock valued at $3,142,000 after acquiring an additional 500 shares during the last quarter. Vontobel Holding Ltd. boosted its position in shares of Macy’s by 1.8% during the 1st quarter. Vontobel Holding Ltd. now owns 35,384 shares of the company’s stock valued at $862,000 after acquiring an additional 640 shares during the last quarter. Lazard Asset Management LLC lifted its position in shares of Macy’s by 52.3% during the first quarter. Lazard Asset Management LLC now owns 1,995 shares of the company’s stock worth $48,000 after purchasing an additional 685 shares in the last quarter. Estabrook Capital Management lifted its position in shares of Macy’s by 77.8% during the first quarter. Estabrook Capital Management now owns 1,600 shares of the company’s stock worth $39,000 after purchasing an additional 700 shares in the last quarter. Finally, Ensign Peak Advisors Inc increased its stake in shares of Macy’s by 0.9% during the first quarter. Ensign Peak Advisors Inc now owns 102,770 shares of the company’s stock worth $2,503,000 after buying an additional 955 shares during the period. Hedge funds and other institutional investors own 85.57% of the company’s stock.

Macy’s Company Profile

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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.

See Also

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

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