Macy’s (NYSE:M) Releases FY 2024 Earnings Guidance

Macy’s (NYSE:M) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of 2.550-2.900 for the period, compared to the consensus earnings per share estimate of 2.780. The company issued revenue guidance of $22.1 billion-$22.4 billion, compared to the consensus revenue estimate of $22.8 billion. Macy’s also updated its FY25 guidance to $2.55-2.90 EPS.

Macy’s Stock Down 12.9 %

Macy’s stock opened at $15.45 on Thursday. The company has a current ratio of 1.38, a quick ratio of 0.35 and a debt-to-equity ratio of 0.72. Macy’s has a 1-year low of $10.54 and a 1-year high of $22.10. The firm’s fifty day simple moving average is $17.53 and its 200-day simple moving average is $18.77. The company has a market capitalization of $4.27 billion, a P/E ratio of 514.83 and a beta of 2.18.

Macy’s (NYSE:M) last posted its earnings results on Tuesday, May 21st. The company reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.15 by $0.12. The company had revenue of $4.85 billion for the quarter, compared to analyst estimates of $4.82 billion. Macy’s had a return on equity of 21.40% and a net margin of 0.05%. The business’s revenue was down 2.7% compared to the same quarter last year. During the same period last year, the company earned $0.56 earnings per share. Sell-side analysts forecast that Macy’s will post 2.79 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on M shares. Evercore ISI decreased their target price on Macy’s from $22.00 to $17.00 and set an in-line rating for the company in a research report on Tuesday, July 16th. TD Cowen upped their price objective on shares of Macy’s from $20.00 to $21.00 and gave the stock a hold rating in a report on Wednesday, May 22nd. Telsey Advisory Group reiterated a market perform rating and issued a $21.00 target price on shares of Macy’s in a research note on Wednesday. JPMorgan Chase & Co. boosted their target price on shares of Macy’s from $25.00 to $27.00 and gave the stock an overweight rating in a research report on Wednesday, May 22nd. Finally, StockNews.com started coverage on shares of Macy’s in a research report on Thursday. They issued a hold rating on the stock. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, Macy’s presently has a consensus rating of Hold and a consensus target price of $18.10.

Insider Activity

In other Macy’s news, EVP Danielle L. Kirgan sold 24,147 shares of the stock in a transaction on Wednesday, July 10th. The stock was sold at an average price of $18.96, for a total value of $457,827.12. Following the transaction, the executive vice president now directly owns 348,000 shares in the company, valued at approximately $6,598,080. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Danielle L. Kirgan sold 24,147 shares of the firm’s stock in a transaction on Wednesday, July 10th. The stock was sold at an average price of $18.96, for a total value of $457,827.12. Following the transaction, the executive vice president now directly owns 348,000 shares in the company, valued at approximately $6,598,080. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Antony Spring sold 18,981 shares of the company’s stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $18.96, for a total value of $359,879.76. Following the completion of the sale, the chief executive officer now owns 267,265 shares of the company’s stock, valued at approximately $5,067,344.40. The disclosure for this sale can be found here. Insiders have sold 43,464 shares of company stock valued at $824,081 over the last three months. 2.77% of the stock is owned by insiders.

About Macy’s

Macy's, Inc, an omni-channel retail organization, operates stores, websites, and mobile applications in the United States. The company sells a range of merchandise, such as apparel and accessories for men, women, and kids; cosmetics; home furnishings; and other consumer goods under the Macy's, Bloomingdale's, and bluemercury brands.