Macy's Lifts Outlook After Solid First Quarter

Macy's Lifts Outlook After Solid First Quarter

Macy's Lifts Outlook After Solid First Quarter

Macy's (NYSE:M) issued its earnings results on Wednesday.

Macy's, Inc. recently stated first quarter 2018 earnings per diluted share of $0.45, or $0.48 apart from impairment and other costs.

Net sales rose 3.6% to $5.54 billion in the quarter. During the same period last year, the business earned $2.02 EPS. research analysts forecast that Macy's will post 3.62 EPS for the current year.

Full-year guidance from management will be a crucial test to see if new initiatives are starting to pay off. Consensus estimates are for Macy's to guide for revenue of $24.79B and EPS of $3.59.

Shares of NYSE:M traded up $0.15 during trading on Friday, reaching $29.79.

Shares for Macy's Inc. were up 8.92 percent to $32.60 as of 11:30 am EST Wednesday. Revenue is seen down 1% to up 0.5%, up from a prior view of down 0.5%-2%. The firm has a market cap of $9.03 billion, a price-to-earnings ratio of 7.86, a price-to-earnings-growth ratio of 0.96 and a beta of 0.73.

In other news, Director Deirdre P. Connelly sold 9,092 shares of Macy's stock in a transaction dated Thursday, March 8th. Schwab Charles Investment Management Inc. now owns 2,696,773 shares of the company's stock valued at $67,932,000 after buying an additional 497,496 shares during the last quarter. The sale was disclosed in a legal filing with the SEC, which is available at this link.

Get access to our daily newsletters, Best Stocks List, POWR Ratings, and much more! Apart From this, the company estimates that comparable sales were up 1.7 percent on an owned plus licensed basis. The disclosure for this sale can be found here. Wall Street is looking for earnings per share of $3.61 for 2018. Insiders own 2.36% of the company's stock. American International Group Inc. raised its position in shares of Macy's by 98.9% in the fourth quarter. Prudential Financial Inc. now owns 5,013,391 shares of the company's stock worth $109,392,000 after purchasing an additional 2,153,110 shares during the last quarter. During the quarter, analysts expected that the company would generate earnings in the amount of $0.37 per share. At 48 cents, the company's earnings per share were 12 cents higher than the FactSet consensus of 36 cents.

And this timing shift likely means second-quarter results are going to look relatively weak compared to a year earlier. Dimensional Fund Advisors LP increased its stake in shares of Macy's by 13.6% in the 1st quarter.

A number of hedge funds have recently bought and sold shares of the business. ValuEngine upgraded shares of Macy's from a "hold" rating to a "buy" rating in a report on Thursday, March 1st.

Macy's, Inc. has set a new approach to its business in China. Finally, Deutsche Bank boosted their price objective on Macy's from $27.00 to $28.00 and gave the company a "hold" rating in a research report on Monday, February 26th. Finally, Morgan Stanley downgraded shares of Macy's from an "equal weight" rating to an "underweight" rating and lowered their target price for the company from $29.71 to $25.00 in a report on Thursday, May 10th. Two analysts have rated the stock with a sell rating, thirteen have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company's stock.

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