Macy's Takes Off In First Quarter, Profits Soar

16 May, 2018, 21:56 | Author: Regina Silva
  • Macy’s sales surge thanks to tourist shoppers

Other equities research analysts have also recently issued research reports about the stock. The stock was last up about 9 percent. In recent weeks, the company acquired the retail concept Story, an acquisition that brought with it a much-talked-about innovator in founder Rachel Shechtman, and also announced it has broadened its loyalty program beyond credit card holders and expanded its off-price Backstage business.

Investors sent the stock soaring in early trading, and they are right to be cheered by Macy's progress.

Shares of Macy's opened at $29.63 on Tuesday, Marketbeat Ratings reports. 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 stock now has an average rating of "Hold" and a consensus target price of $26.63. The company has a market cap of $9.03 billion, a PE ratio of 8.73, a PEG ratio of 0.96 and a beta of 0.73. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.45 and a current ratio of 1.47. Macy's Inc. has a twelve month low of $31.77 and a twelve month high of $33.75.

Earnings per share reported by Macy's Inc in the first quarter of the year came in at 48 cents.

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During the quarter, Macy's also made $24 million in gains on real estate sales and spent $19 million winding down Macy's China.

First-quarter earnings are in for Macy's Inc (NYSE:M), and the retailer has unwrapped a pleasant surprise for investors. Also, EVP Felicia Williams sold 10,000 shares of the company's stock in a transaction on Friday, March 2nd. Following the transaction, the director now directly owns 16,184 shares of the company's stock, valued at approximately $473,382. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. ValuEngine upgraded shares of Macy's from a "hold" rating to a "buy" rating in a report on Thursday, March 1st. The shares were sold at an average price of $29.42, for a total value of $294,200.00. Wall Street is looking for earnings per share of $3.61 for 2018. Harvest Fund Management Co.

Gennette added that the company performance in the first quarter "reflects solid execution of our North Star Strategy, including merchandising and marketing activities". California Public Employees Retirement System now owns 1,209,734 shares of the company's stock valued at $30,473,000 after acquiring an additional 311,230 shares during the last quarter.

A number of analysts expressed concern about the retailer heading into earnings, but those concerns have proven to be off the mark. The firm had revenue of $5.54 billion for the quarter, compared to analyst estimates of $5.39 billion. Bank of New York Mellon Corp now owns 10,653,773 shares of the company's stock worth $268,367,000 after acquiring an additional 2,328,072 shares in the last quarter. Finally, Doyle Wealth Management raised its position in Macy's by 8.9% during the first quarter.

Macy's, Inc, an omni-channel retail organization, operates stores, Websites, and mobile applications. It sells a wide range of items, such as accessories and apparel for women, men, and kids; home furnishings; cosmetics; and other accessories.

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