Macy’s (NYSE:M) Updates Q3 2024 Earnings Guidance

Macy’s (NYSE:M) updated its third quarter 2024 earnings guidance on Thursday. The company provided earnings per share guidance of -0.040-0.010 for the period, compared to the consensus earnings per share estimate of 0.000. The company issued revenue guidance of $4.7 billion-$4.8 billion, compared to the consensus revenue estimate of $4.9 billion.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on M. StockNews.com began coverage on Macy’s in a research report on Thursday. They set a hold rating for the company. Telsey Advisory Group reiterated a market perform rating and set a $21.00 target price on shares of Macy’s in a research report on Wednesday. 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. JPMorgan Chase & Co. lifted their target price on Macy’s from $25.00 to $27.00 and gave the stock an overweight rating in a research report on Wednesday, May 22nd. Finally, TD Cowen lifted their target price on Macy’s from $20.00 to $21.00 and gave the stock a hold rating in a research report on Wednesday, May 22nd. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, Macy’s currently has a consensus rating of Hold and a consensus target price of $17.80.

Macy’s Stock Performance

Shares of Macy’s stock opened at $15.28 on Friday. The firm has a market cap of $4.22 billion, a P/E ratio of 505.50 and a beta of 2.18. 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 12 month low of $10.54 and a 12 month high of $22.10. The stock’s fifty day moving average price is $17.45 and its 200-day moving average price is $18.75.

Macy’s (NYSE:M) last announced its quarterly earnings results on Wednesday, August 21st. The company reported $0.53 EPS for the quarter, beating the consensus estimate of $0.30 by $0.23. The firm had revenue of $4.94 billion for the quarter, compared to analyst estimates of $5.06 billion. Macy’s had a return on equity of 21.40% and a net margin of 0.05%. The business’s revenue for the quarter was down 3.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.26 earnings per share. On average, equities research analysts expect that Macy’s will post 2.79 earnings per share for the current fiscal year.

Insider Activity

In other Macy’s news, EVP Danielle L. Kirgan sold 24,147 shares of Macy’s stock in a transaction dated 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 owns 348,000 shares in the company, valued at $6,598,080. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Macy’s news, CEO Antony Spring sold 18,981 shares of Macy’s stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $18.96, for a total value of $359,879.76. Following the transaction, the chief executive officer now owns 267,265 shares in the company, valued at $5,067,344.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Danielle L. Kirgan sold 24,147 shares of Macy’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 $457,827.12. Following the completion of the transaction, the executive vice president now owns 348,000 shares in the company, valued at approximately $6,598,080. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 43,464 shares of company stock worth $824,081. Company insiders own 2.77% of the company’s stock.

Macy’s Company Profile

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.